Subhash Chandra hoped that the lenders would discuss the matter with the borrowers, reconcile the outstanding accounts, and get paid by the borrowers.
'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.
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.
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.
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.
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.
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.
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 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.
Subhash Chandra, the chairman of the Essel Group, which has launched the breakaway Indian Cricket League, made it clear that the ongoing ICL-BCCI stand-off is not an "ego clash" between him and BCCI president Sharad Pawar and said they continue to be
Subhash Chandra making headlines is no longer news. For some years now it has been for his no-holds-barred feud with the Board for Control of Cricket in India.
The chairman of the Essel Group says he has settled 91.2 per cent of the estimated Rs 11,000 crore debt on the group's books.
Rajya Sabha MP Subhash Chandra on Tuesday filed his nomination from Rajasthan for the elections to the Upper House of Parliament as an Independent backed by the Bharatiya Janata Party.
Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect.
The company has kicked off sale of infrastructure assets as well as sale of a part of the promoter holding in Zee to repay loans.
The court left it to the central government to decide whether to extend the term of the commission beyond May 13, 2005.
Subhash Chandra, Chairman, Zee & Essel Group has received the Honorary Doctorate of Business Administration from the University of East London (UEL).
The Essel Group website calls him a "karmyogi", defined as someone who believes in action rather than worry about its consequences.
Zee Group is India's second-largest media and entertainment firm.
The Essel group founder, Subhash Chandra has settled 91.2 per cent of his debt with 43 lenders, and the remaining dues are in the process of being paid. "I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. "About 88.3% of the amount has been paid, while the remaining 2.9% is in the process of being paid. "We are making all the required efforts to settle the remaining 8.8% of our total debt.
Rs 40 crore already deployed in a residential project in Chennai.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
Zee's revival taught him that professionalising is fine but shareholders can never forfeit responsibility.
Markets regulator Sebi on Monday barred Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off funds of the media firm. The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors or KMPs of a listed company for siphoning off funds for their own benefit. In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities, which are owned and controlled by them.
A charge-sheet against Chandra and 12 others was filed.
His exit has created a benchmark of sorts for how entrepreneurs and businesses should deal with debt crises. Unlike many other Indian businessmen, he hasn't fled, tried to hang on to the business by any means or wrangle out of the debt by using his closeness to the current government. It is so very rare for Indian media businesses to grow out of their founding family's shadow, however, benevolent it may be.
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.
These businessmen represent the top five firms that have taken loans from the crisis-hit Yes Bank and these debts were either in the red or were stressed, officials said.
'We should become an all-encompassing entertainment and information destination," says chairman Subhash Chandra, who monitors the group on a monthly basis, leaving the day-to-day operations to the chief executive officers.
Zee News, Zee Media's flagship brand, was at the centre of a controversy over its media practices that pushed Subhash Chandra towards BJP.
The reduction in value of Chandra's assets comes close on the heels of the group's debt burgeoning to over Rs 12,000 crore, much of which he had raised by pledging his shares to banks and mutual funds in his flagship company ZEEL after many of the groups infrastructure bets did not take off.
Congress candidates Randeep Surjewala, Mukul Wasnik and Pramod Tiwari were elected to the Rajya Sabha, according to a tweet by Rajasthan Chief Minister Ashok Gehlot.
A 60-year-old murder accused allegedly committed suicide inside a jail in Jabalpur, Madhya Pradesh, on Monday morning. The undertrial prisoner, Guddu alias Raja Vishwakarma, allegedly hanged himself using a towel in the bathroom of a hospital ward in the prison where he was being treated.
Chhattisgarh Chief Minister Vishnu Deo Sai on Monday said Maoism was once considered difficult to eliminate, but the menace has now been wiped out, and this year the 'Tiranga Yatra' will also reach remote villages and schools in former Maoist strongholds of the state
US Secretary of State Marco Rubio arrived in Kolkata for a four-day diplomatic tour to India, marking the first visit by a US secretary of state to the city in 14 years. His itinerary includes meetings with Indian officials, energy talks, and a Quad Foreign Ministers Meeting.
Eight individuals have been arrested in Ayodhya in connection with the alleged embezzlement of donations received at the Ram temple. The arrests follow an FIR lodged by a member of the Shri Ram Janmabhoomi Teerth Kshetra Trust, based on recommendations from a Special Investigation Team. The accused were involved in counting cash and valuables and face charges including theft and criminal breach of trust.
