In an open letter issued on August 3, Essel Group Chairman Subhash Chandra said he has settled 91 percent of the debt to 43 lenders, and the remaining dues are in the process of being paid.
“We have come out of the financial stress situation by settling 91.2 percent of our total debt to 43 lenders in 110 accounts. 88.3 percent amount has been paid, while the remaining 2.9 percent is in the process of being paid,” said Chandra in the open letter.
He added, “We are making all the required efforts to settle the remaining 8.8 percent of our total debt. I have no regrets for parting with a substantial ownership in the business and specially in the ‘jewels of the crown’. This was done to keep the family’s honor.”
In the second open letter, Chandra reiterated that the group has exited or sold the businesses of infrastructure, financial services and print media, and a few more.
“Our Group Companies Zee Learn Ltd., SITI Networks Ltd. & Zee Media Corporation Ltd., are going through a difficult phase of their existence, mainly because of lack of capital.”
Chandra also apologised to his brother Jawahar Goel. He said that Goel’s company Dish TV India Ltd, is also suffering and losing its base because of him, without any of Goel’s fault.
“Vide this letter, I would also like to publicly apologize to him and his family.”
Chandra further said that he would like to settle the remaining outstanding dues before the end of this fiscal year or before.
This is the second open letter that Chandra has written. In his first letter, he had apologised for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&FS case and committed to repay the monies to the best of his abilities.
In the current letter, Chandra said, “The Covid-19 pandemic caused extension/elongation of the painful period beyond my targeted resolution time of 18 months to 30 months (till now) and beyond.”
Along with debt resolution, Chandra also hinted at a new business venture.
“I have earned a fair experience in the video business; hence I am exploring new ways / business opportunities in the “video in digital space” as well as AI/ML (Artificial Intelligence & Machine Learning) in the video space, without getting into any conflicts with ZEEL, in any manner.” Moneycontrol