Yesterday, Essel group Chairman, Subhash Chandra published an open letter, stating that they have settled 91% of its total debt to 43 lenders in 100 accounts. He said that 88.3% amount has been paid while the remaining 2.9% is in the process of being paid.
He added, "We are making all the required efforts to settle the remaining 8.8 percent of our total debt. I have no regrets for parting with a substantial ownership in the business and specially in the ‘jewels of the crown’. This was done to keep the family’s honor.”
He said that said he would like to settle the remaining outstanding dues before the end of this fiscal year.
Following this news, Essel group stocks are today up in the green; Zee Entertainment, rising 5% to Rs.213.75; Zee Media hit the 5% UC of the day at Rs.12.33; Zee Learn did not react much but Siti Networks remains frozen at its 5% UC of the day at Rs.1.95.