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The Latest Breaking News from Essel

Subhash Chandra’s Zee pledge saga: How promoter leverage turned growth ambition into a debt trap

Subhash Chandra’s Essel Group expansion was fuelled partly by borrowing against pledged Zee shares, with personal guarantees adding to the promoter’s obligations. When the IL&FS crisis tightened liquidity and Zee’s share price fell, lenders enforced pledges, eroding Chandra’s stake. The episode offers lessons on promoter leverage, collateral risk and investing.

The Economic Times

Subhash Chandra's dissenting lenders Canara Bank, Union Bank move NCLAT against NCLT order

Dissenting lenders have challenged the NCLT order approving Subhash Chandra's personal insolvency plan. The Essel Group chairman's plan proposes a Rs 6.5 crore payment against creditor claims. Lenders argued that five entities linked to Chandra's family improperly influenced the voting process. The NCLT approved the plan after a third member…

The Economic Times

NCLT Subhash Chandra Case: Rs 22,000 crore is not bank loan write-off, sources on order

The National Company Law Tribunal approved a repayment plan for Essel Group founder Subhash Chandra. This plan does not signify banks writing off nearly all of Rs 22,000 crore in loans. The Rs 22,006 crore figure represents claims against Chandra as a personal guarantor. Corporate borrowers remain liable for their…

The Economic Times

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8 mining firms indicted by CAG in Odisha are political donors

Last month, a Comptroller and Auditor General report had pointed to serious lapses on part of the Odisha government which substantially helped 23 private companies deal a loss of Rs 22,392 crore in mining revenue from 2015 to 2022. Newslaundry has now found that eight of these companies, which caused…

Newslaundry

ED conducts searches in Religare Finvest funds diversion case

Enforcement Directorate conducts money laundering probe, seizes documents and records statements in Religare Finvest Limited case.

The Hindu

UNI news agency is dying a slow death. Who is to blame?

In 1959, eight of India’s biggest newspapers came together to launch a news agency to break the monopoly of the Press Trust of India. Six decades later, United News of India is on ventilator support. Salaries of permanent staff have gone partially unpaid for five years, company properties lie seized,…

Newslaundry

Why Subhash Chandra’s Rajya Sabha dreams are now Congress’s nightmares

On the first day of June, the world learnt that Subhash Chandra belonged to Rajasthan. The Times of India that day quoted the Essel group chairman calling it his “native” state. The backdrop was political. Chandra’s revelation came after he filed his nomination for Rajya Sabha as an independent candidate…

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