Subhash Chandra hoped that the lenders would discuss the matter with the borrowers, reconcile the outstanding accounts, and get paid by the borrowers.
N Chandrasekaran's exit marks a major shift for TCS, leaving its leadership to navigate AI disruption without the group chairman's deep expertise.
'Resolution plan with this much haircut is totally unviable.'
A special five-member NCLT bench has issued notices to all parties in Subhash Chandra's personal insolvency case and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly, following a split verdict on a repayment plan.
Zee founder Subhash Chandra has shifted his public statements from allegations against Mukesh Ambani to focusing on settling outstanding Essel Group debt, with borrowers reportedly agreeing to repay obligations.
Chandra's tenure also saw a big jump in Tata Sons' other income, such as brand fee from group companies, treasury gains, and other non-recurring income.
Essel Group Chairman Subhash Chandra has challenged the National Company Law Tribunal's (NCLT) decision to form a five-member bench to hear his personal insolvency case, arguing that the tribunal lacks the power to constitute such a bench. This comes after a split verdict and a subsequent stay on an order allowing him to settle claims.
Sources clarify that the NCLT's approval of a repayment plan for Essel Group founder Subhash Chandra does not signify a 99.97 per cent write-off of Rs 22,000 crore in bank loans, as the figure represents claims against him as a personal guarantor, not debt personally borrowed.
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.
Media baron Subhash Chandra has clarified that the total claim against him in personal insolvency proceedings is Rs 3,992 crore, not Rs 22,000 crore as claimed by dissenting creditors, asserting he was only a personal guarantor and not the borrower.
While the latest trigger for him stepping down could be the uncertainty around his renewal as a director at the AGM, which is otherwise a routine matter, Chandra may have been contemplating quitting for some time now because of the overall turbulence with the principal shareholder on the leadership issue.
BJP MLA Sumitro Chatterjee, a descendant of Bankim Chandra Chattopadhyay, has demanded an unconditional apology from Congress Parliamentary Party chairperson Sonia Gandhi. This demand follows an alleged incident at the AICC headquarters on Independence Day, where Chatterjee claims there were attempts to prevent the full singing of "Vande Mataram," which he described as a "shameless repetition of a historical mistake."
Just in case the AGM, scheduled At the AGM, if it is held, a shareholders' vote on Chandra's renewal as a director on the Tata Sons board is unlikely but not ruled out.
The National Company Law Tribunal (NCLT) has approved media baron Subhash Chandra's personal insolvency resolution plan, which proposes to pay Rs 6.5 crore against admitted creditor claims of approximately Rs 22,006.57 crore, despite allegations from dissenting lenders that five family-linked entities controlled 61.78 per cent of the voting share.
N Chandrasekaran's letter of not seeking a third term was written to Tata Sons directors (including to Noel Tata as a nominee director) and, therefore, Tata Trusts did not have a locus standi on accepting or rejecting that letter.
The National Company Law Tribunal (NCLT) has approved a repayment plan for media baron Subhash Chandra, allowing him to settle admitted creditor claims of approximately Rs 22,006.57 crore by paying just Rs 6.5 crore, resulting in a nearly 99.97 per cent haircut for lenders.
The Tata Sons board has voted to reappoint N Chandrasekaran as chairman for a third five-year term, a decision influenced by the Reserve Bank of India's rejection of the company's application to surrender its NBFC registration, which revives the prospect of a stock market listing.
N Chandrasekaran, chairman of Tata Sons, announced he would not seek reappointment when his term ends in February 2027, following a series of departures by senior figures closely associated with former chairman Ratan Tata, including Vijay Singh and Mehli Mistry, amid a deepening power struggle and governance dispute within the Tata Group.
The Securities and Exchange Board of India (Sebi) has prohibited Zee Entertainment Enterprises Ltd (ZEEL) from the securities market for two months and its Chairman Emeritus Subhash Chandra and MD & CEO Punit Goenka for one year, imposing a total penalty of Rs 1.48 crore, for the unauthorised pledge of ZEEL's Hyderabad land to secure loans for promoter-linked Essel Group entities.
Tata Steel more than doubled its Indian capacity through acquisitions and expansion, strengthening cash generation as it pursued a costly restructuring of its European operations.
N Chandrasekaran not only faces muted financial performance from the group's listed companies, but also mounting losses at Tata Sons' unlisted subsidiaries, many of which have been set up by him in the last decade.
Air India Group has accumulated losses of about Rs 47,821 crore since its takeover, leaving its prolonged transformation among the biggest unfinished projects of N Chandrasekaran's tenure.
'Listing leads to greater transparency and shareholder oversight.'
A court in Barabanki has sentenced shopkeeper Ashok Kumar to life imprisonment for raping a two-year-old girl. The incident occurred in November 2023 when the child visited his shop. The court also imposed a fine of Rs 50,000 on the convict.
RBI Deputy Governor Shirish Chandra Murmu has dismissed concerns that the new Merchant Discount Rate (MDR) on UPI payments above Rs 2,000 will increase cash transactions. He also clarified the 'cash paradox' of rising digital payments alongside cash in circulation, explaining cash's dual role. Murmu further detailed the RBI's extensive regulatory changes aimed at reducing compliance burdens and emphasised that accountability for AI-driven decisions in finance will remain with institutional boards.
State-run Punjab National Bank (PNB) is strategically planning to enter the wealth management segment by early 2027 and significantly expand its credit card portfolio, aiming to tap into lucrative markets largely dominated by private-sector banks.
The much-awaited board meeting of Tata Sons did not discuss listing of the holding company or a third term for Chairman N Chandrasekaran.
A CBI court in Dehradun has acquitted Acharya Balkrishna, general secretary of Patanjali Yogpeeth, in a 15-year-old passport forgery case. Co-accused Naresh Chandra Dwivedi was also acquitted. The case, initiated in 2011 by the CBI, alleged Balkrishna obtained an Indian passport using forged documents, claiming he was a Nepali national.
Skeletal remains of a BJP worker, Astik Chandra Das, allegedly killed in post-poll violence in West Bengal's Sandeshkhali in 2021, have been exhumed following a court order. His family claims he was assaulted by TMC supporters, denied medical help, and forced to bury the body without a post-mortem. The exhumation was conducted for forensic examination to determine the cause of death, with the family seeking a CBI probe.
India's Sports Ministry has announced the formation of a 20-member National Sports Election Panel (NSEP), including two former Chief Election Commissioners, to oversee fair elections in national sports bodies. This panel, mandated by the National Sports Governance Act 2025, aims to streamline electoral processes. Additionally, the deadline for applications to the National Sports Tribunal (NST), which will handle sports disputes, has been extended.
The Sports Ministry has established a 20-member National Sports Election Panel, including former Chief Election Commissioners, to oversee fair elections in national sports bodies as mandated by the National Sports Governance Act. Concurrently, the deadline for applications to the National Sports Tribunal, which will handle sports disputes, has been extended.
The 21st National Youth Athletics Championships in Ludhiana concluded with several new meet and national records being set. Himanshu Kumar and Krishan Chandra broke records in high jump and javelin throw, respectively, while Haryana led the medal tally.
For the first time in an Indian men's cricket match, the national song Vande Mataram was played before the national anthem, Jana Gana Mana, during the India vs Afghanistan T20I in Delhi, sparking widespread reaction among fans.
West Bengal Chief Minister Suvendu Adhikari has accused the "bhaipo gang," allegedly linked to TMC MP Abhishek Banerjee, of involvement in the murder of his personal assistant, Chandranath Rath. The allegations come as Rath's mother, Hasirani Rath, was nominated by the BJP for the Nandigram by-election. Adhikari claimed Rs 2 crore was spent on the murder and that the CBI investigation is progressing, with phone records and a money courier identified.
The Indian government has expanded its Nasha Mukt Bharat Abhiyaan by signing agreements with four spiritual organisations. These partnerships aim to enhance grassroots awareness, prevention, recovery, and social mobilisation efforts against substance abuse, leveraging the extensive reach of these groups.
An FIR has been registered in Haldwani against unknown persons following an alleged "purification ceremony" at Ramlila Maidan after Congress president Mallikarjun Kharge's public meeting. The complaint, filed by Congress leader Anju Arya, alleges caste discrimination and social humiliation. The Uttarakhand High Court has been assured of an investigation, and Congress leaders, including Rahul Gandhi and Mallu Ravi, have demanded action, with Ravi filing a separate complaint in Delhi.
Indian boxers, including Olympic medallist Lovlina Borgohain and Commonwealth Games champions, face challenging draws at the Asian Games.
The AM Green Indian Golf Premier League (IGPL) is set to host its second event in the UAE, resuming its season at Al Hamra Golf Club in Ras Al Khaimah from September 23 to 25. This event, presented by Vimtra Chennai Lions GC, marks the league's return to the UAE after its debut in Dubai last December, featuring top golfers like Gaganjeet Bhullar.
The Enforcement Directorate (ED) Director, Rahul Navin, has issued directives to intensify action against Insolvency and Bankruptcy Code (IBC) frauds involving "large haircuts" and to address delays in police registering FIRs based on ED's requests. The agency also aims to fast-track high-profile trials under the Prevention of Money Laundering Act (PMLA) and enhance internal coordination and efficiency.
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