Zee’s Subhash Chandra accuses Mukesh Ambani of spreading misinformation, RIL denies allegations

Zee TV Group founder Subhash Chandra has accused Reliance Industries Ltd. (RIL) Chairman & Managing Director Mukesh Ambani and RIL owned media entities of orchestrating a misinformation marketing campaign towards him, inflicting disrepute. 

Additionally Learn: HDFC Bank plans to move NCLAT against NCLT order in Subhash Chandra case

In a video message aired on Zee Information on Friday (August 28, 2026), Mr. Chandra, whereas naming Mr. Ambani, stated, “His media firm TV18 group, which incorporates CNBC, began this misinformation by broadcasting that NCLT has diminished Subhash Chandra’s ₹ 22,000 crore debt legal responsibility to solely ₹6.5 crore.” RIL has denied the allegations.

In an announcement, an organization spokesperson stated, “The Reliance Group has famous with dismay the baseless remarks by Essel Group [of which Zee is part] chairman Subhash Chandra. We strongly deny the allegations and insinuations towards the media entities which are part of the Reliance Group. Our media manufacturers have by no means been used to assault anybody, nor will they ever be.” “We maintain Subhash Chandra in excessive regard as a businessman and entrepreneur. We want him effectively,” the spokesperson added. 

Within the video stating that he was placing the details earlier than the ‘folks’s court docket’, Mr. Chandra stated, “This is identical Mukesh Ambani whom I met to hunt assist when our points [debt repayment obligation] began surfacing in January 2019. On the identical day, his folks introduced down Zee’s share value [in the stock market] by 40%.”

“You can’t catch him as a result of 1000’s of his internet of benami firms are concerned in inventory operations,” he claimed.

Mr. Chandra alleged that Mr. Ambani needed to amass Zee TV in a mistaken method in connivance with Invesco, considered one of Zee’s traders.

He stated he rejected an acquisition supply from Mr. Ambani because it was towards the pursuits of minority shareholders. After that, Zee determined to merge with Sony as a result of there was no different choice left, he said.

“As said in a press launch, our group firms and relations had a debt of ₹45,000 crore, out of which ₹43,000 crore has been repaid by promoting our property,” he stated.

“Solely two accounts are remaining to be repaid. The banks have sufficient property with them to recuperate their dues, and they won’t face any losses,” he said. 

Additionally Pink: ‘Two systems’: Rahul attacks Modi government over NCLT settlement plan for Subhash Chandra

Emphasising that he was a proud company citizen of this nation and had not run away regardless of monetary stress, he stated there was no different parallel of this measurement in compensation to collectors. 

Once more, turning his ire at Mr. Ambani, he stated, “Mukesh Ji please cease the mistaken propaganda towards me and my group. I don’t personal something now after implanting this NCLT order,” he stated including “I’m left with nothing, and why are you harming me and attempting to create points. I’ve nothing to unfastened however you could have quite a bit to unfastened.”

Stating that he may cause huge hurt to Mr. Ambani, he stated he would defend if the witch hunt doesn’t cease. 

“You attempt to perceive that you’ve got massive variety of skeletons hidden in your cabinet. So please cease it and report something which is true and don’t do witch-hunt,” he warned. 

He denied allegations that the federal government had accorded him any advantages on this case. “Regardless of all my hassle I had not requested any favour from the federal government,” he stated. 

Alleging that two Rajya Sabha MPs had been unleashed to query this NCLT ruling, he cautioned Mr. Ambani to not “play this recreation as a result of it should come again to you at some point.” 

Subhash Chandra is understood to have taken on huge industrialists, politicians, and regulators over time, however this time he’s seen going hammer and tongs at India’s topmost industrialist.