Days after the National Company Law Tribunal (NCLT) cleared a repayment proposal for Zee Group founder Subhash Chandra that would allow creditors to recover around ₹6.5 crore against admitted claims of ₹22,006.57 crore, Chandra, in a video message on Thursday, accused Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani and RIL-owned media entities of "orchestrating what he described as a misinformation campaign against him".
The Reliance Group has rejected Chandra's allegations against its media businesses, describing them as "baseless".
"We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group. Our media brands have never been used to attack anyone, nor will they ever be. We hold Shri Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well," Reliance said in a statement.
Subhash Chandra's current disclosed net worth is approximately ₹31.79 crore, based on figures recorded during his personal insolvency proceedings before the NCLT.
The ₹22,000 crore figure represents admitted claims against Chandra in his personal insolvency proceedings, highlighting the extent of financial obligations he's facing.
Chandra's allegations against Reliance prompted discussions about a misinformation campaign and have raised questions about the integrity of media reporting on the insolvency case.
Yes, creditors should be concerned as the approved plan only allows for a recovery of ₹6.5 crore against claims of around ₹22,006 crore, resulting in a significant loss for them.
Subhash Chandra plans to work with friends in Switzerland on investments and may borrow ₹2-4 crore from family to invest in startups and other ventures.
The exchange has put the two of India's prominent businessmen's, Subhash Chandra and Mukesh Ambani, net worth and assets in the spotlight.
According to a Sunday Guardian report, Chandra's current disclosed net worth is around ₹31.79 crore, based on figures recorded during his personal insolvency proceedings before the NCLT.
The figure is substantially lower than historical net-worth figures cited during the proceedings.
Net-worth certificates cited in the proceedings put Chandra's wealth at around ₹45,888 crore in 2017 and ₹40,562 crore in 2018. However, the NCLT said those historical certificates alone did not establish that he currently owned assets of a similar value, according to the Sunday Guardian report.
The latest NCLT proceedings put the disclosed market value of his current assets at around ₹31.79 crore.
The tribunal attributed a value of around ₹25 crore to his Jolly Maker residential property.
Chandra had also owned a bungalow on Bhagwan Das Road in Delhi, which he agreed to sell for around ₹1,260 crore in 2026. Since the property has been sold, that amount should not be treated as part of his current asset value.
