Reliance Rejects Subhash Chandra Allegations

Reliance Industries strongly rejected allegations made by Essel Group chairman Subhash Chandra against its media businesses, labeling them as baseless. A spokesperson for the Mukesh Ambani-controlled conglomerate stated that the group was dismayed by Chandra's remarks and denied any suggestion that its media platforms had been used to target individuals.

These statements emerged amidst a legal dispute surrounding the National Company Law Tribunal approval of a repayment plan for Chandra involving a significant haircut for creditors. Under the approved plan, Chandra is to pay Rs 6.25 crore against total admitted creditor claims of approximately Rs 22,006.57 crore, translating to a recovery rate of roughly 0.03%.

Major financial institutions including HDFC Bank and LIC Housing Finance expressed intentions to challenge the NCLT ruling through appellate tribunals. While HDFC Bank weighed an appeal against its admitted claim of Rs 680 crore, LICHFL maintained that it retains rights over secured assets despite the low settlement payout.