Media baron and Zee founder Subhash Chandra has publicly asserted that he personally owns no assets and receives no salary from Zee, even as he faces an ongoing insolvency case. Chandra's statements come amidst scrutiny over a repayment plan for creditors.
Chandra Denies Personal Wealth Amidst Creditor Claims
In a recent interview, Chandra clarified that while the promoter group and his family possess assets and funds, he, as an individual, does not. He emphasized that he has no right to claim his children's money, stating, "Personally, I don’t have any assets. That is a stated fact. But the promoter group and family does."
Addressing his continued presence at Zee's offices, Chandra stated, "This is not my office, it’s Zee’s office. They are letting me sit here. I am giving them free service, but they don’t pay me a salary either."
Dispute Over Lutyens’ Delhi Property and Debt Figures
Chandra also addressed the sale of a Lutyens’ Delhi property, which creditors reportedly claimed was sold for ₹1,260 crore. He stated that approximately ₹800 crore from this sale was infused into Zee, reiterating that the bungalow was not his personal property.
The media baron pushed back against reports of a ₹22,000 crore repayment plan, clarifying that while ₹22,000 crore was the guaranteed amount, the actual claims from lenders stood at ₹5,311 crore, including penal interest and delayed payments. He stated that ₹1,049 crore has already been settled and paid, leaving ₹4,262 crore as the pending claim. Chandra indicated that borrowing entities would meet to discuss and settle the outstanding dues.
Funding Plan Relies on Family and Asset Sales
Regarding the funding for these settlements, Chandra explained that he is not personally raising funds. Instead, the family and promoters are managing this, drawing from assets already sold, those currently being sold, and future sales. He also mentioned efforts to recover money from some infrastructure businesses owed by state governments.