Dish TV shares pledged to rescue Zee’s Chandra

Mumbai: Dish TV promoter & MD Jawahar Goel has offered the company’s shares as security for credit facilities availed by his elder brother and Zee Entertainment Enterprises (Zee) founder Subhash Chandra, the latter’s office confirmed.

The Zee chairman emeritus issued a statement following rumours that Goel could lose grip over Dish TV on possible loan defaults by Chandra. Chandra’s office claimed that loans have been repaid and expects the pledge over Dish TV shares to be released. Goel owns 7.3% of Dish TV, a leading direct-to-home (D2H) company in India, and had offered a substantial portion of that as security for loans raised by Chandra.

A rice trader-turned-media magnate, Chandra ran into financial difficulties due to bets on the infrastructure sector. While thanking Goel for his support, Chandra said he is fully committed to return the Dish TV security to his younger brother. “Goel has no financial stress whatsoever in his personal capacity,” Chandra said.