Essel Group Chairman Dr. Subhash Chandra settles over 91% debt to lenders, as per his commitment; all set to shake up digital video landscape leveraging AI/ML

In a major development and as per his commitment, renowned media baron, famous philanthropist and Essel Group Chairman Dr. Subhash Chandra has settled over 91% debt to lenders. Moreover, he is all set and plans to venture in video in the digital ecosystem leveraging AI/ML (Artificial Intelligence & Machine Learning). 

Chairman, Essel Group, Dr. Subhash Chandra on Tuesday issued a second Open Letter, in which he shared the details of the debt resolution process and the steps taken to pay off the lenders. Dr. Chandra revealed that over 91% of the debt has been settled to 43 lenders, and the remaining dues are in the process of being paid.

Taking to Twitter, Dr Subhash Chandra said, "Friends,I have penned down a 2nd open letter & have released it earlier this evening. In my last communication in Jan 19, I had expressed in a transparent manner, explaining the ‘how’ & ‘why’ behind the default & had also assured to find a solution to address the situation."

"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. 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 honour."

"Grateful to lenders for their trust & support;to the members of the editorial fraternity for their efforts in providing a fair & transparent reflection of the situation;to my well-wishers;friends;& of-course my family!Reaffirming a cliche-Where there is a Will,there is a Way!"

Friends,I have penned down a 2nd open letter & have released it earlier this evening. In my last communication in Jan 19, I had expressed in a transparent manner, explaining the ‘how’ & ‘why’ behind the default & had also assured to find a solution to address the situation. 1/4

— Subhash Chandra (@subhashchandra) August 3, 2021

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. We are making all the required efforts to settle the remaining 8.8% of our total debt. 2/4

— Subhash Chandra (@subhashchandra) August 3, 2021

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 honour. 3/4

— Subhash Chandra (@subhashchandra) August 3, 2021

Grateful to lenders for their trust & support;to the members of the editorial fraternity for their efforts in providing a fair & transparent reflection of the situation;to my well-wishers;friends;& of-course my family!Reaffirming a cliche-Where there is a Will,there is a Way! 4/4

— Subhash Chandra (@subhashchandra) August 3, 2021

1st Open Letter

-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. 

2nd Open Letter

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.

Debt resolution

-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.

Essel Group Chairman set to shake up the digital video landscape

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 AI/ML (Artificial Intelligence & Machine Learning) in the video space, without getting into any conflicts with ZEEL, in any manner. I will provide the specifics very soon and you all will witness the initial phase of launch, of a yet another pioneering venture.”

"A global leader who takes immense pride in his roots and his Country and a firm believer of “Vasudhaiva Kutumbakam” (One World – One Family), Dr. Chandra continues to incessantly work towards helping the Nation eradicate its challenges to create a better tomorrow through a range of initiatives," an official statement said.

Reacting on the development, Noted Investment Banker, Venture Capitalist and Stock-Market expert, Vallabh Bhansali has commented on Dr. Subhash Chandra's Open Letter.  

"In nearly forty years of my friendship with Subhash ji he always made me feel proud. I must say that his achievements as a visionary businessman pales before his act of honour to sacrifice all he built for the sake of it. So also his humility to admit his errors openly. In fifty years of my business career, I can’t think of a parallel," Vallabh Bhansali, Co-Founder and Chairman, ENAM said.