The Essel group
founder, Subhash Chandra
has settled 91.2 per cent of his debt with 43 lenders, and the remaining dues are in the process of being paid.
“I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. About 88.3% of the amount has been paid, while the remaining 2.9% is in the process of being paid. We are making all the required efforts to settle the remaining 8.8% 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 honour," Chandra said in an open letter today.
In his first Open Letter issued on January 25, 2019, Chandra had apologized 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 by selling assets like his entire stake in Zee Telefilms to investors.
Sharing the key points pertaining to the debt resolution, Chandra said he will settle the remaining dues before the end of this fiscal year or before. He also emphasized on the fact that he does not regret the decision taken to part with a substantial portion of his ownership in his key businesses, attributing this decision to preserve the honour of his family. He reiterated the exit from the infrastructure, financial services and loss-making print media businesses. Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem.