Mukesh Ambani-led<a href="https://www.mid-day.com/business/business-news/article/jio-platforms-gets-sebi-approval-for-ipo-likely-to-be-largest-public-issue-in-india-23647192" target="_blank" rel="nofollow noopener"> Reliance Group </a>on Friday refuted allegations by media baron Subhash Chandra against its media entities, terming them "baseless".
<blockquote class="twitter-tweet">
RIL Media Statement <a href="https://t.co/rxieVAF9Ek">pic.twitter.com/rxieVAF9Ek</a>
&mdash; Reliance Industries Limited (@RIL_Updates) <a href="https://x.com/RIL_Updates/status/2093344600677044644?ref_src=twsrc%5Etfw">August 28, 2026</a></blockquote>

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In a statement, Reliance Group said it has noted with dismay the baseless remarks by Essel Group chairman Subhash Chandra.
"We strongly deny the allegations and insinuations against the <a href="https://www.mid-day.com/entertainment/bollywood-news/article/reliance-entertainment-and-mid-day-infomedia-limited-join-forces-to-deliver-meaningful-and-thought-provoking-content-to-audiences-23309952" target="_blank" rel="nofollow noopener">media entities that are a part of the Reliance Group,</a>" a Reliance spokesperson said.
Reliance Group, which owns several media assets, said its media brands "have never been used to attack anyone, nor will they ever be".
"We hold Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well," the spokesperson said.
The denial comes amid a recent opinion/order by a third member of an NCLT bench, where<a href="https://www.mid-day.com/business/business-news/article/sebi-bars-zees-chairman-subhash-chandra-md-and-ceo-punit-goenka-for-1-year-from-securities-market-23642679" target="_blank" rel="nofollow noopener"> Subhash Chandra</a> is facing personal insolvency.
On Tuesday, the 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 National Company Law Tribunal 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.
Sharma rejected the claims of the dissenting creditors led by LIC Housing Finance, which had argued that the payout was "unviable and unlawful".
It contended that against admitted claims of approximately Rs 22,006.57 crore, the repayment plan proposed payment of only Rs 6.25 crore to creditors and Rs 25 lakhs towards process costs.
On Thursday, Chandra issued a statement, saying the total claim against him in the personal insolvency proceedings is only "Rs 3,992 crore", for which he was only a personal guarantor and not the borrower.
Reacting to dissenting creditors'' claims of Rs 22,000 crore against him, Chandra said he "has not borrowed any money from any lender".
"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.
Out of which, a claim of Rs 620 crore has been settled and a further Rs 1,063 crore offered to be paid by the borrower entities.
"The borrowing entities for whom <a href="https://www.mid-day.com/business/business-news/article/jio-platforms-gets-sebi-approval-for-ipo-likely-to-be-largest-public-issue-in-india-23647192" target="_blank" rel="nofollow noopener">Chandra has provided personal guarantees</a> 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
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

Reliance Group has denied Subhash Chandra’s allegations against its media entities, calling the remarks baseless amid his personal insolvency proceedings

Reliance Group rejects Subhash Chandra allegations against media entities

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Reliance Group has rejected allegations made by Essel Group chairman Subhash Chandra against its media entities, calling the remarks baseless

Reliance Group rejects Subhash Chandra’s allegations against its media entities as ‘baseless’

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