The matter pertains to an insolvency petition filed by Amit Goel, who is a director of CMYK Printech, The Pioneer
group firm, in November.
Goel, who owns around 20 per cent in CMYK Printech, had given an unsecured loan of Rs 1.56 crore to the company's promoters in August 2018. The loan was converted into equity in September 2018, which was subsequently revoked in May 2019 following a board resolution.
order says that the amount due to Goel along with 12 per cent interest was not paid to him after the allocation of equity shares was revoked, forcing him to make an insolvency plea.
The IRP Ranjeet Verma, who has taken over the management of the firm, said that he met Goel on Tuesday. Mitra was not present at the meeting, he said. A committee of creditors (CoC) would be appointed after a fortnight.
The Pioneer has eight English editions and four Hindi editions, which continue to be published.
Founded by Englishman George Allen in 1865 in Allahabad, The Pioneer moved its headquarters to Lucknow, Uttar Pradesh, in 1933, where it remained till 1990.
The Thapar group purchased the newspaper in 1990, selling it to its editor Chandan Mitra in 1998. The Pioneer is published from Delhi, Lucknow, Ranchi, Raipur, Bhopal, Chandigarh, Dehradun and Bhubaneswar.
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