has hit out at Reliance chief Mukesh Ambani, accusing Reliance-linked media entities of pushing what he called “wrong propaganda” against him and his group, while also revisiting the bitter corporate battle over Zee Entertainment.
Reliance has rejected the allegations, calling Chandra’s remarks “baseless” and saying its media brands have never been used to attack anyone. The company said it holds Chandra “in high regard as a businessman and entrepreneur” and wished him well.
In a video message, Chandra directly addressed Ambani and questioned the coverage of his . He also brought up the earlier Zee-Invesco episode and Reliance’s interest in Zee, saying he had no choice but to pursue the Sony-Zee merger at the time.
“Mukesh ji, please stop the wrong propaganda against me personally and my group. Zee is a group company. I don’t own anything in that. I don’t own anything now after implementing this NCLT order. You are the son of Dhirubhai Ambani. I have learnt a lot from him. I think you have not learnt anything from him,” Chandra said.
Chandra was referring to reports around his , where admitted claims against him are around Rs 22,006 crore while the repayment plan approved by the National Company Law Tribunal involves around Rs 6.5 crore.
He argued that was being portrayed as money he had personally borrowed, whereas the claims arose from personal guarantees he had given for loans taken by companies of the Essel Group.
Chandra also questioned coverage by Reliance-linked media outlets, particularly TV18 and CNBC-TV18. He alleged that reports gave the impression that he had personally borrowed Rs 22,000 crore and then settled the amount for Rs 6.5 crore.
That allegation has not been independently established.
Chandra’s video went beyond the insolvency case. He linked the coverage, in his account, to the earlier battle over Zee Entertainment and Reliance’s discussions with Invesco.
Invesco, then a major shareholder in Zee, had sought changes at the company in 2021. The episode became part of a larger corporate tussle involving Zee, Invesco and Reliance.
Chandra alleged that Reliance had sought to acquire or take control of Zee through the Invesco episode. He questioned the manner in which the proposal was pursued and argued that it was not in the interests of Zee’s minority shareholders.
Reliance had previously acknowledged discussions about a possible combination involving its media assets and Zee. Those discussions did not result in a transaction.
Chandra also referred to the sharp fall in Zee’s share price and alleged a connection with entities associated with Ambani. That allegation has not been independently established.
He further spoke about the eventual Sony-Zee merger attempt, saying he had no option at the time but to pursue the deal.
The Sony-Zee merger, announced in 2021, was eventually called off by Sony in January 2024 after a prolonged dispute over the terms of the proposed transaction.
Chandra has now brought those episodes back into the public conversation as he takes issue with the way his personal insolvency case has been reported.
Reliance has rejected Chandra’s allegations against its media entities.
“The Reliance Group has noted with dismay the baseless remarks by Essel Group chairman Shri Subhash Chandra.
“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.
“We hold Shri Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well.”
Reliance has therefore denied the central allegation that its media businesses were used to target Chandra or his group.
The immediate backdrop to Chandra’s remarks is his personal insolvency proceeding before the NCLT.
The admitted claims in the case total around Rs 22,006 crore, while the repayment plan approved by the tribunal provides for around Rs 6.5 crore.
The enormous gap between the claims and the proposed repayment has drawn attention from lenders.
The NCLT approval followed a split verdict by members of the tribunal. Some lenders have opposed the resolution and are preparing to challenge the decision.
The Rs 22,006 crore figure is linked to liabilities for which Chandra had provided personal guarantees. Chandra has objected to the way the figure has been presented publicly, saying it creates the impression that he personally borrowed that amount.
That distinction is important in understanding his latest criticism of media coverage.
The other thread running through Chandra’s video goes back to the 2021 fight between Zee and Invesco.
Invesco had pushed for changes to Zee’s board and sought the appointment of new directors. The dispute eventually became intertwined with discussions involving Reliance.
Reliance later said it had explored a possible transaction involving its media businesses and Zee. The proposal did not go through.
Zee subsequently pursued a merger with Sony, which was approved by shareholders and went through several stages before Sony terminated the deal in January 2024.
To sum up, Chandra has linked his objections over the coverage of his insolvency case to his earlier dealings with Reliance and the Zee-Invesco episode. He has accused Reliance’s media entities of pushing “wrong propaganda” against him and questioned the way his financial troubles have been reported.
Reliance has denied the allegations, saying its media brands have never been used to attack anyone, and described Chandra’s remarks as baseless.
The latest spat therefore brings the old Zee battle back into focus, with Chandra now placing his insolvency case and his earlier corporate disputes with Reliance in the same frame.