Subhash Chandra takes on Mukesh Ambani, accuses TV18 of ‘misinformation’

Two days after the National Company Law Tribunal approved a repayment plan under which creditors will receive around Rs 6.5 crore against admitted claims of Rs 22,006.57 crore in his personal insolvency proceedings, Zee founder Subhash Chandra has directly accused Reliance Industries chairman Mukesh Ambani and his media network TV18 of spreading “misinformation” about the case.

The NCLT order has drawn attention for the near 99.97 percent reduction in the admitted claims. Chandra, however, has disputed the way the figure has been presented, saying he was not a borrower but a personal guarantor for loans taken by Essel Group entities.

In a video statement on August 28, Chandra said the claims against him as a personal guarantor amounted to Rs 3,992 crore, and not Rs 22,000 crore. He said Rs 620 crore of this had already been settled, while borrowing entities had offered a further  Rs 1,063 crore. According to Chandra, the companies for which he had provided personal guarantees had repaid around Rs 43,000 crore so far.

Chandra issued a second video in which he turned his attack towards Ambani and Reliance’s media businesses. 

“For the first time, I am going to speak out against a major corporate figure and business house in this country,” Chandra said, naming Mukesh Ambani and the TV18 group, including CNBC.

He alleged that TV18 had started publishing what he described as misinformation about his insolvency case, particularly the narrative that his Rs 22,000-crore debt had been settled for Rs 6.5 crore.

Chandra claimed that a friend had spoken to the chief editor of the media group and was told that the editor had “instructions from above”. Chandra said he subsequently tried to contact Ambani and later wrote him a letter.

Reliance Industries rejected the allegations.

“Reliance Group has noted with dismay the baseless remarks by Essel Group chairman Shri Subhash Chandra,” the company said, strongly denying the allegations and insinuations against its media entities. “Our media brands have never been used to attack anyone, nor will they ever be.”

Chandra's allegations against Ambani, however, were not limited to the recent coverage of his insolvency case.

He referred to the crisis that hit Zee in 2019 and alleged that people associated with Ambani had caused Zee's share price to fall by 40 percent in a single day. He claimed that this was done through hundreds of “benami” companies, making it difficult to identify those behind the alleged manipulation.

Chandra also recalled approaching Ambani about a possible sale of Zee when he was trying to repay his debts. According to Chandra, Ambani advised him not to repay the banks with interest.

He further alleged that Reliance later attempted to take over Zee in collaboration with Invesco, an investor in the company. Chandra said the offer was favourable to his family but not to minority shareholders and was therefore rejected.

Zee subsequently pursued a merger with Sony, which ultimately did not go through.

Chandra said his family and group had been burdened with around Rs 45,000 crore in debt and that assets were sold to repay between Rs 43,000 crore and Rs 45,000 crore. He said only two accounts remained outstanding and maintained that the banks and institutions involved had sufficient assets and would not suffer losses.

Addressing Ambani directly, Chandra said, “Please restrain your people.” He also warned that he would defend himself if what he described as attacks continued.

The dispute comes as the NCLT order itself faces a legal challenge from creditors.

Canara Bank has challenged the NCLT's approval of Chandra's repayment plan before the National Company Law Appellate Tribunal (NCLAT). The appeal means the Rs 6.5-crore repayment plan is now facing further scrutiny at the appellate stage.

Chandra’s statement also received coverage from other major media outlets. Adani Group-owned NDTV reported on his next professional move, quoting Chandra as saying that he plans to work with investment professionals in Switzerland and could borrow Rs 2-4 crore from his family to invest in startups. NDTV reported that Chandra said he would share more details about the plan in the next one to two weeks.

Republic TV, founded by journalist Arnab Goswami, also carried Chandra’s full video statement on its platform and described him as a “media entrepreneur”. The channel’s coverage included Chandra’s remarks following the NCLT-approved repayment plan and his allegations against Reliance-linked media entities.

India Today’s Rajdeep Sardesai discussed the order on his prime-time show, focusing on the sharp gap between the Rs 22,006-crore admitted claims and the Rs 6.5-crore repayment approved by the tribunal. India Today’s coverage has also highlighted the distinction between Chandra being a personal guarantor and the underlying loans taken by Essel Group entities.

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