Essel Group

Canara, Union Bank to move NCLAT in Subhash Chandra repayment plan case

Canara Bank, Union Bank of India and LIC Housing Finance are moving NCLAT against the NCLT's approval of Subhash Chandra's repayment plan

Essel Group's Subhash Chandra seeks independent audit to examine his debt

Chandra addressed what he described as allegations and speculation surrounding him, his family, and the group's financial position

Subhash Chandra says NCLT insolvency claim is ₹3,992 cr, not ₹22,000 cr

Essel Group founder says lenders objecting to his repayment plan filed claims worth ₹3,992 crore, while the ₹22,006 crore figure represents total claims filed

How NCLT approved Subhash Chandra's ₹6.5 cr payout against ₹22,006 cr claims

Subhash Chandra's repayment plan was backed by creditors holding 80.81 per cent of voting value, despite objections from several banks and institutional lenders

SAT reserves order on Zee, CEO Punit Goenka's plea for interim relief

Zee has sought permission to proceed with its ₹3,143 crore preferential warrant issue and access mutual fund units, while Goenka has challenged Sebi's restraining order

'Media industry has expanded India's cultural influence since 1991'

Subhash Chandra says India's media industry has become a ₹2.7-trillion powerhouse, expanded the country's global cultural influence and created millions of jobs since liberalisation

Subhash Chandra sells 3-acre Lutyens' Delhi bungalow for ₹1,260 crore

Essel group Chairman Subhash Chandra has sold a prime Lutyens' Delhi bungalow to an unnamed businessman for Rs 1,260 crore in what is being touted as one of the costliest property deals in recent times, sources said. The nearly 3-acre bungalow on Bhagwan Das Road in close vicinity to Connaught Place and India Gate has been bought by a "Delhi-based business family", the sources said, refusing to divulge the identity of the buyer. The residential plot is on the same road as another plot that Gautam Adani conglomerate had bought in 2020 for a reported Rs 400 crore. Sources said the Rs 1,260 crore deal will be closed by the first week of December. A spokesperson of Zee Group declined to comment on the transaction. Chandra had acquired the property in 2015 for Rs 304 crore, translating into a more than four-fold increase in value over the past decade. In Lutyens Bungalow Zone (LBZ), there are around 3,000 bungalows. The LBZ is one of the most expensive real estate locations in the cou

Technology to be main focus area for Essel Group in next growth phase

Essel Group says technology will anchor its future growth strategy as it marks 100 years of operations and expands its focus on digital and content platforms

NCLAT dismisses IDBI Bank's plea for insolvency against Zee Entertainment

The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender's plea to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). However, the appellate tribunal granted liberty to IDBI Bank to move a fresh plea for default outside of the period mentioned in section 10A of the Insolvency & Bankruptcy Code. Section 10A mandates that no application for initiation of the corporate insolvency resolution process (CIRP) can be filed against any debtor by any financial and operational creditor for any default arising on or after March 25, 2020, for a period of one year. This special provision was inserted in the IBC by the government to help companies after economic activities had resumed post-lockdown

SC rejects Amit Goenka's plea against KPMG as auditor in Shirpur Gold case

The bench consisting of Justice Hrishikesh Roy said they found no infirmity with the Bombay High Court order of August 14, which had dismissed Goenka's plea

Zee Entertainment to raise nearly $240 million, to use funds for growth

Zee said it will use the funds to "enhance its strategic flexibility to pursue future growth opportunities in the evolving media landscape"

ED searches Essel Group companies in Religare Finvest money laundering case

Meanwhile,Essel Group said the search conducted by the ED was related to an enquiry regarding Religare Group

Reliance Jio's Hathway, Hinduja arm in race to acquire Siti Networks

Hathway Digital and IndusInd Media & Communications did not wish to comment on the development

Satellite TV broadcaster Dish TV India shares up 7.5% on settlement reports

Dish TV India, a direct-to-home broadcaster, is facing intense competition from OTTs and cable TV

Subhash Chandra to settle JC Flowers' debt to reclaim Dish TV: Report

Chandra will also get back three properties, one of which is a bungalow in central Delhi

No immediate relief to Zee promoters as SAT refuses to stay Sebi order

Tribunal asks markets regulator to file reply within 48 hour, posts matter for June 19

SAT to take up Zee Ent promoter plea against Sebi order on June 15

'Principles of natural justice' not followed, say legal representatives

Market regulator Sebi issues show-cause notice to Essel's Amit Goenka

The regulator has directed them to not dilute or sell their holdings in the company

Sebi issues notices to Essel's Amit Goenka, 7 others in fund diversion case

Capital markets regulator Sebi on Tuesday issued interim order-cum-show-cause notices against Shirpur Gold Refinery, its erstwhile chairman Amit Goenka, promoter Jayneer Infrapower and Multiventures, and five others for allegedly siphoning off funds from the company and violating other rules. Shirpur is a part of the Subhash Chandra Goenka led-Essel Group and has been taken to NCLT under IBC by its lenders. Amit Goenka was non-executive chairman and director of Shirpur till 2021-22. The interim order has been passed against Shirpur Gold Refinery Ltd (SGRL), its promoter Jayneer Infrapower and Multiventures, and six individuals -- Amit Goenka (chairman), its directors Mukund Galgali, Vipin Choudhary, Dineshkumar Kanodia, and its CFOs Shravan Kumar Shah and Ashok Sanghvi. The family members of Subhash Chandra, including his son Amit Goenka, are the shareholders in Jayneer, as per Sebi. In its order, Sebi directed Goenka, Galgali, Choudhary, Kanodia, Shah, Sanghvi and Jayneer not to s

Adani Green Energy arm to buy 50% equity in Essel Saurya Urja for Rs 15 cr

The remaining 50% of the equity shares will continue to be held by the government of Rajasthan