Subhash Chandra: On behalf of Subhash Chandra, a statement was issued saying that he did not have any stake in DTH-owned company Dish TV.
Subhash Chandra said that he would soon return the shares left by the bank to his brother.
Zee Group promoter Subhash Chandra said that he would soon return the mortgaged shares of Dish TV to his brother Jawahar Goyal. Goel, the owner of Dish TV, helped Zee Group in 2018. He helped Zee raise debt from the bank through his stake in a direct-to-home (DTH) company. Chandra said that he would soon return the shares left by the bank to his brother. However, Chandra has not given any time limit for this. There was speculation in the market that Chandra would not be able to return the shares.
On Thursday, Subhash Chandra issued a statement saying that he did not have any stake in DTH-owned company Dish TV nor did he have management control. Essel Group said that it would like to thank Jawahar Goyal. Dish TV allowed the Subhash Chandra Group to take advantage of the credit facility at the time of need. The Zee Group will in any case return the pledged shares to Jawahar Goyal. This statement has been issued by the spokesperson of Subhash Chandra Group, Raunak Jatwal.
At present, Subhash Chandra is not managing the biggest private sector broadcaster Zee Group. Their stake in Zee Group has come down to just five per cent since November 2019. At the time, due to the financial crisis, Chandra had to sell his stake to outside investors.
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(With language input)