30 August,2026 09:32 PM IST | Mumbai | mid-day online correspondent
Subhash Chandra. File picture.
Subhash Chandra, the founder of Zee TV group, recently accused Reliance Industries Chairman Mukesh Ambani and Reliance-owned media entities of running what he described as "wrongful propaganda" against him.
Chandra, who is currently facing a personal insolvency case, said in a video message on Zee News on Friday, "This is the first time I am going to say something against a very big corporate person and corporate house."
Naming Ambani and his media group, which includes CNBC TV 18, Chandra alleged that they were spreading misinformation regarding his National Company Law Tribunal (NCLT) case.
Chandra alleged that he learnt that the channel was spreading the wrong information because of "orders from above", and said he tried to reach out to Ambani.
"Mukeshji please stop the wrong propaganda against me personally and my group. Zee is a group company; I don't own anything in that. In fact, I don't own anything in that after implementing this NCLT order. I don't have anything to lose. But you have a lot to lose. So, with folded hands I ask you to stop your people from doing this", he said.
"Why would you want to fight with someone who has nothing to lose but that can cause you great harm. I will defend myself if you keep doing all these things," he further added.
"You try and understand that you have many skeletons in your cupboard, so please stop it," Subhash Chandra said, adding that his media firms should only report things that are right, and "don't do the witch hunt."
The media baron claimed he wanted to "present the matter in people's court" and hence used the video message.
The Essel Group Chairman Chandra alleged, "This is the same Mukesh Ambani I approached when my problem (debt repayment issue) started in January 2019 and his men had broken Zee's shares by 40 per cent in one single day."
He added that it was difficult to catch the people who did this as the stock operations take place "through thousands of companies that are benami".
"Within a year I went to him saying buy Zee because I want to sell it to repay loan. He told me why are you repaying the banks with so much interest, nobody does this. He gave this this advice and I came back," he claimed.
"After that he tried to acquire Zee through wrong means. With one our partners Invesco, he wanted to grab Zee," he alleged.
Chandra claimed that the quote that Ambani offered for Zee's purchase was good for him and his family but wasn't good for the minority shareholders and hence, it was rejected.
"After that we decided to merge with Sony because there was no other option," he said.
Chandra pointed out that unlike some corporate founders, he had "not run away from the country" despite the "financial stress".
According to Chandra, the Zee group and his family had a debt of Rs 45,000 crore.
"So, we sold assets and have repaid 43,000 crore of this amount. Only two accounts remain," he said, adding that both the banks and financial institutions have abundant assets as collateral and will not incur any losses.
Chandra ended his video message by wishing Ambani success, and hoped to see Ambani as number one in the finance world globally.
The Reliance Group on Friday rejected these claims and said it "has noted with dismay the baseless remarks".
"We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group. Our media brands have never been used to attack anyone, nor will they ever be," a Reliance Spokesperson said in a statement.
"We hold Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well," the spokesperson said.
Chandra is facing a personal insolvency case, and on Tuesday, NCLT member (judicial) Nilesh Sharma, ruling as a third member, had approved the plan under which Chandra will pay just Rs 6.5 crore to settle admitted creditor claims.
Earlier, two members of the NCLT had given a split verdict, following which the president of the forum had appointed Sharma as a third member in regard to the difference of opinion, according to news agency PTI.
Sharma had rejected the claims of the dissenting creditors, including LIC Housing Finance, which had argued that the payout was "unviable and unlawful".
The creditors had contended that against admitted claims of approximately Rs 22,006.57 crore, the repayment plans proposed payment of only Rs 6.25 crore to creditors and Rs 25 lakhs towards process costs.
The creditors are mulling approaching the National Company Law Appellate Tribunal (NCLAT) against this repayment settlement.
However, Chandra on Thursday said the total claim against him in the personal insolvency proceedings is only Rs 3,992 crore. He added that he was only a personal guarantor and not the borrower.
"Total claim against Subhash Chandra as a personal guarantor, in the personal insolvency proceedings, is only Rs 3,992 crore by the objectors of the plan and not Rs 22,000 crore," he said.
A claim of Rs 620 crore has already been settled and a further Rs 1,063 crore has been offered to be paid by the borrower entities.
"The borrowing entities for whom Chandra has provided personal guarantees have till date repaid Rs 43,000 crore," the statement said, adding that "the borrowing entities have assured to settle any other amount which might be left".
The matter will now go back to the original division bench for a formal order in line with the majority opinion, as required under Section 419 (5) of the Companies Act, 2013, as per PTI.
On the allegations that the central government stepped in to aid him in the NCLT case, as he had been a vocal supporter of the ruling BJP party, Chandra denied it in his video message saying, "I never asked the government for help in all my difficulties. If I had asked, probably they would have helped but I never asked for it."
(With inputs from PTI)
