Essel says understanding with the lenders stays firm

Diversified conglomerate Essel Group clarified on Tuesday that none of its lenders has sold any of its pledged shares in the recent past.

In late January, the Subhash Chandra-led group had reached an agreement with the lenders on servicing its debt.

"As per the latest disclosure to the exchanges pertaining to the sale of shares, Essel Group wishes to clarify that none of the lenders with whom the agreement has been reached have sold any shares," said a company spokesperson.

"The understanding with the lenders stays firm and constant, and the group is thankful to them for their support and trust," the spokesperson added.

Essel Group stocks had crashed by one-third following which Chairman Subhash Chandra blamed aggressive bets on infra plays, which spun out of control after the IL & FS crisis and acquisition of Videocon's D2H business.

He also blamed some negative forces for sabotaging his efforts to raise money through a strategic sale in the flagship company Zee Entertainment Enterprises.