New Delhi: Dr Subhash Chandra, Chairman, Essel Group has settled 91 per cent of the debt of the lenders and is ready to clear the remaining dues in the near future.
In an open letter, Dr Chandra disclosed that 43 lenders have received dues.
This was the second open letter shared by Dr. Chandra, in which he details the debt resolution process and steps taken to make payments to lenders.
“I am happy to share that we have come out of financial stress by settling 91.2 per cent of our total debt to 43 lenders in 110 accounts. 88.3 per cent of the amount has been paid, while the remaining 2.9 per cent is in the process of payment. We are making all necessary efforts to settle the remaining 8.8 per cent of our total debt. I have no regrets about partnering with a substantial ownership in the business, and especially in ‘crown jewellery’. This was done to maintain the honor of the family,” Dr Chandra said in a statement.
Dr. Chandra elaborated on his sincere desire to settle the balance dues on or before the end of this financial year.
He also emphasized the fact that he does not regret his decision to part with a large portion of his ownership in his core businesses, attributing this decision to uphold the honor of his family. He reiterated the exit from the infrastructure, financial services and print media businesses.
Dr. Chandra is now planning to venture into the video business in the digital ecosystem by leveraging cutting-edge technologies.
“I have accumulated good experience in the video business; So I am exploring new ways/business opportunities in ‘Video in Digital Space’ as well as AI/ML (Artificial Intelligence & Machine Learning) in the video space, without any conflict with ZEEL in any way In. He said that I will provide the details very soon and all of you will see the initial phase of launch of another pioneering venture.
Soon after Dr. Chandra’s open letter surfaced, Vallabh Bhansali, a well-known investment banker, venture capitalist and stock-market expert, praised him.
“In the nearly forty years of my friendship with Subhash ji, he has always made me feel proud. I must say that his achievements as a visionary businessman fade before he sacrifices all the sacrifices he has made for his work of honor. As well as his humility to openly admit my mistakes, in the fifty years of my professional career, I cannot think of a parallel,” Bhansali, Co-Founder and Chairman, ENAM, said.
In his first open letter issued in January 2019, Dr Chandra had apologized for the difficulties faced by the lenders due to the liquidity crisis arising out of the IL&FS case and said that he was committed to repay the money to the best of his abilities.
Backed by the immense support and trust extended to him by the lenders, Dr Chandra has managed to deliver on his promise.
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