MUMBAI: Worried about the implications of the financial mess at Deccan Chronicle Holdings and its bearings on the IPL franchise Deccan Chargers, the IPL Governing Council (GC) has given the franchise owners 14 days to sort out the matter.

The IPL GC had called for a meeting in New Delhi to discuss the issue after learning that the owners who run Deccan Chronicle newspaper have mortgaged the franchise to some banks in order to tide over the liquidity crunch that has hit the company.

According to IPL rules, team owners are prohibited from mortgaging their teams as it has the potential to put it in a jeopardy which will also have an impact on the IPL.

"The governing council today heard both sides--the franchise owners as well as representatives of the banks. We have given Deccan Chargers, 14 days time to sort out the mess and get back to us," an IPL GC member said after the meeting.

"If the issues are not sorted out within the next fortnight, we will decide on further course of action," he added.

The owners of Deccan Chargers are planning to sell the IPL team to raise cash to fund their debt. Religare Capital Markets has been mandated to find a new buyer for the team.

The gravity of the situation can be gauged from the fact that the DCHL promoters have pledged their entire holding to ICICI Bank, Future Capital Holdings (Kishore Biyani has since taken the liability), and Religare FinVest.

MUMBAI: Anand Bazaar Patrika (ABP)‘ English magazine, Fortune India has released the Fortune India 500 list for 2011. The list will be published with its December issue.

Fortune India 500 list is dominated by the oil and gas sector. It is led by Indian Oil Corporation, Reliance Industries, and Bharat Petroleum Corporation.

The banking sector has dropped in rankings, with the top two lenders, SBI (ranked 4) and ICICI Bank (12), slipping in 2011. 28 of 46 banks have fallen; only 15 have gone up on the list.

The gainers are automobile firms and their ancillary suppliers.

The government continues to play a big role in business, with a total of 82 government-owned companies on this year‘s list.

Fortune India magazine editor DN Mukerjea said, "The Fortune India 500 is a celebration of the size and might of India‘s companies. Over the last year, the 500 largest corporations have grown sales by 21.5 per cent; the median growth has been even higher, at about 25 per cent. Such statistics are impressive, no doubt."

"There also appears to be a fair degree of churn-there are 57 new companies, around 11 per cent of the list. That‘s always a good sign because it indicates that the laggards are falling by the way, to be replaced by smarter and hungrier ones. The good news, however, is that many of the Fortune India 500 companies are now beginning to shape the world‘s opinion of India for the better. And they may just be doing a better job than their Chinese counterparts", Mukerjea added.

ABP president - English magazines Pavan Varshnei added, "We are extremely proud to present this impressive second edition of the Indian Fortune 500 list. Most of the companies have managed to retain their top-positions as it was in the last year. They have contributed progressively towards the growth of India‘s GDP and the economy."

Other individual data points include year on year change on total revenues, net operating income, profits, profit as percentage of revenues, assets and networth, dividend, and total salaries.

The issue also ranks top players across different sectors including airlines, automobiles, banking, cement, consumer durables, pharmaceuticals, FMCG, infrastructure and development, media, oil and gas, power, real estate, retail and telecommunications among others.

The top ranking companies of Fortune 500 India list are: Indian Oil Corporation, Reliance Industries, Bharat Petroleum, State Bank of India, Hindustan Petroleum, Tata Motors, ONGC, Tata Steel, Hindalco Industries, Coal India, NTPC, ICICI Bank, Bharti Airtel, Larsen & Toubro, Essar Oil, SAIL, BHEL, MRPL, Maruti Suzuki India, TCS.

The Fortune India 500, published by Fortune India magazine is an annual list compiled on the basis of latest sales and gross revenue figures.