World · India Bureau
Essel Group chief seeks independent audit of debt repayment claims
Subhash Chandra, founder of Essel Group, has called for an independent auditor to verify the company's borrowing repayment status, asserting that approximately ₹43,000 crore of its ₹45,000 crore debt has been cleared.
LSN India ·
Essel Group founder Subhash Chandra has sought independent verification of the conglomerate's debt repayment claims, stating that around 95 per cent of the company's total borrowings have been discharged. According to Chandra, approximately ₹43,000 crore out of ₹45,000 crore in outstanding loans has been repaid, leaving a relatively modest residual debt burden.
The assertion comes amid ongoing scrutiny of the Essel Group's financial position, particularly regarding proceedings before the National Company Law Tribunal (NCLT). Chandra has disputed characterisations of the debt involved in these proceedings, rejecting claims that ₹22,000 crore in liabilities are central to the NCLT cases.
The Essel Group, which operates across media, entertainment, and infrastructure sectors, has faced financial headwinds in recent years. By requesting independent auditor verification, Chandra appears to be seeking third-party validation of the company's debt reduction narrative, likely aimed at restoring stakeholder confidence and clarifying the group's actual financial obligations.
The group's efforts to demonstrate significant debt repayment underscore the importance it places on addressing creditor concerns and improving its financial standing as it navigates regulatory proceedings and market sentiment.