Zee Group says all loan from Yes Bank fully secured as ED summons Subhash Chandra on March 18

The Essel Group on Monday said all the credit facilities availed by the group from the crippled Yes Bank are fully secured and that only the infra arm has taken the debt from the bank.

The group in a statement also confirmed the Enforcement Directorate summon for group founder Subhash Chandra on March 18.

The statement further claimed that “the Zee group has never made any transactions with Rana Kapoor (Yes Bank co-founder and the past MD who is now in ED custody) or his family or for that matter any private entities controlled by them and that “all credit facilities availed were fully secured”.

The ED has alleged that many companies including the Essel Group, Anil Ambani Group, HDIL, DHFL, among others have borrowed money from Yes Bank by giving kickbacks to Kapoor.

“We wish to confirm that the Enforcement Directorate has summoned Subhash Chandra on March 18 to make a statement on the information which is already available with them,” the Zee group said in a statement.

The statement further said Chandra will certainly be present to make the statement and will be more than happy to extend any support or cooperation requested by the ED.

“However, the group wishes to clarify that most of the credit facilities were availed of by its infrastructure business and there is no debt on ZEEL, ZMCL, etc,” it said.

Source Article

Lois C. Ferrara

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