Essel Group Chairman Subhash Chandra has launched an unprecedented attack on Reliance Industries chairman Mukesh Ambani, accusing RIL’s media network of spreading what he called ‘wrong propaganda’ against him and his business group.
In a strongly worded address, Chandra warned Ambani,
I have nothing left to lose, but you do.
Chandra, speaking to Zee News, said he was speaking out against one of the country’s biggest corporate houses for the first time. He alleged that reports related to his debt and the resolution of his group’s liabilities were being presented incorrectly.
‘Please stop the wrong propaganda’
Chandra directly appealed to Ambani to stop the alleged campaign against him.
“Mukeshji, please stop the wrong propaganda against me personally and my group,” he said.
He also questioned why he was being targeted when, according to him, he had already lost control of most of his assets following the NCLT process.
‘I have nothing to lose’
Chandra said his financial troubles had left him with little personally at stake. He warned Ambani that continuing the alleged campaign could have consequences.
“I am empty. I don’t have anything to lose. You have a lot to lose,” Chandra said.
He also urged Ambani to restrain people within his organisation whom he believes are behind the alleged actions.
Recalled his dealings with Ambani family
Chandra said he had approached Mukesh Ambani during the early stages of his financial troubles and had discussed selling assets to repay his creditors.
He also referred to an earlier proposal involving an investor and said the offer was acceptable for his family but not favourable to minority shareholders, which was why it was rejected.
‘I learnt a lot from your father’
Chandra brought up late industrialist Dhirubhai Ambani while addressing Mukesh Ambani.
“You are the son of Dhirubhai Ambani. He was a very reasonable person, a very good businessman. I have learned a lot from your father. I think you have not learned,” he said.
Defended his record on debt repayment
Chandra said his group had carried debt of about ₹45,000 crore and claimed that assets worth a substantial amount had been sold to repay creditors.
He maintained that the remaining liabilities were backed by assets and that banks and financial institutions would not suffer losses.
He also said his family had taught him that money owed to others should be repaid rather than avoided.
Rejected claims of political favour
Chandra also addressed allegations that his past support for Prime Minister Narendra Modi had helped him receive government assistance.
He acknowledged supporting Modi around 2013-14 but said it was because he believed Zee was reflecting public sentiment at the time.
Chandra insisted that he had never sought financial help or any special favour from the government during his financial troubles.
‘This game will come back to you’
Chandra ended his remarks with another appeal to Ambani to stop what he described as attempts to target him.
He said he would defend himself if such actions continued and warned that the consequences could eventually affect the other side as well.
At the same time, Chandra said he wished Ambani and his family well and hoped the Reliance chairman would continue to grow globally.
“As an Indian, that will make me happy. But stop doing all this in India,” he said.
