Essel Group Chairman Dr Subhash Chandra has called out Reliance Industries Chairman Mukesh Ambani and the group’s media entities, accusing them of spreading what he described as a misleading narrative around his debt and the recent NCLT proceedings.
In an interview with Zee News, Chandra directly named Ambani and the TV18 network, including CNBC, alleging that the media entities had circulated an incorrect claim that his debt of ₹22,000 crore had been settled through the NCLT for ₹6.5 crore.
Chandra claimed that he had attempted to contact Ambani over the issue and later wrote to him after not hearing back. He urged Ambani to stop what he characterised as propaganda against him and his group and accused the media network of engaging in a targeted campaign against him.
The Essel Group chairman also made a series of allegations relating to events dating back to 2019. He claimed that entities linked to Ambani had played a role in the sharp fall in Zee’s share price at the time. Chandra further alleged that there was subsequently an attempt to acquire
Zee in association with investor Invesco, which he said did not proceed because the proposed arrangement was not in the interests of minority shareholders.
In some of his strongest remarks, Chandra said he had little left to lose following years of financial stress and asset sales and warned that he would defend himself if what he described as attacks against him continued. He also asked Reliance’s media entities to report accurately rather than engage in what he characterised as a witch-hunt.
Reliance issued a statement soon after Chandra’s remarks, strongly rejecting the allegations.
“The Reliance Group has noted with dismay the baseless remarks by Essel Group chairman Shri Subhash Chandra. Ne 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. We hold Shri Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well,” the Reliance spokesperson said in the statement.
The public exchange puts the spotlight on an unusually direct confrontation between two of India’s most prominent business figures, with Chandra’s allegations specifically extending to the conduct of Reliance’s media businesses.
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