ESSEL GROUP
ED opens money laundering probe against Subhash Chandra in Rs 1,322 crore loan case
The Enforcement Directorate has registered an ECIR against Essel Group chairman Subhash Chandra in an alleged Rs 1,322 crore loan fraud involving LIC Housing Finance. The move follows a CBI FIR over two loan facilities worth Rs 980 crore sanctioned to Essel Group-linked companies in 2018. Zee Entertainment said the case does not affect its operations.
Zee draws line between CBI probe against Subhash Chandra and its business
Zee Entertainment Enterprises has clarified that an Enforcement Case Information Report (ECIR) registered against founder Subhash Chandra in his personal capacity has no bearing on the company or its operations. The development follows an ongoing CBI investigation into an earlier FIR filed by LIC Housing Finance against the promoter entities.
NCLAT issues notices to lenders on Subhash Chandra’s plea against NCLT order
NCLAT has issued notices to lenders on Essel Group chairman Subhash Chandra’s plea challenging an NCLT order that constituted a five-member bench in his personal insolvency case.
NCLAT issues notice to creditors on Subhash Chandra's Plea; sets next hearing for Oct 29-30
The National Company Law Appellate Tribunal will hear Subhash Chandra's appeal regarding his personal insolvency on specific dates. Chandra challenges a previous NCLT ruling that limits his ability to dispose of assets. Creditors opposing his appeal have been instructed to submit their replies within one week. A separate petition concerning a disputed settlement amount has been combined with Chandra's appeal.
How Gautam Adani turned Rs 1 lakh crore of stressed asset deals into a mega infrastructure bet
Gautam Adani's ambitious acquisition strategy involves securing over 20 infrastructure deals valued at ₹1 lakh crore, encompassing diverse sectors such as power, ports, airports, and renewable energy. This approach comes in response to prior financial challenges in India. The Adani Group aims to boost operational efficiencies and expand its capacity, resulting in improved EBITDA across its thermal power plants.
ED chief orders action against IBC frauds, large haircuts to promoters
The ED director has ordered increased action on IBC fraud cases. He also directed steps for police FIR delays in certain states. Investigators must now fast-track high-profile trials for speedy convictions. The agency will also pursue restitution of attached and confiscated assets. A cadre restructuring will enhance the ED's investigation capabilities.
- Go To Page 1
NCLT rejects Jet Airways' liquidator plea seeking Rs 500 crore from Boeing
The National Company Law Tribunal dismissed Jet Airways' plea for a refund from Boeing. The tribunal cited a contractual dispute over advance payments requiring a full trial. Boeing had suspended agreements and adjusted advance payments against its admitted claim. Jet Airways entered liquidation after failing to secure a revival plan. The court ruled the matter falls outside the tribunal's insolvency jurisdiction.
Subhash Chandra’s Zee pledge saga: How promoter leverage turned growth ambition into a debt trap
Subhash Chandra’s Essel Group expansion was fuelled partly by borrowing against pledged Zee shares, with personal guarantees adding to the promoter’s obligations. When the IL&FS crisis tightened liquidity and Zee’s share price fell, lenders enforced pledges, eroding Chandra’s stake. The episode offers lessons on promoter leverage, collateral risk and investing.
CBI books Essel Group chairman Subhash Chandra, others over alleged ₹1,322 crore LICHFL loan loss
Subhash Chandra, along with eight others, is under scrutiny as the CBI has registered an FIR accusing them of inflating their net worth to secure loans fraudulently. This situation has led LIC Housing Finance to announce a staggering loss exceeding ₹1,322 crore. The Directorate of Enforcement will also step in with a money laundering investigation, and those accused can expect to be questioned soon about these dubious financial activities.
Subhash Chandra case: CBI lodges FIR against Essel Group chairman, others in Rs 1,322 cr fraud
The CBI registered an FIR against Essel Group chairman Subhash Chandra for alleged fraud. This action follows his opposition to a tribunal bench hearing his insolvency case. A special NCLT bench stayed approval of a repayment plan, noting a lack of clear majority. Chandra's personal insolvency process revealed a significant disparity in admitted claims and proposed settlements.
Subhash Chandra opposes NCLT’s five-member bench in personal insolvency case
During a recent hearing on a repayment plan challenge, Subhash Chandra, chairman of Essel Group, contested the constitution of the NCLT bench, asserting that it does not possess the power to create such a bench. This critical argument was made as the appellate tribunal is scheduled to address the issues again soon, particularly after the NCLT bench had put a hold on the approval of the repayment plan.
Breather for creditors: New NCLT bench stays the approval of a repayment plan proposed by Subhash Chandra
A special five-member NCLT bench stayed Subhash Chandra's repayment plan approval. The tribunal also restrained the Essel Group founder from alienating any asset. This new bench stayed a smaller bench's earlier order which had approved the plan. Dissenting creditors had sought protection against the guarantor's asset alienation. The bench directed that the guarantor shall not alienate properties directly or indirectly.
NCLT puts Subhash Chandra repayment plan on hold, bars him from alienating properties
A special NCLT bench issued notices and banned property alienation in Subhash Chandra's insolvency case. The tribunal noted no majority view on the proposed repayment plan. Creditors are set to recover a small fraction of their admitted claims. The case reached the five-member bench after differing views from a two-member bench. An appeal by dissenting creditors is now before the NCLAT for urgent hearing.
NCLT forms 5-member special bench to decide Zee founder Subhash Chandra’s Rs 22,006-crore repayment plan
The NCLT has constituted a five-member special bench to resolve the deadlock over Zee founder Subhash Chandra’s repayment plan after three tribunal members delivered differing views. The plan involves ₹1,494 crore from principal borrowers and ₹6.25 crore from Chandra, who guaranteed ₹22,006 crore in Essel Group borrowings. Dissenting lenders oppose it.
NCLT forms 5-member bench to decide on Subhash Chandra's Rs 6.5 crore repayment plan
A new five-member bench will decide Subhash Chandra's repayment plan. This personal insolvency case involves claims exceeding twenty-two thousand crore rupees. A previous division bench failed to reach a majority verdict on the plan. Dissenting lenders have approached the insolvency appellate tribunal regarding the matter. The bench will commence hearings on Tuesday morning.
Subhash Chandra's dissenting lenders Canara Bank, Union Bank move NCLAT against NCLT order
Dissenting lenders have challenged the NCLT order approving Subhash Chandra's personal insolvency plan. The Essel Group chairman's plan proposes a Rs 6.5 crore payment against creditor claims. Lenders argued that five entities linked to Chandra's family improperly influenced the voting process. The NCLT approved the plan after a third member ruled in its favor. The appellate tribunal will now hear the lenders' challenge on Tuesday.
Subhash Chandra drops mention of Mukesh Ambani allegations, shifts focus to settling Essel debt
Subhash Chandra Rs 22,006 crore case: Zee founder Subhash Chandra has shifted focus from Ambani allegations. He is now addressing outstanding dues and defending his personal insolvency plan. Borrowers linked to his Essel Group have agreed to settle their obligations. Chandra stated he acted as a guarantor for these borrowing entities. Lenders are challenging the low recovery from his personal estate.
Zee Entertainment shares crash 14% amid Subhash Chandra’s 99.97% loan haircut row
Zee Entertainment shares crashed on Monday after the NCLT approved a repayment plan involving founder Subhash Chandra. The plan entails a recovery of around Rs 6.5 crore against admitted creditor claims of Rs 22,006.57 crore, implying a 99.97% haircut.
Group entities to reconcile, settle dues with lenders: Essel Chairman
Subhash Chandra, the chairman of Essel Group, reassured lenders regarding the reconciliation of outstanding dues from borrowers. He highlighted that his personal debt stands at zero, backed by ₹22,000 crore in personal guarantees. The repayment strategy involves Chandra committing ₹6.25 crore from his own resources, while other entities cover ₹1,494 crore. Although most amounts have been repaid, some lenders are challenging the NCLT-approved plan and are considering appeals.
Reliance Group rejects Subhash Chandra’s remarks as 'baseless'
Reliance Group has rejected Essel Group chairman Subhash Chandra's claims as baseless. Chandra disputes a Rs 3,900 crore claim before the National Company Law Tribunal. He stated his group borrowed Rs 45,000 crore and repaid most of it. Reliance expressed dismay over Chandra's remarks about their media businesses. The group holds Chandra in high regard as a businessman and entrepreneur.
ED searches Essel Group cos' premises in Religare money laundering case
The Enforcement Directorate (ED) conducted searches on Essel Group-linked entities in relation to money laundering involving Religare Finvest Ltd. The Religare group granted ₹150 crore loans to Essel companies in 2014, allegedly defaulted through a fraudulent settlement agreement in 2018.
Essel Group gets more time from NBFCs, mutual funds to repay debt
The Essel Group had an overall debt of around Rs 16,000 crore as of March 2019.
Mutual funds likely to extend Essel Group's deadline for repaying remaining debt
Essel group had told funds holding the pledged shares that it could offload a further 10 per cent in Zee to repay the balance.
Adani Green Energy to buy 205 MW Solar assets of Essel Group for Rs 1,300 crore
The solar assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies, Essel Group said.
Essel group stocks tumble up to 11%
Zee Learn and Zee Media were trading 3 per cent down each in the afternoon trade.
Essel group denies link with Nityank lnfrapower over money laundering allegations
Zee Entertainment Enterprise Ltd (ZEEL), in a regulatory filing, said Nityank lnfrapower and Multiventures Ltd is an "independent company and does not belong to Essel Group".
Essel Group, JA Solar JV to set up Rs 950 crore facility in India
Essel Group today said it has entered into an agreement with China's energy firm JA Solar to launch a joint venture for manufacturing solar cell and modules in India.
Ten Sports or Lalit Modi not linked with our project: Essel Group
The Essel Group today rebutted news reports that it was setting up parallel cricket boards across different countries in collaboration with Ten Sports Network.
Essel group further hikes stake in infra major IVRCL
With the fresh acquisition of 2.08% stake, announced today, the Essel group's equity overtakes 11.18% stake of promoters' led by Sudhir Reddy.
Load More
