Zee Group Founder Subhash Chandra in a video message challenged the allegations of financial swindling against him in light of the repayment allowance by the NCLT and aired plans to visit Switzerland in coming weeks.
“For the past two days, I have been clubbed with people from this country who have swindled the financial system, taken the money and bought palaces and ships for themselves. [In 2019] I wrote an open letter to the country’s banking system admitting my mistakes. I said I and the borrowing entities from my group will pay the entire system’s money and we did that,” said Chandra in Hindi in his video message.
The media baron spoke in context of the the National Company Law Tribunal’s (NCLT) decision to allow Chandra’s repayment plan of only ₹6.5 crore. The news had garnered strong reaction, esepcially from lenders like HDFC who aired the possibility of appealing to NCLAT.
Chandra argued that the company has already repaid about ₹43,000 crore of the ₹45,000 crore total outstanding with the remaining amount pending due to complications in the asset liabilities of other companies.
“I had signed some personal guarantees to some lenders. Even some lenders whose entire money was repaid, have entered their claim in NCLT. It shouldn’t have happened,” said Chandra, adding that he must have paid at least ₹70,000 crore to the financial system in his working life.
Chandra on Friday also accused media channels of Mukesh Ambani including TV18 and CNBC TVof spreading inaccurate figures related to claims. He stated that he had written to Ambani regarding the same. Later, Reliance Group responded to the accusations “with dismay” and strongly denied the allegations and insinuations against the media entities.
Switzerland plans
Speaking about the plan ahead, Chandra said he plans to meet “a friend in Switzerland” within the next two weeks to help in “investment work.”
“I have planned to meet him in the next 1-2 weeks. I will see his investment in India and other places so that I can re-establish myself,” said Chandra.
Personal wealth
He also dismissed claims of huge personal wealth as a myth, arguing that in 2016 he had declared his personal wealth to be ₹39.70 crore.
“In 2016, I am declaring ₹39. 70 crore. So, in 2017, how will it become ₹45,000 crores?” he said. As such, he asked the Finance Minister and banking secretary to do an independent audit.
“You should ask them the same question that when they first defaulted in the financial market, at that time, how much was their borrowing and how much did they pay?” he said.
In a separate statement, Chandra also dismissed claims that the companies in favour of the repayment plan are associate entities.
“Some of the associate entities referenced in the reports, belonged to Jawahar Goel, whose business interests were separated from Dr. Subhash Chandra in 2008-09 through a family business separation process. The separation process and subsequent division of the business was duly informed to the stock exchanges and the regulator,” said Chandra’s office stating that the companies concerned do not qualify as associate entities of the Group under the insolvancy code.