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<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

<ul><li>Subash Chandra has an indelible place in the Indian history as the one who launched the country’ first satellite TV channel ‘Zee TV’ in the year 1992. </li><li>Reaching a top position among the top business tycoons of India was not an easy journey for this motivated entrepreneur. </li><li>Here are a few interesting facts about Subash Chandra that will inspire many. </li></ul>In 1992, Subash Chandra launched the first ever satellite TV in India called Zee TV. On November 25, 2019, the billionaire had to abide by SEBI regulations and relinquish his chairmanship of the company he founded - Zee Entertainment Enterprises after pledging his shares. Nevertheless, he continues to be associated with the company as a non-executive director. Here are a few interesting facts about Subash Chandra. Growing years Chandra was born in Adampur in Haryana and belonged to an Agarwal Bania family. As his family’s debt swelled to Rs 3.5 lakh, they could not support his education. He dropped out of school and took up the family business of trading and working with the Food Corporation of India. In 1992 he started Zee TV, the second private commercial TV channel and in 2003 he started Dish TV, the first ever satellite television provider in the country. His innovation in food grains supplies In 1983, Chandra had an innovative idea to store the food grains held in stock by the Food Corporation of India. Earlier the grains were stored in godowns. Chandra came up with the idea of keeping the grain in open yards and covering them with specially designated plastic sheets. He prepared the ground by convincing the FCI and procured machines from Switzerland to manufacture the special sheets. Since there were no trained engineers to coordinate with the production process, more than 98% of the production went to waste. Eventually he sent engineers to Switzerland and trained them to start the manufacturing process afresh and proved to be successful. Essel World is born Towards the end of 1980s, Chandra visited DisneyLand in the US. Inspired by his learning, he purchased hundreds of acres of land in North Mumbai and created Essel World, which was the first ever amusement park in India in 1989. Though Essel World did not give the expected success, it paved the way for the creation of Zee TV which came to challenge the domination by Doordarshan, the government-owned TV channel. An inspirer Subash Chandra launched a new show in order to motivate the youth and help them face and overcome the difficulties of life. The show was entitled “Dr Subash Chandra Show”. In 2004, Chandra was awarded the Global Indian Entertainment Personality of the Year Award. He won many notable awards like Entrepreneur of the Year Award by Ernst &amp; Young and Business Standard’s Businessman of the year in 1999; Indian News Broadcasting awards in 2010; and more. See Also: <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Interesting Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Interesting facts about Ritesh Agarwal</a>

Subhash Chandra: interesting facts of chairman of the essel group

<keyword id="4015484" type="General" weightage="20" keywordseo="chandra-grahan" source="Orion">Chandra Grahan</keyword> and <keyword id="3273492" type="General" weightage="20" keywordseo="surya-grahan" source="Orion">Surya Grahan</keyword>, translated as lunar and solar eclipses are spectacular events evoking the interests of scientists and stargazers alike. Eclipses happen when the sun, moon and earth align themselves in a straight line. This happens a few times every year. In a typical calendar year, there can be four eclipses, two lunar and two solar. However, in some years, it is possible to come across five, six or seven eclipses, though such years are very rare. In 2024, four eclipses in total will occur – two solar and two <keyword id="90051" type="General" weightage="20" keywordseo="lunar-eclipse" source="Orion">lunar eclipse</keyword>s. The first one of the year will happen on 25 March 2024 and it will be a penumbral lunar eclipse. The second one will be a total <keyword id="6699518" type="General" weightage="20" keywordseo="solar-eclipse" source="Orion">solar eclipse</keyword>, which will occur on 8 April 2024. The third eclipse of the year described as a partial lunar eclipse will happen on 18 September 2024. The final one for the year, namely an annular solar eclipse will stage itself in the sky on 2 October 2024. Now let us explore some interesting facts about these four eclipses one by one. 25 March 2024 - Penumbral lunar eclipse The first eclipse of 2024 will be a penumbral lunar eclipse that happens when the moon passes through the penumbral shadow of the earth. In this type of eclipse, the beginning and end of the eclipse will not be visible to the naked eyes. This eclipse will be visible from most of Europe, North / East Asia, most of Australia, Most of Africa, North America, South America, Pacific, Atlantic, Arctic and Antarctica. 8 April 2024 – Total solar eclipse The second eclipse of 2024 will be a total solar eclipse, an event of rarity and hence it is the most anticipated spectacle of the year. This eclipse can be seen from regions including western parts of Europe, North America, Northern parts of South America, Pacific, Atlantic and Arctic. 18 September 2024 – Partial lunar eclipse A partial lunar eclipse will stage itself in the sky on 18 September 2024. This third eclipse of the year can be viewed from Europe, most of Asia, Africa, North America, South America, Pacific, Atlantic, Indian Ocean, Arctic, and Antarctica. 2 October 2024 – Annular solar eclipse Annular solar eclipse will occur on 2 October 2024. The final eclipse of the year can be observed from regions including the southern parts of North America, most of South America, Pacific, Atlantic, and Antarctica. Take Away So, in 2024, we can witness a few spectacular eclipses in the sky. While we might want to focus on the astronomical and astrological significance of these events, we are also enamored by the rare sights they present in the sky. Eclipses may not change our daily lives; however, watching eclipses can feel like catching a glimpse behind the cosmic screen. When we take some time from the regular routine to look up and appreciate the cosmic shows above us, we are reminded that our earth is only part of something much bigger. So, until we travel with the year 2024, let us keep focused on these four interesting eclipses and wonder at the spectacles they will present us.

Celestial dance: Lunar and solar eclipses in 2024

<ul><li>Every eclipse is unique in terms of the spectacle it provides the sky gazers. </li><li>The second and the last eclipse of 2023 occurring on October 28 will be a <keyword id="1650220" type="General" weightage="20" keywordseo="partial-lunar-eclipse" source="Orion">partial lunar eclipse</keyword>. </li><li>Though a partial <keyword id="90051" type="General" weightage="20" keywordseo="lunar-eclipse" source="Orion">lunar eclipse</keyword> can be less ‘spectacular’, several other facts make it interesting. </li></ul> Following the solar eclipse that happened on October 14, 2023, the world will witness a lunar eclipse on October 28-29, 2023, in a gap of just fourteen days between them. Though the major types of eclipses watched prominently from the earth are solar and lunar eclipses, each of them have several subtypes corresponding to the spectacle they present under the different conditions governing every given eclipse. Therefore, eclipses are highly interesting topics that astronomy enthusiasts await with great excitement. The fourth and the last eclipse in 2023 In the 2023 calendar, there are four eclipses. As observed during the majority of the years, the first part of the year staged a set of solar and lunar eclipses and the second part of the year consists of one more similar set. The first ever eclipse in 2023 was a solar eclipse that happened on April 20. It was followed by a lunar eclipse that occurred on May 5-6. The third eclipse of 2023 was again a solar eclipse which occurred on October 14 and it will be followed by a lunar eclipse on October 28-29, which will also be the last eclipse for the year. Comparing three consecutive lunar eclipses While excitement is mounting about the lunar eclipse that will occur in the night sky on October 28-29, comparing this partial lunar eclipse with the one that preceded it in the same year and the one that will follow in the next year can be quite interesting. The first <keyword id="19290197" type="General" weightage="20" keywordseo="lunar-eclipse-in-2023" source="Orion">lunar eclipse in 2023</keyword> happened on May 5-6, 2023 and it was a penumbral eclipse. A penumbral eclipse happens when the moon passes deeply into the earth’s penumbra (outer part of earth’s shadow). This eclipse was visible in Africa, Asia, and Australia. The second and the final lunar eclipse of 2023 can be watched on October 28, 2023. Visible from E.Americas, Europe, Africa, Asia and Australia, this will only be a partial eclipse. The next eclipse that will occur on March 25, 2024 will be visible in America. This will be a penumbral one similar to the first lunar eclipse that occurred on May 5, 2023. Phases and duration of the eclipse The partial lunar eclipse will begin at 1:05 am IST on Oct 29. The maximum eclipse will take place at 1:44 am IST. On either side of the partial lunar eclipse, the faint penumbral eclipse will be visible for around an hour. The total duration of the partial lunar eclipse will be 4 hours and 25 minutes. Conclusion After the partial lunar eclipse on October 28 the next one of its similar type will happen on September 18, 2024. It is noteworthy that both the lunar eclipses that will occur in 2025 on March 13 and September 7 will be total lunar eclipses.

Partial lunar eclipse – A quick guide to understanding the celestial event on Oct 28

<ul><li>Subhash Chandra, Chairman of <keyword id="131292" type="COMPANY" weightage="20" keywordseo="Essel-Group">Essel Group</keyword> announced today that he has settled over 91% debt to lenders.</li><li>In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&amp;FS case and committed to repay the monies to the best of his abilities.</li><li>He also shared his next steps in terms of setting up a venture in the video space in the digital ecosystem.</li></ul>Chairman of the Essel Group, <keyword id="1114989" type="PERSON" weightage="20" keywordseo="Dr-Subhash-Chandra">Dr Subhash Chandra</keyword> today issued a second Open Letter, in which he shared the details of the debt resolution process and the steps taken to pay off the lenders. Dr Chandra revealed that over 91% of the debt has been settled to 43 lenders, and the remaining dues are in the process of being paid. In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&amp;FS case and committed to repay the monies to the best of his abilities. Backed by the immense support and trust bestowed upon him by the lenders, Dr. Chandra has managed to fulfill his promise. The asset divestment process certainly took a setback during the pandemic, which slowed down the overall debt resolution process. Dr. Chandra aspired to release the mentioned second Open Letter after settling 100% of the debt to the lenders, however the unprecedented times led to a delay. Sharing the key points pertaining to the debt resolution, Dr. Chandra said, “I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. 88.3% amount has been paid, while the remaining 2.9% is in the process of being paid. We are making all the required efforts to settle the remaining 8.8% 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.” Dr. Chandra further elaborated on his earnest desire to settle the remaining outstanding dues before the end of this fiscal year or before. He also emphasized on the fact that he does not regret the decision taken to part with a substantial portion of his ownership in his key businesses, attributing this decision taken to preserve the honour of his family. He reiterated the exit from the Infrastructure, Financial services &amp; Print Media businesses. As a pioneer by heart and an optimist by nature, Dr. Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem. With a vast experience of 53 years, Dr. Chandra is all set to once again shake up the digital video landscape by leveraging state of the art technology. Giving a glimpse into his new entrepreneurial venture, Dr. Chandra shared, “I have earned a fair experience in the video business; hence I am exploring new ways / business opportunities in the “video in digital space” as well as <keyword id="7161942" type="UNKNOWN" weightage="20" keywordseo="AI/ML">AI/ML</keyword> (Artificial Intelligence &amp; Machine Learning) in the video space, without getting into any conflicts with <keyword id="353090" type="PERSON" weightage="20" keywordseo="Zeel">ZEEL</keyword>, in any manner. I will provide the specifics very soon and you all will witness the initial phase of launch, of a yet another pioneering venture.”

Dr Subhash Chandra reveals his plans of venturing into video in digital space

<ul><li> <keyword id="1984068" type="PERSON" weightage="20" keywordseo="Subhash-Chandra-Garg">Subhash Chandra Garg</keyword> said the government should offer a one-time settlement scheme to the telecom companies to pay the dues </li><li>In a blog titled 'Rebuilding <keyword id="945199" type="COMPANY" weightage="20" keywordseo="telecom-business">Telecom Business</keyword> in India', Garg said the telecom crisis in India is not just limited to AGR-related issues. </li><li>Garg also wondered whether the government's proposal to put in billions of dollars to revive BSNL-MTNL is advisable </li></ul>Former finance secretary Subhash Chandra Garg on Wednesday said the government should offer a one-time settlement scheme to the telecom companies to pay the principal due amount as per the AGR definition and waive the penal interest and penalties. The massive Rs 1.47 lakh crore of adjusted gross revenue (AGR) dues are pushing telecom firms to the brink. In a blog titled 'Rebuilding Telecom Business in India', Garg said the telecom crisis in India is not just limited to AGR-related issues. "Offer a one-time settlement scheme to the telecom companies (both operating and under resolution) to pay the principal due amount as per the AGR definition as contained in the licensing agreements and waive the penal interest and penalties. "Alternatively, appoint a board for <keyword id="6583012" type="COMPANY" weightage="20" keywordseo="vodafone-idea-ltd">Vodafone Idea Ltd</keyword> by ousting the current board on the lines of action taken in the case of IL&amp;FS and DHFL and secure a moratorium of some time on servicing of loans and government dues," he said. Garg noted that the telecom business -- both voice and data -- is headed towards becoming a duopoly (Jio and <keyword id="15491" type="DOMAIN" weightage="20" keywordseo="Airtel">Airtel</keyword>) with the remaining two players, Vodafone Idea and BSNL-MTNL, hurtling towards eventual shutdown, which might as well be an abrupt collapse. "This has enormous consequences for over 400 million of the customers of Vodafone Idea and BSNL-MTNL in terms of continuous availability of telecom services and also for competitiveness in the industry itself," he said. Garg also wondered whether the government's proposal to put in billions of dollars (over Rs 70,000 crore) to revive BSNL-MTNL is advisable or not as the country is facing massive economic slowdown. The Supreme Court last week rejected a plea by telecom firms including Bharti Airtel and Vodafone Idea Ltd for extension in the payment schedule and asked them to deposit an estimated Rs 1.47 lakh crore in past dues for spectrum and licenses by March 17. Some telecom firms have said they were already struggling with mounting losses and debt and the additional liability has raised concerns of them defaulting on existing loans.

Oust Vodafone's board for a new one like in IL&FS and DHFL says former finance secretary

<ul><li>Running against a deadline to repay a mammoth debt, Subhash Chandra has put Zee Entertainment Enterprise on the block.</li><li>The cash-strapped group is in conversation with five companies from Japan, US, Europe, and India, Chandra told the Economic Times.</li><li>Suitors are interested in buying a controlling stake in Zee, one of the largest media houses in the country.</li></ul>This may be music to the ears of the Essel Group's lenders. Chairman Subhash Chandra has revealed that five companies ranging from the west coast of the US to Europe, India, and as far east as Japan are in talks to pick up a stake in Zee Entertainment Enterprises. The Chairman of Essel Group <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/objective-is-to-repay-everyones-money-and-that-too-happily-says-essel-group-chairman-subhash-chandra/articleshow/68983331.cms" data-type="tilCustomLink" target="_blank">told the Economic Times</a> that non-binding term sheets will be ready latest by first week of May. "You might get surprised with the names," he added. Subhash Chandra, with a net worth of $2.5 billion as of March 2019 <a href="https://www.forbes.com/profile/subhash-chandra/#371a82d8be6f" data-type="tilCustomLink" target="_blank">according to Forbes</a>, was one of the country's leading industrialists before the sky came crashing down. Some wrong bets, which he was not willing to let go in good time, led to significant pile up in group debt. Now, he has time till September 30 to repay its dues. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 The market was abuzz with rumours that one of the suitors was Sony before it pulled out. Chandra did not confirm or deny the specualtion, and instead said, "I would maintain the same stance. One really can’t say anything at this stage." Zee Entertainment, run by Chandra's sons Punit and Amit, has 76 channels reaching 1.3 billion viewers in 173 countries. Is Chandra willing to give up control of Zee, or will he sell a smaller stake? "It all depends on the respective business preferences of the shortlisted players. It is (more) complicated than it seems and we will collectively arrive at a decision which is best suited for the company and for its stakeholders," Chandra said. NOT JUST ZEE The Essel Group has interests in amusement parks, packaging, infrastructure, a cruise business under the brand Jalesh and lotteries. Stakes in almost all these businesses are on the block. "If you look at the sale of assets of our infra business, I believe it will be completed between July and September. With that ₹15o-160-billion debt of operating companies and ₹3,000 crore of corporate debt will get cleared off. So overall about Rs 200 crore of debt will easily get wiped off. Rest will be taken care of by the stake sale in Zee," Chandra said. SEE ALSO: <a href="https://www.businessinsider.in/zee-group-buys-time-to-sell-assets/articleshow/67826362.cms" data-type="tilCustomLink" target="_blank">Zee group buys time to sell assets</a> <a href="https://www.businessinsider.in/indias-lehman-moment-seems-closer-as-top-mutual-funds-defer-dues/articleshow/68831689.cms" data-type="tilCustomLink" target="_blank">India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors</a>

Zee Entertainment has five companies from Japan, Europe, US, and India vying for a stake: Subhash Chandra

Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Saturday made public digital copies of 100 secret files relating to <keyword id="10995" type="PERSON" weightage="20" keywordseo="Subhash-Chandra-Bose">Subhash Chandra Bose</keyword> on his 119th birth anniversary, which could throw some light on the controversy over his death. The files were declassified and put on digital display at the National Archives of India (NAI) here by the Prime Minister, who pressed a button in the presence of Bose family members and Union Ministers Mahesh Sharma and <keyword id="6721" type="PERSON" weightage="20" keywordseo="babul-Supriyo">Babul Supriyo</keyword>. 

	Later, Modi and his ministerial colleagues went around glancing at the declassified files, spending over half an hour at the National Archives. He also spoke to the members of the Bose family.
 

	The NAI also plans to release digital copies of 25 declassified files on Bose in the public domain every month.
 

	In October last year, the Prime Minister had met the family members of Netaji and announced that the government would declassify the files relating to the leader whose disappearance 70 years ago remains a mystery.
 

	While two commissions of inquiry had concluded that Netaji had died in a plane crash in Taipei on 18 August, 1945, a third probe panel, headed by Justice M K Mukherjee, had contested it and suggested that Bose was alive after that. The controversy had also split members of the Bose family too.
 

	The first lot of 33 files were declassified by the Prime Minister’s Office (PMO) and handed over to the NAI on 4 December, last year.

	Subsequently, the Ministries of Home Affairs and External Affairs too initiated the process of declassification of files relating to Bose in their respective collection which were then transferred over to the NAI, it added.
 

	In his reaction to the declassification, Chandra Kumar Bose, spokesperson of the Bose family and grand-nephew of Subhash Chandra Bose who was present at the ceremony, said "we welcome this step by Prime Minister wholeheartedly. This is a day of transparency in India."

	Earlier in day, he told PTI, "We feel that certain very important files were destroyed during the Congress regime in order to hide the truth. We have documentary evidence to understand this. So we feel that the Indian government should take steps to ensure the release of files lying in Russia, Germany, UK, USA."
 

	Chandra Bose also said "We couldn't go through all the files as of now. But as of now, what we could go through, there are only circumstantial evidence of the air-crash but no conclusive evidence of the air crash."

	 "Even in one of the letters that we saw here which was written by <keyword id="6365933" type="PERSON" weightage="20" keywordseo="Lal-Bahadur-Shastri">Lal Bahadur Shastri</keyword> to Suresh Bose that there is no conclusive evidence about the air crash, only few circumstantial evidence," he told PTI after the files were declassified. 

	Chandra Bose said "there is a change in the attitude of the government from that of the previous ones.
 

	Firstly, the attitude of suppressing the facts about Netaji has been negated. And this is the biggest thing in unraveling the truth about Netaji."
 

	Netaji's nephew Ardhendu Bose, who was also at the ceremony here, said "the Bose family and the entire country has been waiting for this moment for the last seven decades nearly. We feel that these files would be able to throw some light on it."
 

	He also stressed that the files lying in KGB archives in Russia and those with Germany, UK and USA "will bring out more that what lies in those files. As we apprehend that certain files might have been destroyed."
 

	Just ahead of the declassification ceremony, an aged family member broke down in the presence of the Prime Minister.
 

	An official said the National Archives placed 100 files relating to Bose in public domain "after preliminary conservation treatment and digitization".
 

	The digital copies of these files coming out in public domain meets a "long-standing public demand" which would facilitate scholars to carry out further research on Bose, the official said.
 

	Besides the controversy over whether Subhash Bose died in the 1945 air crash or not, those who believe he was alive after that have different theories about what happened to the leader.
 While one of the theories says Bose fled to the former <keyword id="6365126" type="COUNTRY" weightage="20" keywordseo="Soviet-Union">Soviet Union</keyword> to continue to fight for India's independence but was later killed there, the other says that Netaji returned to India as an ascetic, named 'Gumnami Baba, and continued to live in Uttar Pradesh's Faizabad till 1985.

100 files relating to Netaji Subhash Chandra Bose declassified by PM Modi

Female protagonists are ruling <keyword id="143" type="CITY" weightage="100" keywordseo="Bollywood">Bollywood</keyword> nowadays and we were definitely looking forward to some spectacular showing when Kangana Ranaut-Vir Das-starrer comedy-drama <keyword id="1132893" type="UNKNOWN" weightage="100" keywordseo="Revolver-Rani">Revolver Rani</keyword> and Subhash Ghai-directed <keyword id="2214753" type="UNKNOWN" weightage="100" keywordseo="Kaanchi-The-Unbreakable">Kaanchi: The Unbreakable</keyword>, yet another <keyword id="2097207" type="UNKNOWN" weightage="100" keywordseo="Woman-centric-movie">woman-centric movie</keyword>, were released on April 25. <keyword id="1718118" type="UNKNOWN" weightage="100" keywordseo="Samrat-Co-">Samrat &amp; Co.</keyword>, a whodunit movie directed and co-written by <keyword id="1097593" type="PERSON" weightage="100" keywordseo="Kaushik-Ghatak">Kaushik Ghatak</keyword>, was the third release of the week. 
 Going by the numbers, it was an extremely poor weekend at the <keyword id="827271" type="UNKNOWN" weightage="100" keywordseo="Domestic-Box-Office">domestic box office</keyword> and the Monday business did not look up either, predicting more gloom and doom. After her stellar performance in <a href="http://www.businessinsider.in/Box-Office-Queen-OutshinesGulaab-Gang-Total-Siyapaa-Tanks/articleshow/31848837.cms">Queen</a> (it has netted around Rs 60 crore at home and grossed nearly Rs 93 crore worldwide), Kangana-led Revolver Rani has turned out to be a surprise slow-starter at the <keyword id="25892" type="ORGANIZATION" weightage="100" keywordseo="box-office">box office</keyword> in spite of an intriguing storyline. Sure, it had the best start among the three but netted around Rs 6 crore at home after the first three days in spite of hype and the positive word of mouth. Debut day occupancy was as low as 15% although the movie has hit around 1,500 screens, nearly double the number of <keyword id="6377522" type="POSITION" weightage="80" keywordseo="queen">Queen</keyword>. 
 
Interestingly, Queen, too, picked up pace pretty late, but managed to nett around Rs 9 crore after the first three days. For Revolver Rani, the crucial Day 4 (Monday, April 28) business was equally dismal and the movie collected around Rs 1.4 crore at home. It has an estimated budget of Rs 24 crore. 
 
However, <keyword id="1417195" type="UNKNOWN" weightage="100" keywordseo="Kaanchi">Kaanchi</keyword>, directed by <keyword id="6354581" type="PERSON" weightage="100" keywordseo="Subhash-Ghai">Subhash Ghai</keyword>, suffered a worse fate. This one looks like a clear <keyword id="2076872" type="UNKNOWN" weightage="100" keywordseo="Box-office-bomb">box office bomb</keyword> and collected a paltry Rs 75 lakh on the opening Friday. Weekend earnings remained extremely disappointing and the romance-cum-revenge drama could only manage Rs 3 crore in the first three days. Monday collections stood at an estimated Rs 1.1 crore. With the budget of the movie projected to be Rs 30 crore-plus, industry experts are already calling it another disastrous outing by Ghai. Kaanchi has opened in 1,150-1,200 theatres at home, but the occupancy was less than 15%, especially at single screens. In fact, Kaanchi is the lowest debut-day grosser among Ghai’s recent flops including Yaadein (Rs 1.6 crore on opening Friday), Kisna (Rs 1.5 crore) and Yuvraaj (Rs 2.9 crore). 
 <keyword id="2218677" type="UNKNOWN" weightage="100" keywordseo="Samrat-and-Co-">Samrat and Co.</keyword>, a <keyword id="25276" type="POSITION" weightage="100" keywordseo="detective">detective</keyword> thriller starring <keyword id="15130" type="PERSON" weightage="100" keywordseo="Rajeev-Khandelwal">Rajeev Khandelwal</keyword>, <keyword id="110704" type="PERSON" weightage="100" keywordseo="Madalasa-Sharma">Madalasa Sharma</keyword> and <keyword id="1600791" type="UNKNOWN" weightage="100" keywordseo="Gopal-Datt">Gopal Datt</keyword>, hit around 500 screens at home and was immediately declared a flop. First day collections at the domestic box office were an appalling Rs 25 lakh and total earnings in the first three days stood at Rs 1.45 crore, as per trade figures. Interestingly, first Monday (Day 4) collections were better than the opening day, amounting to Rs 60 lakh. But keeping the film’s budget in mind – in the zone of Rs 18 crore or so – this rahasya (mystery) ride won’t be going anywhere in terms of <keyword id="1996031" type="UNKNOWN" weightage="100" keywordseo="Box-office-performance">box office performance</keyword>. 
 
 
 If you are still wondering what has led to the wholesale box office debacle, a close look at all the three flicks may help decode the failures. Directed by <keyword id="2218682" type="UNKNOWN" weightage="100" keywordseo="Sai-Kabir-Shrivastav">Sai Kabir Shrivastav</keyword> (he also did the story and the screenplay) Revolver Rani narrates the story of <keyword id="315181" type="PERSON" weightage="100" keywordseo="Alka-Singh">Alka Singh</keyword> (<keyword id="2201" type="PERSON" weightage="100" keywordseo="Kangana-Ranaut">Kangana Ranaut</keyword>), a dacoit-turned-politician in the thick of power game and in love with Bollywood aspirant <keyword id="1555785" type="UNKNOWN" weightage="100" keywordseo="Rohan-Mehra">Rohan Mehra</keyword> (<keyword id="671" type="PERSON" weightage="100" keywordseo="Vir-das">Vir Das</keyword>). Kangana plays the <keyword id="2218683" type="UNKNOWN" weightage="100" keywordseo="Chambal-girl">Chambal girl</keyword> to perfection – raw, raunchy, power-loving and trigger-happy. But one must not write it off as another one of the Bandit Queen saga. The ground realities, the ingrained satire and the layers of turbulence unfold well in the movie, but the story fails at times – losing the smooth flow and meandering during the second half. Overall, it has loads of merit, but it’s hardly a feel-good movie and that could be one of the key reasons behind the slow business pick-up. As <keyword id="122490" type="POSITION" weightage="80" keywordseo="film-critic">film critic</keyword> Anupama Chopra so rightly said, “If you can enjoy bad people doing bad things, then Revolver Rani will be fun.” 
 
Kaanchi, on the other hand, simply drags on and loses all the suspense of a revenge drama that it later turns out to be. The movie features two newcomers in lead roles, <keyword id="562167" type="UNKNOWN" weightage="100" keywordseo="Kartik-Tiwari">Kartik Tiwari</keyword> (aka <keyword id="2104801" type="UNKNOWN" weightage="100" keywordseo="Kartik-Aaryan">Kartik Aaryan</keyword>) and Hindi movie debutante Indrani Chakraborty (aka Mishti), while the ‘big baddies’ are played by <keyword id="6357910" type="PERSON" weightage="100" keywordseo="Rishi-Kapoor">Rishi Kapoor</keyword> and <keyword id="14672" type="PERSON" weightage="100" keywordseo="Mithun-Chakraborty">Mithun Chakraborty</keyword>. The naïve rural beauty Kaanchi fights against power and corruption as her love Binda, her land and her life are at stake. But as is the Bollywood norm, the twists and turns get too filmy to be convincing, the characters become stereotypes and the dialogues are mere lip service. At the end, we are looking at a mere shell instead of a strong script, powerful performances and the ‘gale’ of change. 
 Samrat and Co. does no better in terms of cinematic art. Rajeev Khandelwal (<keyword id="239627" type="POSITION" weightage="100" keywordseo="private-investigator">private investigator</keyword> Samrat Tilakdhari) lacks the earlier sparkle of Table No. 21. And if you are expecting Rajeev and Gopal (Samrat’s <keyword id="6419345" type="POSITION" weightage="80" keywordseo="assistant">assistant</keyword> and friend, <keyword id="2218675" type="UNKNOWN" weightage="100" keywordseo="Chakradhar-Pandey">Chakradhar Pandey</keyword>) do a Holmes-Watson act, you could be mightily disappointed. But currently you have a mystery to solve. Try and predict if these three would do well at the domestic box office over the first week. Your guess is as good as ours. 
 
Images: Indiatimes

Box Office: Kangana Fails To Lift Revolver Rani; Kaanchi Lacks Ghai’s Golden Touch

<ul><li><keyword id="94272" type="General" weightage="20" keywordseo="keshub-mahindra" source="Orion">Keshub Mahindra</keyword>, the former chairman of <keyword id="1263014" type="General" weightage="20" keywordseo="mahindra-and-mahindra-group" source="Orion">Mahindra and Mahindra group</keyword> was amongst the world’s oldest billionaires. </li><li>The Wharton University graduate had dreamt of becoming either a soldier or a farmer as a young boy. </li><li>Keshub Mahindra, who had seen licence raj and many other government controls in the 50s and 60s, believed that the pressures helped the Indian <keyword id="34478" type="General" weightage="20" keywordseo="auto-industry" source="Orion">auto industry</keyword> become cost competitive. </li></ul>The patriarch of the Mahindra group, Keshub Mahindra died on Wednesday, at the age of 99. “The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to meetings with him and was inspired by how he connected business, economics and social matters. Om Shanti,” said Pawan <a href="https://twitter.com/GoenkaPk/status/1646012668103495681">Goenka in a tweet</a>. The former chairman of Mahindra and Mahindra group who had retired in 2012, was amongst the world’s oldest billionaires as per a recent Forbes report. He had just re-entered the coveted billionaire list in 2023. The businessman turned philanthropist, however, leaves a larger and wider legacy — he was instrumental in helping build India’s indigenous auto industry into a force to be reckoned with. ‘We don’t know a damn thing about the auto industry’ Keshub Mahindra’s story is intertwined with the history of the auto industry in India. The Mahindra and Mahindra group had started two generations before Anand Mahindra, the nephew of Keshub Mahindra and chairman emeritus of the group. The company was founded by two brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra in 1945, as a steel trader. Kailash Chandra Mahindra, the father of Keshub Mahindra had met the inventor of Jeep, Barney Roos in Washington. That’s how the company became an assembler of Willys jeep in India. A young Keshub, freshly graduated from Wharton University and grown up beyond his boyhood dreams of becoming either a soldier or a farmer, was called into a meeting with the defence minister. This was in 1947 when India had just won its freedom but was finding it tough to find spare parts for their tanks from Britain and other countries. At the meeting, the government said that it was planning to develop its own automotive industry. “We don’t know a damn thing about the auto industry,” Keshub Mahindra told the defence minister. That, however, did not stop neither Mahindra nor the only other auto companies existing back then — Premier Automobiles and Hindustan Motors – from building indigenous vehicles. M&amp;M started manufacturing jeeps in a full do-it-yourself (DIY) mode — when there were no suppliers or vendors. They had to make engines, transmissions, axles, stampings, the body – everything to produce 2,000 Jeeps a year, Keshub Mahindra said in an <a href="https://www.autocarindia.com/interviews/india-at-75-keshub-mahindra-%E2%80%93-the-man-who-saw-it-all-425406">interview with Autocar</a>. <div type="image" title="Keshub Mahindra anand mahindra" msid="99426813" hostid="261" sizebytes="59302" caption="&amp;lt;p&amp;gt;Source: BCCL&amp;lt;/p&amp;gt;"></div> Licences, price controls and capacity caps For another 30 years, the group had fought many battles both from the supply chain ecosystem angle as well as the many rules and regulations back in the day. It was the age of licence raj and M&amp;M was not given a licence to make cars, no matter how many times they applied. In fact they were rejected a dozen times – as they tried to manufacture cars in partnership with various multinationals. Moreover, companies could not increase prices without government nod, and added to that even their capacities were limited by rules. Once, the group was sent a letter by the government asking them why they should not prosecute them for exceeding capacity. “Prosecute us,” Keshub responded to the letter. Forced to do things he described as ‘crazy’, Keshub also admits that it has made Indian manufacturers control costs with frugal engineering and much more —- a move that has made them competitive. It was a good thing in the long run, he admitted in the Autocar interview. The courage of change His can-do attitude is also one of his guiding principles as <a href="https://knowledge.wharton.upenn.edu/article/dream-impossible-life-lessons-keshub-mahindra/">he shared in a Wharton page</a>, “Dream about achieving the impossible — because impossible things do happen. Only the brave have the courage to transform their lives,” he shared. He served as the chairman of M&amp;M for 48 years and ably steered the group through winds of change. The group now has interests across software, financial services and more. In FY22, the group’s revenue stood at ₹90,170 crore as against ₹74,277.78 crore in FY21. The auto business too grew exponentially both organically and inorganically under Keshub Mahindra’s leadership and expanded into light commercial vehicles, tractors and even farm equipment. It acquired companies like Punjab Tractors and Gujarat Tractors and also acquired companies in South Korea like SsangYong Motor, entered the two-wheeler market and also made early strides into the electric vehicle (EV) market by purchasing REVA. Years later, Anand Mahindra and his father Harish Mahindra also started another unique partnership when they lent ₹1 lakh to Uday Kotak for a business that went on to become the Kotak Mahindra Bank. Not just business Even before he retired in 2012, Keshub did not dedicate all his time to business itself — and made space and time for philanthropy. Keshub also founded Housing and Urban Development Corporation (HUDCO), and ran it for many years. “During this time, I visited some of the most deplorable slums in India. I would come home and wonder how people could live like this. That had a huge influence on my life,” he told Wharton. Educating girls and housing for the cancer afflicted are some of the many charity projects he supported with the help of his family.

Keshub Mahindra: The man who thought impossible is possible

<ul><li>Weak external demand and uncertain global environment would be a drag on domestic growth prospects, said RBI governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword>. </li><li>‘According to our surveys, manufacturing, services and infrastructure sector firms are optimistic about the business outlook,’ he said </li><li>‘<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has the inherent strength, an enabling policy environment, and strong macroeconomic fundamentals and buffers to deal with the future challenges.’ </li></ul>The Indian economy is projected to grow at 6.4% in 2023-24, said the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) on Wednesday. The real GDP growth rate projected by the RBI measures the growth in gross domestic product adjusted for inflation or deflation. India’s Economic Survey 2022-2023 released on January 31, a day before the Union Budget, cast a wide net for FY23 GDP growth projection between 6-6.8%. However both RBI and the Survey estimate India’s FY23 growth at 7%. RBI governor Shaktikanta Das, in his speech after the <keyword id="6375120" type="General" weightage="50" keywordseo="monetary-policy-committee" source="Orion">Monetary Policy Committee</keyword> meeting on Wednesday, said that while domestic factors seem to show resilience in the economy, the situation remains fluid and uncertain due to weak external demand and the uncertain global environment – factors which would be a drag on domestic growth prospects. In FY24, he projects first quarter growth at 7.8%, second quarter growth at 6.2%, third quarter growth at 6%, and fourth quarter growth at 5.8%. “According to our surveys, manufacturing, services and infrastructure sector firms are optimistic about the business outlook. On the other hand, protracted geopolitical tensions, tightening global financial conditions and slowing external demand may continue as downside risks to domestic output,” Das said as he <a href="https://www.businessinsider.in/finance/news/rbi-hikes-interest-rates-by-25-basis-points-to-6-5-says-core-inflation-remains-sticky/articleshow/97716217.cms">increased base interest rate by 25 basis</a> points to 6.5%. What do international agencies expect? The International Monetary Fund (IMF) <a href="https://www.businessinsider.in/india/news/indian-economy-retains-its-crown-as-a-bright-spot-imf-report/articleshow/97472027.cms">said recently that it expects the</a> Indian economy to grow by 6.1% in 2023, 70 basis points lower than the 6.8% growth it projected for 2022. The agency measures economic growth by calendar year instead of financial year. Last November, <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> slashed its India GDP growth projects to 5.9% for 2023. It had projected 2022 GDP growth rate at 6.9%, a tad higher than that of the IMF’s. It said that India’s growth momentum will be affected by fading effects of post-Covid reopening, coupled with higher borrowing costs. “Growth will likely be a tale of two halves, with a slower first half as the reopening boost fades, and monetary tightening weighs on domestic demand. In the second half, growth is likely to re-accelerate as global growth recovers, drag from net exports diminishes, and investment cycle picks up,” said Goldman Sachs according to<a href="https://economictimes.indiatimes.com/news/economy/indicators/goldman-sachs-slashes-indias-gdp-forecast-for-2023-to-5-9/articleshow/95651040.cms"> a Bloomberg report</a>. Many agencies including CRISIL and S&amp;P had downgraded their growth projections on the Indian economy as the rate of growth had started slowing down after the first two quarters. In fact, RBI itself had changed its estimates twice on how much India will grow in FY23. Das, who said that the world economic situation is not as grim as it was a few months ago, is confident about the Indian economy, which has emerged stronger after having suffered multiple major shocks in the last three years. “India has the inherent strength, an enabling policy environment, and strong macroeconomic fundamentals and buffers to deal with the future challenges. I am reminded here of the words of Netaji Subhas Chandra Bose: Never lose your faith in the destiny of India,” said Das. SEE ALSO <a href="https://www.businessinsider.in/finance/news/rbi-hikes-interest-rates-by-25-basis-points-to-6-5-says-core-inflation-remains-sticky/articleshow/97716217.cms">RBI hikes interest rate by 25 bps to 6.5%, says core inflation remains ‘sticky’</a> <a href="https://www.businessinsider.in/budget/news/indian-economy-projected-to-grow-between-6-6-8-in-fy24-says-economic-survey-2023/articleshow/97489284.cms">Indian economy projected to grow between 6-6.8% in FY24; private capex necessary for job creation: Economic Survey 2023</a>

India to grow at 6.4% in FY24 says RBI, projects FY23 growth rate at 7%

New Delhi, Nov 26 () Two asset management companies -- ICICI Prudential Mutual Fund and HDFC Mutual Fund -- on Tuesday said they have received payments to the tune of Rs 437 crore from Subhash Chandra's Essel Group.
 Individually, ICICI Prudential MF has got Rs 270 crore as repayment and interest from the Essel Group, while the same for HDFC MF has been pegged at Rs 167 crore.
 With this repayment, ICICI Prudential Mutual Fund's exposure to Essel Group has come down to nil.
 "Pursuant to the sale of shareholding by the promoters of ZEEL, ICICI Prudential Mutual Fund has received repayment of the total principal amount invested along with the accrued interest thereon. Subsequently, as on date, none of the schemes of ICICI Prudential MF have any investments in debt instruments issued by the promoter group companies of ZEEL," the fund house spokesperson said.
HDFC MF said that the company holds certain non-convertible debentures (NCDs) of the Essel Group that are secured by a pledge of listed equity shares. The carrying value of these NCDs as at September 30, 2019 was Rs 275.63 crore.
 "The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral. The value of the residual pledged listed equity shares as at November 25, 2019 is Rs 143.95 crore," the fund house informed the stock exchanges.
 On Monday, Subhash Chandra resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL) with immediate effect. He will remain the company's non-executive director, which he founded in 1992.
 His resignation came at a time when the debt-ridden group is looking to further divest promoters' stake in the company to repay the debts
 Essel Group on November 20 had said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.
 Promoter and promoter group shareholding in the company went down to 22.37 per cent in the quarter ended September 30, from 35.79 per cent in the quarter ended June 30. SP SHW
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