Zee’s Subhash Chandra accuses Mukesh Ambani of spreading misinformation, RIL denies allegations

Chairman of Zee Entertainment Enterprises Limited and promoter of the Essel Group of Companies, Subhash Chandra. File | Photo Credit: The Hindu Zee TV Group founder Subhash Chandra has accused Reliance Industries Ltd. (RIL) Chairman & Managing Director Mukesh Ambani and RIL owned media entities of orchestrating a misinformation campaign against him, causing disrepute. Also Read: HDFC Bank plans to move NCLAT against NCLT order in Subhash Chandra caseIn a video message aired on Zee News on Friday (August 28, 2026), Mr. Chandra, while naming Mr. Ambani, said, “His media company TV18 group, which includes CNBC, started this misinformation by broadcasting that NCLT has reduced Subhash Chandra’s ₹ 22,000 crore debt liability to only ₹6.5 crore.” RIL has denied the allegations.In a statement, a company spokesperson said, “The Reliance Group has noted with dismay the baseless remarks by Essel Group [of which Zee is part] chairman Subhash Chandra. We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group. Our media brands have never been used to attack anyone, nor will they ever be.” “We hold Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well,” the spokesperson added. In the video stating that he was putting the facts before the ‘people’s court’, Mr. Chandra said, “This is the same Mukesh Ambani whom I met to seek help when our issues [debt repayment obligation] started surfacing in January 2019. On the same day, his people brought down Zee’s share price [in the stock market] by 40%.”“You cannot catch him because thousands of his web of benami companies are involved in stock operations,” he claimed.Mr. Chandra alleged that Mr. Ambani wanted to acquire Zee TV in a wrong manner in connivance with Invesco, one of Zee’s investors.He said he rejected an acquisition offer from Mr. Ambani as it was against the interests of minority shareholders. After that, Zee decided to merge with Sony because there was no other option left, he stated.“As stated in a press release, our group companies and family members had a debt of ₹45,000 crore, out of which ₹43,000 crore has been repaid by selling our assets,” he said.“Only two accounts are remaining to be repaid. The banks have enough assets with them to recover their dues, and they will not face any losses,” he stated. Also Red: ‘Two systems’: Rahul attacks Modi government over NCLT settlement plan for Subhash ChandraEmphasising that he was a proud corporate citizen of this country and had not run away despite financial stress, he said there was no other parallel of this size in repayment to creditors. Again, turning his ire at Mr. Ambani, he said, “Mukesh Ji please stop the wrong propaganda against me and my group. I do not own anything now after implanting this NCLT order,” he said adding “I am left with nothing, and why are you harming me and trying to create issues. I have nothing to loose but you have a lot to loose.”Stating that he can cause big harm to Mr. Ambani, he said he would defend if the witch hunt does not stop. “You try to understand that you have large number of skeletons hidden in your cupboard. So please stop it and report anything which is right and do not do witch-hunt,” he warned. He denied allegations that the government had accorded him any benefits in this case. “Despite all my trouble I had not asked any favour from the government,” he said. Alleging that two Rajya Sabha MPs had been unleashed to question this NCLT ruling, he cautioned Mr. Ambani not to “play this game because it will come back to you one day.” Subhash Chandra is known to have taken on big industrialists, politicians, and regulators over the years, but this time he is seen going hammer and tongs at India’s topmost industrialist. Published - August 29, 2026 06:55 pm IST