Former chairman of Zee Entertainment Enterprises Limited (ZEEL) Subhash Chandra on Tuesday mentioned that solely 8.8 per cent of his total debt stays to be settled, with 91.2 per cent of the dues having been paid.
Chandra, nonetheless, added that there’s a dispute with one lender and the difficulty is pending in courtroom. “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,” he mentioned in an open letter.
“I had admitted the wrong decisions taken by me in the past which caused the occurrence of the default, due to the asset liability mismatch. Goes without saying, that it was an after-effect of the liquidity crisis, triggered from the IL&FS case,” he mentioned. He shared his subsequent steps of organising a enterprise within the video house within the digital ecosystem, and reiterated the exit from infrastructure, monetary companies and print media.
