Zee Group Founder Subhash Chandra has issued a video message addressing allegations of financial swindling. The statement follows the National Company Law Tribunal’s (NCLT) decision to allow Chandra’s repayment plan of ₹6.5 crore, a ruling that drew a strong reaction and the possibility of an appeal from lenders such as HDFC.
In his video message, Chandra rejected comparisons to individuals who have defaulted and fled the financial system. He recalled that in 2019, he wrote an open letter to India’s banking system admitting mistakes and pledging that he and his borrowing entities would repay the system's money, which he stated they subsequently did.
According to Chandra, the company has repaid approximately ₹43,000 crore out of a total outstanding amount of ₹45,000 crore. He noted that the remaining balance is pending due to complications involving the asset liabilities of other companies. Chandra also stated that he signed personal guarantees for certain lenders and expressed concern that lenders who had already received full repayment had still entered claims in the NCLT. He estimated that he has paid at least ₹70,000 crore into the financial system throughout his working life.
During his address, Chandra also raised concerns regarding media coverage. On Friday, he accused Mukesh Ambani-backed media channels, including TV18 and CNBC TV, of broadcasting inaccurate figures related to financial claims and stated that he had written to Ambani regarding the matter. In response, the Reliance Group issued a statement expressing dismay and strongly denying the allegations and insinuations against its media entities.
Addressing his upcoming plans, Chandra stated that he intends to travel to Switzerland within the next two weeks to meet a friend and discuss investment work. He noted that this visit would help him observe investments in India and other locations to re-establish himself professionally.
Chandra also dismissed reports regarding his personal wealth as a myth. He pointed out that in 2016, he officially declared his personal wealth to be ₹39.70 crore, questioning how it could scale to ₹45,000 crore by 2017. He called upon the Finance Minister and the banking secretary to conduct an independent audit and question entities regarding their initial borrowings and repayment histories.
In a separate clarification, Chandra’s office addressed reports labeling certain companies in favor of the repayment plan as associate entities. The statement clarified that businesses belonging to Jawahar Goel were separated from Dr. Subhash Chandra through a family business division process in 2008-09. This separation was formally communicated to stock exchanges and regulators, meaning these entities do not qualify as associate entities under the insolvency code.
"The ongoing developments involving Zee Group Founder Subhash Chandra and the NCLT highlight the complex nature of corporate debt resolution, personal guarantees, and asset liabilities in the Indian financial ecosystem. For founders and business leaders, this situation underscores the critical importance of transparent corporate governance, clear communication with lenders during financial distress, and strict delineation of business entities. Regulatory clarity and independent audits are essential for maintaining trust between corporate borrowers and the banking sector." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
