Zee founder wants fresh start in media: Lenders must allow me to move on in life, says Subhash Chandra

Subhash Chandra is no stranger to corporate battles, but the 71-year-old chairman of the Essel group and founder of Zee TV wants to move on from the current set of controversies by offering an olive branch to lenders.

Chandra, who ceded control of flagship Zee Entertainment Enterprises to Sony Pictures Networks India, says he wants to “move on in life” and carve a new niche in the media space. “I started Zee in 1992 with just Rs 9 crore and made it a billion-dollar company. I still have a lot of fire left to begin afresh. In any case, digital ventures don’t need a lot of money,” he said.

In an extensive conversation with FE on Tuesday, Chandra said that he’s willing to walk out of his DTH venture, Dish TV, if the company’s largest stakeholder Yes Bank decides which role it wants to play – that of a shareholder or a lender – and allows him to settle his dues honourably.

“My brother (Jawahar Goel) is willing to step down as chairman and managing director of Dish TV if that’s what Yes Bank wants, but then they need to decide what they are, a shareholder or lender,” Chandra said. “If they feel that we are not running the company well, they should take over, but then they have to be clear that they are a shareholder, not a lender,” he added.

Chandra said that he’s reached out to Yes Bank and asked them to suggest the way forward but has not got a satisfactory response from them so far. He said that he’s even willing for a third-party mediation to resolve the Dish TV problem as he wants to move ahead.

Source: https://www.financialexpress.com/industry/zee-founder-wants-fresh-start-in-media-lenders-must-allow-me-to-move-on-in-life-says-subhash-chandra/2462192/