RIL rejects Subhash Chandra’s remarks as 'baseless'

On Friday, the Reliance Group firmly dismissed comments made by Essel Group chairman Subhash Chandra, labeling them as baseless and denying any allegations or insinuations made against media entities that are part of the Reliance Group. A spokesperson for the conglomerate expressed dismay at Chandra's remarks and strongly denied the allegations against its media businesses. The statement emphasized that the group's media brands have never been used to attack anyone and would never do so in the future.

Despite their disapproval of Chandra's statements, the Reliance Group acknowledged his status as a respected businessman and entrepreneur. They wished him well and maintained a professional distance. Subhash Chandra, for his part, challenged a claim of approximately Rs 3,900 crore filed against him before the National Company Law Tribunal (NCLT). He asserted that most of the debt incurred by his group had already been repaid, primarily through personal guarantees provided to certain lenders.

In a detailed response to the NCLT proceedings, Chandra explained that the original borrowing amount by his group was around Rs 45,000 crore. He claimed that approximately Rs 43,000 crore had been repaid, leaving around Rs 2,000 crore outstanding from companies whose financial records he believed were inconsistent.