Chandan Mitra-owned newspaper The Pioneer faces insolvency threat
CMYK Printech Limited, the company that brings out one of the oldest running English newspaper — The Pioneer, is facing insolvency threats.
One of CMYK Printech directors — Amit Goeal — has filed an insolvency petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against the publisher of The Pioneer in November 2020. The matter is being heard at Court II of the Delhi bench of National Company Law Tribunal.
Amit Goel holds around 15% stake in the company, which is owned by Chandan Mitra, who was a member of parliament on BJP tickets. He is no longer with BJP, and had joined Trinamool Congress in 2018.
According to annual returns filed with the ministry of corporate affairs, CMYK Printech had a revenue of Rs 50 crore and a net worth of Rs 14.8 crore at the end of March 2019.
The Pioneer now has eight English editions and four Hindi editions. It is published from Delhi, Lucknow, Ranchi, Raipur, Bhopal, Chandigarh, Dehradun and Bhubaneswar.
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