DECCAN CHRONICLE HOLDINGS LTD Vs. YES BANK LTD

JUDGEMENT

(1.) O .A. No.489 of 2013 has been filed under Order 14, Rule 8 of High Court Original Side Rules read with Order 39, Rules 1 and 2 of the Code of Civil Procedure, seeking an Order of Interim Injunction restraining the First Respondent -Bank from in any manner alienating or encumbering the Suit properties morefully described in the Petition Schedule mentioned properties.

(2.) O .A. No.490 of 2013 has been filed under Order 14, Rule 8 of High Court Original Side Rules read with Order 39, Rules 1 and 2 of the Code of Civil Procedure, seeking an Order of Interim Injunction restraining the First Respondent -Bank, their men, servants, agents and representatives from in any manner interfering and/or disturbing with the Applicant/Plaintiff -Company 's peaceful possession and enjoyment of the Schedule properties, including its basic amenities such as water, electricity, sewerage, etc., more fully described in the Petition Schedule mentioned properties.

(3.) THE Applicant/Plaintiff is a reputed Company and is carrying on business of publishing English Daily Newspaper Deccan Chronicle printed and published in Hyderabad, Chennai and several other centres in the country and also Telugu Newspapers and according to the Plaintiff, Newspapers published by the Plaintiff -Company have wide circulation in various States in India and abroad. Apart from the business of printing and publishing Newspapers, the Applicant/Plaintiff -Company is also having Subsidiary Companies known as Deccan Chronicle Sporting Ventures Ltd., and Odessey India Ltd. One of the Subsidiary Company, viz., Deccan Chronic Sporting Ventures Ltd., was also a franchisee under the Board of Control for Cricket in India/Indian Premier League, owning a Cricket Team known as Deccan Chargers, which was participating in the IPL T20 Cricket tournaments rights from the inception of IPL till recently. For the purpose of expanding its participation in the IPL tournaments and other business, the Applicant/Plaintiff -Company approached the First Respondent -Bank, viz., Yes Bank Ltd., to avail various credit facilities and the First Respondent -Bank agreed to grant the Applicant/Plaintiff -Company a short -term loan of R.s50 crores and also another sum of R. s 50 crores as Working Capital Demand Loan (WCDL). For the short -term loan of R.s50 crores, the First Respondent -Bank sought and obtained Personal Guarantee of the Directors of the Applicant/Plaintiff -Company, viz., (1) Mr. T. Venkatram Reddy, (2) Mr. T. Vinayak Ravi Reddy, and (3) Mr. P.K. Iyer and thus, the short -term loan was secured by way of Personal Guarantees. Similarly, for the Working Capital Demand Loan of R. s 50 crores, as well, Personal Guarantees, the Directors of the Company have executed the documents. Besides, the Personal Guarantees, the said loans were also secured by Pronotes, Loan Agreements and certain other blank papers, which were got signed and obtained by the First Respondent -Bank and all the said documentations were obtained by the First Respondent -Bank, in pursuance of their Letter, dated 12.12.2010 towards sanctioning the aforesaid loans to the Applicant/Plaintiff -Company.