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Essel Group chairman Subhash Chandra has made serious allegations against Reliance Industries chairman Mukesh Ambani, claiming that attempts were made to gain control of the Zee network. The latest remarks from Chandra come after several media reports alleged that he personally owed ₹22,006 crore or that banks granted him a 99.97% personal loan write-off via the National Company Law Tribunal (NCLT). Chandra has remained vocal about the future of the media business even as Zee has undergone major ownership and financial changes.

Subhash Chandra Makes ‘Capture’ Claim Against Ambani

According to Chandra, Ambani made attempts to “capture” Zee, suggesting that the Reliance chief sought greater influence over the media company. The allegation comes against the backdrop of Reliance’s rapid expansion across India’s television, digital, and entertainment sectors. Chandra said he called Ambani, but there was no response. He even stated that he sent a letter to Ambani—which the Reliance chief likely received regarding the alleged fake news reports his channels were propagating against Chandra. Over the years, Reliance has acquired several media houses.

Zee’s Financial Troubles Changed the Media Battle

Zee’s struggles have unfolded alongside a prolonged financial crisis within the wider Essel Group. Chandra has faced insolvency proceedings linked to personal guarantees given for loans taken by Essel Group companies. In August 2026, the NCLT approved a resolution plan involving admitted claims of more than ₹22,000 crore and a personal repayment of roughly ₹6.5 crore.  Zee has also faced regulatory scrutiny. SEBI imposed penalties on Zee Entertainment, Chandra, and Punit Goenka, barring Chandra and Goenka from holding key managerial positions over alleged securities-law violations and financial misstatements.

Allegations Made by Subhash Chandra Against Mukesh Ambani

Attempt to “capture” Zee: Chandra alleged that efforts were being made to gain control of Zee, describing the situation as an attempt to “capture” the company.
Reliance’s interest in Zee: Chandra objected to the involvement of Reliance in discussions surrounding Zee, amid reports that Reliance had explored a possible combination with Zee.
Invesco-Reliance connection: Chandra alleged that the shareholder dispute involving Invesco was part of a broader effort to gain control or influence over Zee. Invesco, however, said it had facilitated talks between Zee and Reliance.
Threat to Zee’s independence: Chandra portrayed the developments as a threat to the independence of the media group he founded, arguing that Zee should remain under Indian entrepreneurial control.

The post Subhash Chandra Vs Mukesh Ambani: Essel chairman Targets Reliance Chief With Serious Allegations, Claims He Made Attempts To ‘Capture’ Zee appeared first on NewsX.