Reliance Denies Chandra’s Media Claims in Insolvency Case
By Business Desk
Reliance Group refutes Subhash Chandra’s allegations against its media entities, as his Rs 22,006 crore insolvency case moves forward. NCLT approves settlement plan.
The Reliance Group on Friday, August 28, 2026, unequivocally rejected allegations made by Essel Group chairman Subhash Chandra against its associated media entities, labelling his remarks as baseless. This statement emerged amidst Chandra’s ongoing personal insolvency proceedings.
Insolvency Settlement Details Emerge
The National Company Law Tribunal (NCLT) recently approved a settlement plan for Subhash Chandra, requiring him to contribute a specific amount against substantial claims. This decision has drawn scrutiny from lenders concerned about the recovery rate.
- Chandra’s required contribution: Rs 6.25 crore
- Admitted claims in proceedings: approximately Rs 22,006 crore
Allegations and Corporate Response
Chandra accused Reliance-linked media outlets, specifically naming TV18 and CNBC, of allegedly misrepresenting his debt situation and the NCLT proceedings. He also brought up prior claims from 2019 concerning Zee’s share price and an attempted acquisition involving investor Invesco.
- Reliance’s affirmation: Media brands never used to attack anyone.
- Reliance’s stated regard: High for Chandra as a businessman and entrepreneur.
- Reliance’s denial: Past allegations concerning Zee’s share price and Invesco acquisition were denied.
Lenders, including HDFC Bank and LIC Housing Finance, are reportedly preparing to challenge the NCLT’s decision. Their concerns stem from the significantly low recovery rate under the approved settlement plan, prompting a potential legal contest.
Market Reaction on August 28, 2026
The market responded to the unfolding dispute on August 28, 2026, with key entities experiencing distinct movements. Investors tracked the implications of the corporate statements and ongoing legal developments.
- Zee Entertainment Enterprises shares: fell by 2.05%
- Reliance Industries shares: rose by 0.37%
The dispute underscores the intense scrutiny surrounding Subhash Chandra’s insolvency case and the broader implications for corporate accountability and media representation in India’s dynamic business landscape.