Essel Group Chairperson Subhash Chandra’s son on Sunday dismissed rumours that his father has left the country. Chandra has reportedly secured a six-month extension from lenders to repay more than half of the company’s dues by September 30.
His son Punit Goenka said Chandra is in Mumbai, and asked people spreading false information to focus on positive things. “It has been brought to my notice that certain mischief makers have insinuated that my father and our Chairman Subhash Chandra has left the country,” he said in a tweet. “Vide this tweet, I wish to clarify straightaway, that he is very much in Mumbai at home.”
Goenka added that his father is a fighter and a patriot and is not the one to run away from challenges. “My message to the ones who attempted this, focus on positive things in life,” he added.
The Essel Group had an overall debt of around Rs 16,000 crore in March. Around Rs 11,000 crore of the debt was raised from mutual funds and NBFCs, according to Bloomberg Quint.
Chandra also shared a photograph of himself on Twitter on Sunday. “My Sambabdhi Pawan Jain was one of many to visit my Mumbai residence for giving wishes for my eye surgery,” he said. “Thanks to all visitors.”
As a part of its initial agreement, the Essel Group had agreed to sell assets to repay all dues to lenders by the September end. The group’s stocks had also crashed by one-third after which Chandra blamed aggressive bets on infrastructure plays, which spun out of control after the IL&FS crisis and acquisition of Videocon’s D2H business.
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