Subhash Chandra accuses Reliance media of
Zee Group founder Subhash Chandra has accused Reliance Industries' media of a misinformation campaign against him. Reliance has denied the allegations.
Zee Group founder Subhash Chandra has accused Reliance Industries Ltd (RIL) Chairman Mukesh Ambani and RIL-owned media entities of orchestrating a misinformation campaign against him. The accusation came in a video message on Thursday, days after the National Company Law Tribunal (NCLT) cleared a repayment proposal for Chandra.
The Reliance Group has rejected the allegations. In a statement, the group described the claims as "baseless" and said its media brands have never been used to attack anyone. Reliance added that it holds Chandra in high regard as a businessman and entrepreneur.
The controversy stems from Chandra's personal insolvency proceedings. The NCLT approved a plan under which Chandra would pay around ₹6.5 crore against admitted creditor claims of nearly ₹22,006 crore. Chandra has disputed the presentation of the debt figure. His office stated the aggregate claim against him as a personal guarantor is around ₹3,992 crore, not ₹22,000 crore.
Financial Figures in Spotlight
The exchange has brought the net worth and assets of both businessmen into focus. According to a Sunday Guardian report cited by the source, Chandra's current disclosed net worth is approximately ₹31.79 crore, based on figures from his insolvency proceedings. This is substantially lower than historical figures cited during the proceedings.
| Description | Figure |
|---|---|
| Subhash Chandra's current disclosed net worth | ₹31.79 crore |
| Value attributed to Jolly Maker residential property | ₹25 crore |
| Admitted creditor claims in NCLT plan | ₹22,006.57 crore |
| Approved repayment under NCLT plan | ₹6.5 crore |
| Historical net worth cited for 2017 | ₹45,888 crore |
| Historical net worth cited for 2018 | ₹40,562 crore |
| Sale price agreed for Delhi bungalow (2026) | ₹1,260 crore |
Chandra also questioned the earlier attribution of a ₹45,888-crore personal net worth to him, stating his Rajya Sabha declaration in 2016 showed total assets of ₹39.08 crore. He has alleged that Reliance-linked media organisations reported the ₹22,000-crore figure as his personal debt without adequately distinguishing between types of claims.
Mukesh Ambani's Wealth
In contrast, Mukesh Ambani's net worth is estimated at around $88 billion (approximately ₹8.39 lakh crore) by Forbes. According to Bloomberg, the majority of his wealth comes from his roughly 42% stake in Reliance Industries, which reported revenue of about $114 billion for the year ended March 2025.
Ambani also owns a stake of around 41% in Jio Financial Services. Reliance's telecom arm, Jio, has more than 500 million subscribers. The group's businesses span petrochemicals, oil and gas, telecom, retail, media, and financial services, with recent expansion into green energy.
Regarding assets, a Bloomberg report noted that Ambani's Mumbai residence, Antilia, was valued at more than $400 million in a 2014 analysis. Media reports have put the property's cost at more than $1 billion.
The Core Allegation
Chandra's specific allegation is that Reliance-owned media channels spread misinformation about his insolvency case. The Reliance Group's statement was a direct rebuttal. "We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group," it said.
Chandra plans to work with friends in Switzerland on investments and may borrow ₹2-4 crore from family to invest in startups and other ventures. The NCLT attributed a value of around ₹25 crore to his Jolly Maker residential property as part of his current asset valuation.
