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Reliance Group rejects Subhash Chandra’s remarks as 'baseless'
Chandra said the reported Rs 22,000-crore debt figure is wrong and urged an independent audit, while creditors seek to challenge a repayment plan that gives them Rs 6.5 crore.
- On Friday, Essel Group Chairman Subhash Chandra accused Reliance Industries Chairman Mukesh Ambani of running a fake news campaign regarding his National Company Law Tribunal proceedings, alleging Ambani attempted to "capture" Zee.
- The NCLT recently approved a repayment plan for the Zee Group founder, where creditors receive Rs 6.5 crore against admitted claims of Rs 22,006 crore, translating to a recovery of about 0.03 per cent.
- Chandra asserted he has repaid Rs 43,000 crore of the Rs 45,000 crore total debt by selling assets, maintaining the actual outstanding amount is Rs 3,900 crore.
- HDFC Bank and LIC Housing Finance plan to challenge the NCLT order in the NCLAT, while Samaan Capital decided against challenging the approval, noting their facilities were "secured in nature."
- Stating he has nothing left to lose after implementing the tribunal order, Chandra requested Ambani cease the alleged propaganda while expressing hopes for his success and defending the Essel Group.
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Zee’s Subhash Chandra accuses Mukesh Ambani of spreading misinformation, RIL denies allegations
“His media company, TV18 Group, which includes CNBC, started this misinformation by broadcasting that NCLT has reduced Subhash Chandra’s ₹ 22,000 crore debt liability to only ₹6.5 crore,” says Subhash Chandra
·Chennai, India
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Essel Group's Subhash Chandra calls for independent audit of debt, claims Rs 43,000 crore repaid
Essel Group founder Subhash Chandra has called for an independent audit to examine the group's borrowings, defaults, and repayments, stating that approximately ₹43,000 crore of its ₹45,000 crore total debt has been repaid.
Coverage Details
Total News Sources28
Leaning Left4Leaning Right5Center2Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 36%
C 18%
R 46%
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