Zee Entertainment stated that ongoing probes by the Central Bureau of Investigation and the Enforcement Directorate into Dr. Subhash Chandra do not impact its day-to-day business operations. The inquiry originated from an LIC Housing Finance complaint alleging a Rs 1,322-crore fraud tied to Essel Group credit facilities secured by Chandra's personal guarantees. Investigators claim Chandra submitted falsified certificates that inflated his 2018 personal net worth to as high as Rs 59,000 crore to back the loans. Meanwhile, Chandra remains locked in personal insolvency proceedings where his proposed settlement plan faced stiff opposition from key lenders.
Key points
Zee Entertainment officially distanced its corporate operations from the criminal investi…: Zee Entertainment officially distanced its corporate operations from the criminal investigations targeting its founder and promoter entities.
Chandra declared a vastly reduced personal net worth of just Rs 31.79 crore in 2024 durin…: Chandra declared a vastly reduced personal net worth of just Rs 31.79 crore in 2024 during separate insolvency proceedings.
Despite gaining 80.8 percent creditor approval, Chandra's personal debt resolution plan r…: Despite gaining 80.8 percent creditor approval, Chandra's personal debt resolution plan remains stalled due to opposition from institutions including LICHFL.
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The clarification follows an ongoing Central Bureau of Investigation (CBI) probe into an earlier first information report (FIR) registered by LIC Housing Finance Ltd (LICHFL) over an alleged Rs 1,322-crore fraud involving Chandra and three others.
Also read: Subhash Chandra case: CBI lodges FIR against Essel Group chairman, others in Rs 1,322 cr fraud
“It has been brought to the notice of the Company that an Enforcement Case Information Report (ECIR) addressed to Dr. Subhash Chandra, in his personal capacity, has been registered. The same is on the back of the ongoing investigation by the Central Bureau of Investigation (CBI) pertaining to the previous FIR registered by LIC Housing Finance Limited,” a Zee Entertainment spokesperson said.
“The Company would like to state that the matters are pertaining to Dr. Subhash Chandra and the promoter entities and have no bearing on ‘Z’ or its operations in any manner,” the spokesperson added.
CBI had registered the FIR in September over allegations that Chandra inflated his personal net worth in certificates submitted to LICHFL to secure…
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