Dr. Subhash Chandra settles over 91 per cent debt to lenders, as per his commitment

Chandigarh: 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 years, Dr. Chandra is all set to once again shake up the digital video landscape by leveraging state of the art technology.

Giving a glimpse into his new entrepreneurial venture, Dr. Chandra shared, “I have earned a fair experience in the video business; hence I am exploring new ways / business opportunities in the “video in digital space” as well as AI/ML (Artificial Intelligence & Machine Learning) in the video space, without getting into any conflicts with ZEEL, in any manner. I will provide the specifics very soon and you all will witness the initial phase of launch, of a yet another pioneering venture.”

A global leader who takes immense pride in his roots and his Country and a firm believer of “Vasudhaiva Kutumbakam” (One World – One Family), Dr. Chandra continues to incessantly work towards helping the Nation eradicate its challenges to create a better tomorrow through a range of initiatives.