He also revealed that over 91% of his debt to 43 lenders has been settled, and the remaining dues are in the process of...
- Subhash Chandra, Chairman of
Essel Groupannounced today that he has settled over 91% debt to lenders.
- In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&FS case and committed to repay the monies to the best of his abilities.
- He also shared his next steps in terms of setting up a venture in the video space in the digital ecosystem.
In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&FS case and committed to repay the monies to the best of his abilities. Backed by the immense support and trust bestowed upon him by the lenders, Dr. Chandra has managed to fulfill his promise. The asset divestment process certainly took a setback during the pandemic, which slowed down the overall debt resolution process. Dr. Chandra aspired to release the mentioned second Open Letter after settling 100% of the debt to the lenders, however the unprecedented times led to a delay.
Sharing the key points pertaining to the debt resolution, Dr. Chandra said, “I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. 88.3% amount has been paid, while the remaining 2.9% is in the process of being paid. We are making all the required efforts to settle the remaining 8.8% of our total debt. I have no regrets for parting with a substantial ownership in the business and specially in the ‘jewels of the crown’. This was done to keep the family’s honor.”
Dr. Chandra further elaborated on his earnest desire to settle the remaining outstanding dues before the end of this fiscal year or before. He also emphasized on the fact that he does not regret the decision taken to part with a substantial portion of his ownership in his key businesses, attributing this decision taken to preserve the honour of his family. He reiterated the exit from the Infrastructure, Financial services & Print Media businesses.
As a pioneer by heart and an optimist by nature, Dr. Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem. With a vast experience of 53 years, Dr. Chandra is all set to once again shake up the digital video landscape by leveraging state of the art technology.
Giving a glimpse into his new entrepreneurial venture, Dr. Chandra shared, “I have earned a fair experience in the video business; hence I am exploring new ways / business opportunities in the “video in digital space” as well as