Zee TV Group founder and Essel Group chairman Subhash Chandra has accused Reliance Industries Ltd. (RIL) Chairman and Managing Director Mukesh Ambani and RIL-owned media entities of running a misinformation campaign against him, alleging that the coverage has caused reputational damage.
In a video message aired on Zee News on August 28, Chandra alleged that the TV18 Group, which includes CNBC, initiated the campaign by reporting that the National Company Law Tribunal (NCLT) had reduced his ₹22,000 crore debt liability to ₹6.5 crore. RIL has denied the allegations.
Chandra said he was putting his version of events before the “people’s court” and recalled meeting Ambani in January 2019 to seek assistance when debt repayment issues began surfacing. He alleged that on the same day, “his people” brought down Zee’s share price by 40%.
He further alleged that Ambani had sought to acquire Zee TV in an inappropriate manner in connivance with Invesco, one of Zee’s investors. According to Chandra, he rejected the proposed acquisition as he believed it was against the interests of minority shareholders. He subsequently said Zee pursued a merger with Sony as there was no other option.
Addressing the debt issue, Chandra said that his group companies and family members had a total debt of Rs 45,000 crore, of which Rs 43,000 crore had been repaid through the sale of assets. He claimed that only two accounts remained to be repaid and that banks had sufficient assets to recover their dues without incurring losses.
In response, a Reliance Group spokesperson strongly rejected Chandra’s allegations.
“The Reliance Group has noted with dismay the baseless remarks by Essel Group chairman Subhash Chandra. We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group,” the spokesperson said.
The company added that its media brands had “never been used to attack anyone, nor will they ever be,” while saying it continued to hold Chandra “in high regard as a businessman and entrepreneur.”
Chandra also urged Ambani to stop what he described as “wrong propaganda” against him and his group, alleging that he had been subjected to a “witch hunt.” He warned that he would defend himself if the alleged campaign continued.
He also denied receiving any special benefit from the government in connection with the NCLT proceedings, saying he had not sought any favour from the government.
Chandra further alleged that two Rajya Sabha MPs had been mobilised to question the NCLT ruling and cautioned Ambani against continuing what he described as a campaign against him.
The latest exchange comes amid the ongoing scrutiny surrounding the NCLT proceedings involving Chandra’s personal guarantees and the debt obligations of the Essel Group.
