Reliance Group calls Subhash Chandra’s allegations against its media entities baseless

The Reliance Group on Friday denied allegations made by Essel Group promoter Subhash Chandra against the conglomerate’s media businesses and said Chandra’s remarks are “baseless”.

“The Reliance Group has noted with dismay the baseless remarks by Essel Group chairman Shri Subhash Chandra,” a statement from a Reliance spokesperson said.

“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,” the Reliance spokesperson said.

“We hold Shri Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well,” the statement from the spokesperson added.

Earlier today, Chandra issued a clarification on the recent media coverage that alluded to the NCLT allowing him to walk away with a massive haircut of 99.97% on a bank loan worth Rs 22,000 crore by approving a resolution plan of Rs 6.25 crore. Chandra said he has not borrowed any money and is only a personal guarantor in the matter, with a claim limited to Rs 3,992 crore, by the creditors objecting to the resolution plan.

It may, however, be noted that the insolvency resolution matter pertains to debts of several Essel/Zee-linked companies.

In a video message, Chandra said his name is being clubbed among those who have gamed the country’s financial system and siphoned off money for personal gains. “Some people are after my reputation, but it cannot be tarnished,” said Chandra.

Later, Chandra told a news channel that RIL’s media outfits started circulating reports that NCLT settled its loans worth Rs 22,000 crore for just Rs 6.25 crore. “A known person of mine approached the media house but was told that the news is being put out as per the instructions from higher-ups. I dialled Mukesh Ambani yesterday evening. But the call was not returned. This morning, I wrote him a letter,” Chandra added.

Chandra also alleged that RIL entities were behind the Essel Group's stock market crash in 2019.