Reliance Group rejects Subhash Chandra’s remarks as 'baseless'

The Reliance Group on Friday rejected remarks made by Essel Group chairman Subhash Chandra, calling them "baseless" and denying allegations and insinuations against media entities that are part of the Reliance Group.

In a media statement, a Reliance spokesperson said the group was "dismayed" by Chandra’s remarks and strongly denied the allegations against its media businesses.

"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," the spokesperson said.


The group also said it held Chandra in high regard as a businessman and entrepreneur.

"We hold Shri Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well," the spokesperson added.

Subhash Chandra has disputed a claim of around Rs 3,900 crore filed against him before the National Company Law Tribunal (NCLT), saying that most of the debt raised by his group has already been repaid. In his first detailed response to the NCLT proceedings, Chandra said the matter pertains to personal guarantees he had provided to certain lenders and questioned the basis of the claims made before the tribunal.

In a video message, Chandra said his group had originally borrowed around Rs 45,000 crore, of which approximately Rs 43,000 crore had been repaid. This left around Rs 2,000 crore outstanding from companies whose assets and liabilities, he said, were mismatched.