Reliance Group Denies Subhash Chandra's Allegations Over Media Brands In Insolvency Row

Reliance Group has categorically denied allegations made by Essel Group chairman Subhash Chandra over the media brands in the ongoing insolvency row. In a media statement, Reliance affirmed that its media entities have never been used to attack anyone and would never do so in the future. The company expressed its respect for Chandra as a businessman and entrepreneur, wishing him well.

Governments sources clarified that the reported 99.97% haircut figure does not represent a 99.97% loss on loans personally borrowed by Chandra. Instead, it relates to claims admitted against him as a personal guarantor for loans taken by several Essel/Zee-linked companies. The repayment plan under consideration involves around Rs 1,494 crore from the principal borrowers, with Rs 6.25 crore coming personally from Chandra.

Subhash Chandra, in a statement from his office, contested the insolvency proceedings, emphasizing that he was merely a personal guarantor and had not personally borrowed money. He contended that claims totaling around Rs 22,006 crore should not be conflated with the current amount outstanding. The NCLT approved a repayment plan, allowing creditors to receive approximately Rs 6.5 crore against admitted claims amounting to Rs 22,006.57 crore.