<a href="https://www.mid-day.com/business/business-news/article/reliance-industries-q1-fy27-results-revenue-jumps-25-per-cent-to-rs-3-11-lakh-crore-consolidated-profit-stands-at-rs-20946-crore-23640310" target="_blank" rel="none noopener">Reliance Industries</a> on Friday rejected allegations by media baron Subhash Chandra against its media entities, calling it "baseless remarks".
In a regulatory filing to the exchanges, Mukesh-Ambani-led Reliance Industries said, &ldquo;The Reliance Group has noted with dismay the baseless remarks by Essel Group chairman Shri Subhash Chandra."
"We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group. Our media brands have never been used to attack anyone, nor will they ever be," Reliance spokesperson said in the statement.
The denial comes amid Chandra's allegations of Reliance-backed entities using wrong propaganda against him and his group, including <a href="https://www.mid-day.com/business/business-news/article/zeel-shares-tumble-13-per-cent-after-sebi-order-in-hyderabad-land-pledge-case-23642964" target="_blank" rel="none noopener">Zee Entertainment</a>, as per media reports.
"We hold Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well," the spokesperson said.
<h2>Chandra's insolvency case</h2>
Subhash Chandra is facing personal insolvency case and on Tuesday, the NCLT Member (Judicial) Nilesh Sharma, ruling as a third member, had approved the plan under which Chandra will pay just Rs 6.5 crore to settle admitted creditor claims.
Earlier, two members of the National Company Law Tribunal had given a split verdict, following which the President of the forum had appointed Sharma as a third Member in regard to the difference of opinion, according to news agency PTI.
Sharma had rejected the claims of the dissenting creditors including LIC Housing Finance, which had argued that the payout was "unviable and unlawful".
The creditors had contended that against admitted claims of approximately Rs 22,006.57 crore, the repayment plans proposed payment of only Rs 6.25 crore to creditors and Rs 25 lakhs towards process costs.
<h2>Chandra says he is a guarantor and not a borrower</h2>
However, Chandra on Thursday said the total claim against him in the personal insolvency proceedings is only &ldquo;Rs 3,992 crore&rdquo;. He added that he was only a personal guarantor and not the borrower.
"Total claim against <a href="https://www.mid-day.com/business/business-news/article/sebi-bars-zees-chairman-subhash-chandra-md-and-ceo-punit-goenka-for-1-year-from-securities-market-23642679" target="_blank" rel="none noopener">Subhash Chandra</a> as a personal guarantor, in the personal insolvency proceedings, is only Rs 3,992 crore by the objectors of the plan and not Rs 22,000 crore," he said.
A claim of Rs 620 crore has already been settled and a further Rs 1,063 crore offered to be paid by the borrower entities.
"The borrowing entities for whom Chandra has provided personal guarantees have till date repaid Rs 43,000 crore," the statement said, adding that "the borrowing entities have assured to settle any other amount which might be left".
The matter will now go back to the original division bench for a formal order in line with the majority opinion, as required under Section 419 (5) of the Companies Act, 2013, as per PTI.
(With inputs from PTI)

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