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Friday, September 17, 2021

91.2% of dues settled, says Subhash Chandra

Subhash Chandra on Tuesday said that only 8.8 per cent of his overall debt remains to be settled, with 91.2 per cent of the dues having been paid.

By: ENS Economic Bureau | Mumbai |
Updated: August 4, 2021 10:57:34 am
"I am happy to report that we have come out of the financial stress situation by settling 91.2 per cent of our total debt to 43 lenders in 110 accounts" said chandra

Former chairman of Zee Entertainment Enterprises Limited (ZEEL) Subhash Chandra on Tuesday said that only 8.8 per cent of his overall debt remains to be settled, with 91.2 per cent of the dues having been paid.

Chandra, however, added that there’s a dispute with one lender and the issue is pending in court. “I am happy to report that we have come out of the financial stress situation by settling 91.2 per cent of our total debt to 43 lenders in 110 accounts. 88.3 per cent amount has been paid, while the remaining 2.9 per cent is in the process of being paid. We are making all the required efforts to settle the remaining 8.8 per cent of our total debt,” he said in an open letter.

“I had admitted the wrong decisions taken by me in the past which caused the occurrence of the default, due to the asset liability mismatch. Goes without saying, that it was an after-effect of the liquidity crisis, triggered from the IL&FS case,” he said. He shared his next steps of setting up a venture in the video space in the digital ecosystem, and reiterated the exit from infrastructure, financial services and print media.

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