MUMBAI: 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
Bengaluru, May 05, 2024
Indian National Space Promotion and
Bengaluru, India – May 02, 2024 – Agora, Inc.
Gurugram, India – October 11, 2023: Samsung announced exciting offers
Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G
India – April 30, 2024 – Solitario, the premier destination for luxury lab-grown diamo
Mumbai - National, 29th April 2024: Greenply Industries Limited, a pioneer in the interior infrastructu
Bengaluru, 29 April 2024: Zepp Health, a global provider of smart wearables and health technology, has announced the launch o
People / 07-05-2024
Decades of Congress history reveal a pattern of making insincere promises and avoiding accountability to the public: Konda Vishweshwar ReddyAutomotive / 07-05-2024
Toyota Kirloskar Motor Introduces Innova Crysta GX+ as a New Standard GradeCorporate / 07-05-2024
Coca-Cola India’s first ever partnership with Hockey India for National Women's Hockey LeagueCorporate / 07-05-2024
Tata Steel announces the winners of its flagship open innovation programme ‘MaterialNEXT’ 5.0Corporate / 07-05-2024
InCred Alternative Investments announces a swift first close of its maiden Private Equity fund; Targets INR 500 Crore (USD 60Mn)Pelikken © Copyright 2022, All Rights Reserved
