Subhash Chandra to settle debts to JC Flowers ARC., buy back Dish TV shares
According to a media report, Essel Group agreed to repay the settlement in a phased manner by March 31
Essel Group founder Subhash Chandra will reportedly settle its debts to JC Flowers Asset Reconstruction Co., which amounts to Rs 6500 crore. He has proposed to pay close to Rs 1500 crore for his family stake in assets including Dish TV and Zee Learn, apart from three properties, which include a bungalow in Delhi.
According to a media report, Essel Group agreed to repay the settlement in a phased manner by March 31 and is preparing to sign a definitive agreement. But there was a disagreement between the two parties on the deadline for payment, which JC Flowers ARC insisted should be on January 31.
The report said that Chandra approached with an offer to settle the debt of Rs 6500 crore sometime ago and it took a month for the two parties to come to an agreement.
Some of the loan amount reportedly pertains to Dish TV, some to Zee Learn and some other properties. The shares of those companies will be transferred back as per the payment, said the report quoting people privy to the matter.
The settlement, said the report, will not trigger an open offer and it is just a transfer back of the encumbered shares.
The shares will return to Jawahar Goel, Chandra’s brother, who was running Dish TV before Yes Bank invoked the pledged shares in May 2020.
