Archive · 29 Aug 2026
Subhash Chandra, Reliance Clash Over Zee Insolvency Coverage
Subhash Chandra and Reliance Industries are arguing about news reports on Chandra’s insolvency case.
Chandra says Reliance-linked media outlets made the case look like he personally owed about ₹22,000 crore.
He says that number mainly relates to guarantees he gave for loans taken by companies.
He says the claims against him personally are about ₹3,900–₹3,992 crore.
He also says some money has already been repaid and more has been offered to lenders.
Reliance says Chandra’s accusations are baseless.
Two creditors plan to appeal the repayment decision, while another creditor will not appeal.
The disagreement is part of a wider conflict involving Zee and Reliance.
Subhash Chandra accused Reliance-linked media networks of spreading misleading reports about his personal insolvency proceedings.
Chandra disputed the widely reported ₹22,000-crore figure, saying claims against him as a personal guarantor total about ₹3,900–₹3,992 crore.
He said ₹620 crore had been repaid or settled and that lenders had been offered a further ₹1,063–₹1,100 crore.
Reliance dismissed Chandra’s allegations as baseless and said its media brands had never been used to attack anyone.
HDFC Bank and LIC Housing Finance plan to challenge the repayment order, while Samaan Capital will not challenge it.
- Who
- Essel Group Chairman Subhash Chandra and Reliance Industries, led by Chairman Mukesh Ambani; creditors including HDFC Bank, LIC Housing Finance and Samaan Capital are also involved.
- What
- A dispute over allegations that Reliance-linked media outlets misrepresented Chandra’s personal insolvency proceedings and sought to weaken Zee.
- When
- Chandra made the latest allegations on Friday; the proceedings began in 2022, were admitted in April 2024, and the repayment plan was later approved by the NCLT.
- Where
- The insolvency proceedings concern India’s National Company Law Tribunal, with challenges planned before the National Company Law Appellate Tribunal; Chandra spoke on Zee News and Zee Business.
- Why
- Chandra says reports confused personal guarantees with his companies’ borrowing and were part of a campaign against him and Zee; Reliance denies the allegations.
Subhash Chandra’s Allegations
Reliance’s Response
Media reporting
Subhash Chandra’s Allegations
Chandra says Reliance-linked media networks circulated false, inaccurate or sensationalised accounts of his NCLT case.
Reliance’s Response
Reliance rejects the allegations as baseless and says its media brands have never been used to attack anyone.
The ₹22,000-crore figure
Subhash Chandra’s Allegations
Chandra says the figure wrongly portrays the matter as personal borrowing, while the claims against him as guarantor are about ₹3,900–₹3,992 crore.
Reliance’s Response
Reliance’s response rejected the broader accusations but did not address the specific debt figures.
Motive involving Zee
Subhash Chandra’s Allegations
Chandra alleges that Mukesh Ambani and Reliance made attempts to capture or take control of Zee and that the coverage was part of a campaign to weaken the group.
Reliance’s Response
Reliance denied using its media outlets to attack individuals and did not endorse Chandra’s account of a campaign against Zee.
- NCLT repayment plan
- The approved plan would pay creditors ₹6.5 crore against admitted claims of ₹22,006.57 crore, according to the report.
- Chandra’s disputed liability
- Chandra said claims against him as a personal guarantor total about ₹3,900–₹3,992 crore, rather than ₹22,000 crore of personal borrowing.
- Amounts already addressed
- Chandra said approximately ₹620 crore in claims had been repaid or settled.
- Further settlement offer
- Borrower entities offered roughly ₹1,063–₹1,100 crore to certain lenders, according to Chandra.
- Group repayments
- Chandra said the Essel Group, his family and related entities had repaid ₹43,000 crore out of ₹45,000 crore in debt.
- Creditor challenges
- HDFC Bank and LIC Housing Finance plan to challenge the order, while Samaan Capital decided not to do so.
- Reliance’s response
- Reliance called the allegations baseless and said its media brands had never been used to attack anyone.
