Subhash Chandra accuses Mukesh Ambani of spreading misinformation; Reliance denies allegations

Zee Entertainment founder and Essel Group chairman Subhash Chandra has accused Reliance Industries Chairman Mukesh Ambani and Reliance-owned media entities of spreading what he described as "wrong propaganda" and misinformation against him and his group. Reliance Industries has rejected the allegations, calling them baseless.

The controversy comes amid Chandra's personal insolvency proceedings and the recent approval by the National Company Law Tribunal (NCLT) of a repayment plan involving admitted claims of around ₹22,006 crore, with creditors set to receive about ₹6.5 crore under the approved plan. Chandra has disputed the way the ₹22,000-crore figure has been portrayed, arguing that the claims relate to personal guarantees he provided for loans taken by Essel Group companies rather than money he personally borrowed.

In a video message aired on Zee News, Chandra alleged that Reliance-linked media outlets, including the TV18 group and CNBC-TV18, had portrayed the NCLT proceedings as a reduction of his ₹22,000-crore debt liability to ₹6.5 crore. He said this presentation was misleading and damaging to his reputation. The allegations have not been independently established.

Chandra also revived his earlier dispute with Reliance over Zee Entertainment. He alleged that people associated with Ambani were responsible for a sharp fall in Zee's share price in 2019 and claimed that Reliance had subsequently sought to acquire Zee in connection with Invesco, then a major investor in the company. These allegations have also not been independently established.

Chandra said his group and family had faced debt obligations of around ₹45,000 crore, of which he claimed approximately ₹43,000 crore had been repaid through asset sales. He maintained that only two accounts remained to be settled and that lenders had sufficient assets to recover their dues.

Reliance rejects allegations

Reliance Industries strongly denied Chandra's claims. A company spokesperson described his remarks as "baseless" and said the group rejected all allegations and insinuations against its media entities.

Reliance said its media brands had never been used to attack anyone and would not be used for such purposes. The company also said it continued to hold Chandra in high regard as a businessman and entrepreneur.

The dispute comes as the NCLT-approved repayment plan faces further scrutiny, with HDFC Bank and LIC Housing Finance preparing to challenge the order before the National Company Law Appellate Tribunal (NCLAT).

Meanwhile, the controversy has also weighed on Zee Entertainment shares. The stock fell sharply on Monday amid investor concerns following the NCLT decision and the continuing dispute surrounding Chandra's insolvency proceedings.