Subhash Chandra has dropped further mention of his allegations against Mukesh Ambani and shifted his focus to settling outstanding dues during an 18-minute Instagram interaction with 560 followers. According to Moneycontrol, Chandra told viewers that borrowers linked to his Essel Group had agreed to settle their outstanding obligations with lenders, with 85 borrowers loosely associated with the Essel Group having ₹990 crore in outstanding bank debt. The Zee founder stated he met with borrowers on Sunday and they had agreed to repay their outstanding obligations, with Chandra acting as a guarantor for 18-20 borrowing entities that were either family members or close associates. Chandra acknowledged these guarantees were his 'biggest mistake', leading to his current financial situation, while his total assets currently stand at around ₹31 crore, reflecting a decline of nearly ₹8 crore over the last decade.
Reliance Industries has categorically rejected allegations made by Essel Group chairman Subhash Chandra against its media businesses, describing the claims as 'baseless'. According to reports from The Times of India and Business Standard, 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. The spokesperson emphasized that 'Our media brands have never been used to attack anyone, nor will they ever be' and added that 'We hold Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well'. This latest denial comes as the dispute intensifies following recent developments in Chandra's personal insolvency proceedings.
The allegations come amid a dispute over the resolution of Chandra's personal insolvency case, which involves admitted claims of ₹22,006 crore and has drawn objections from a section of creditors. As reported by The Times of India and Business Standard, the case has created significant tension between the two business groups, with Chandra's claims suggesting coordinated efforts to undermine his media empire. Some lenders are preparing to challenge a tribunal-approved settlement in his insolvency proceedings, adding another layer of complexity to the ongoing dispute. Creditors should be concerned as historically, they have recovered about 1% of their admitted claims against personal guarantors, raising questions about the viability of guarantees. The matter will now go back to the original division bench for a formal order in line with the majority opinion, as required under Section 419(5) of the Companies Act, 2013.
On his news channel, Chandra alleged a 'witch hunt' against him by Ambani's media group and claimed it had published false reports that NCLT had cleared Zee's debt for only ₹6.5 crore. According to The Times of India and Business Standard, he also alleged that Ambani's associates had orchestrated a 40% crash in Zee's share price in a single day in January 2019, when his financial difficulties had begun. Chandra further claimed that Ambani's associates operated 'hundreds and thousands of benami shell entities' to conduct stock market operations, making their involvement difficult to trace. In his strongest remarks, Chandra warned that he would defend himself if what he described as attacks against him continued, stating he had 'little left to lose following years of financial stress and asset sales'. Chandra has explicitly tied the reporting on his insolvency case to Reliance-controlled media entities, while Reliance has categorically denied deploying its media brands against individuals.
NCLT Member (Judicial) Nilesh Sharma approved a resolution plan under which Subhash Chandra will pay around ₹6.25 crore towards admitted claims of ₹22,006 crore. The original two-member NCLT bench had delivered a split verdict, with dissenting creditors led by LIC Housing Finance opposing the proposed settlement. Creditors representing 80.81% of the voting share supported the resolution plan, with LIC Housing Finance and HDFC Bank opposing the settlement, calling it unviable and unlawful. Axis Bank, Canara Bank, RBL Bank and Union Bank were among other dissenting lenders. The ₹22,006 crore comprises admitted claims connected to guarantees covering borrowings by several Essel and Zee-related companies, with Chandra's guarantees covering around ₹2,574 crore when the relevant loans were originally taken. Approximately ₹1,494 crore is expected from the corporate borrowers, and creditors have also questioned the decline in Chandra's declared net worth, from ₹45,888 crore in 2017 and ₹40,562 crore in 2018 to around ₹31.79 crore currently.
This confrontation represents the latest chapter in an increasingly public rivalry between the Zee group and Reliance, moving the dispute beyond commercial and intellectual-property matters into direct allegations about media influence. As recently as May, Zee sued Reliance and Disney over alleged copyright infringement relating to music, with Reuters reporting on May 6 that Zee had alleged its music was used without permission. Chandra has contested reports that framed the proceedings as involving a personal debt of ₹22,006 crore, stating that the sum does not represent money he borrowed in his personal capacity. According to his statement, the claims against him as a personal guarantor stand at ₹3,992 crore, with a ₹620-crore claim already settled and borrower entities offering to pay a further ₹1,063 crore. The companies for which he stood guarantor have repaid ₹43,000 crore to date, while Chandra also accused media outlets of cherry-picking and sensationalising portions of the tribunal's order. On Friday, 28 August 2026, Zee Entertainment Enterprises fell 2.05% to settle at ₹101.85 while Reliance Industries rose 0.37% to settle at ₹1,287.
