With over 90% debt settled, Subhash Chandra eyes new venture in digital video space
43 lenders have received the pending dues
Chairman, Essel Group, Dr. Subhash Chandra today 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.
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 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.”
Commenting on the open letter, Co-Founder and Chairman of ENAM and a noted investment banker & stock-market expert Vallabh Bhansali said, "In nearly 40 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 50 years of my business career, I can’t think of a parallel."
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