- Subhash Chandra accused Mukesh Ambani's media company TV18 group, which includes CNBC, of starting misinformation by broadcasting that NCLT reduced his ₹22,000 crore debt liability to only ₹6.5 crore.
- Chandra claimed that when he met Ambani for help in January 2019, Ambani's people brought down Zee's share price by 40% on the same day, and alleged that Ambani uses a web of benami companies for stock operations.
- Chandra alleged that Ambani wanted to acquire Zee TV in a wrong manner with Invesco, and that he rejected the offer as it was against minority shareholders, leading to the merger with Sony.
- Chandra stated that his group had a debt of ₹22,000 crore, of which ₹15,000 crore had been repaid by selling assets, and that only two accounts remain, with banks having enough assets to recover dues without losses.
- Chandra appealed to Ambani to stop the propaganda, saying he has nothing left to lose, and warned that he could cause big harm if the witch hunt does not stop.
- Reliance Group denied the allegations made by Chandra.
Reliance Group has firmly denied allegations made by Subhash Chandra, who claims that Mukesh Ambani's media company, TV18, misrepresented his debt situation. Chandra accused TV18 of falsely reporting that the NCLT reduced his ₹22,000 crore debt liability to ₹6.5 crore.156
In a video message, Chandra stated, “This is the same Mukesh Ambani whom I met to seek help when our issues [debt repayment obligation] started surfacing in January 2019. On the same day, his people brought down Zee’s share price [in the stock market] by 40%.” He further alleged that Ambani aimed to acquire Zee TV improperly, claiming he rejected an acquisition offer that was against minority shareholders' interests.234
A spokesperson for Reliance Group responded, stating, “We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group. Our media brands have never been used to attack anyone, nor will they ever be.” Chandra, in his defense, emphasized that he has repaid ₹43,000 crore of his group’s ₹45,000 crore debt, leaving only two accounts outstanding.
Chandra warned Ambani to cease what he termed “wrong propaganda” against him, asserting, “I have nothing to lose but you have a lot to lose.” He cautioned that if the “witch hunt” continues, he could retaliate, hinting at undisclosed issues within Ambani's operations.
Chandra also denied any government favoritism in his case, stating, “Despite all my trouble I had not asked any favour from the government.” He concluded by warning Ambani not to “play this game because it will come back to you one day.”
“Chandra alleged that Ambani's people brought down Zee's share price by 40% in January 2019, and that Ambani wanted to acquire Zee TV with Invesco, which he rejected. He also claimed his group had repaid most of its debt, with only two accounts remaining.”
/indianstartupnews/media/media_files/2026/08/29/edgeverse-founders-2026-08-29-17-09-27.png)
/indianstartupnews/media/agency_attachments/ura2gdmHFSrOsjLBAi1Z.png){kind=small}
