Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem.
Chairman, Essel Group, Dr. Subhash Chandra 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. Chandra revealed that over 91 per cent 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 January 25, 2019, Dr. Chandra had apologised 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. The asset divestment process certainly took a setback during the pandemic, which slowed down the overall debt resolution process. Chandra aspired to release the mentioned second Open Letter after settling 100 per cent of the debt to the lenders, however the unprecedented times led to a delay.
Sharing the key points pertaining to the debt resolution, Chandra said, “I am happy to report that we have come out of the financial stress situation by settling 91.2 per cent of our total debt to 43 lenders in 110 accounts. 88.3 per cent amount has been paid, while the remaining 2.9 per cent is in the process of being paid. We are making all the required efforts to settle the remaining 8.8 per cent of our total debt. I have no regrets for parting with substantial ownership in the business and especially in the ‘jewels of the crown’. This was done to keep the family’s honor.”
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 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.
Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem. 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.”