India’s home grown media tycoon Subhash Chandra, who started the iconic media company Zee group (now managed independently by son Punit Goenka under guidance of new investors), on Thursday clarified that he was not a promoter of country’s first DTH company, Dish TV, and some shares of the satellite service pledged against loans taken by his group, The Subhash Chandra Group, would be returned in due course of time.
“The Group is also extremely thankful to Jawahar Goel, Promoter & Managing Director of Dish TV India Ltd,” who has extended support, in the form of a substantial portion of his equity in the mentioned listed entity (Dish TV), as security for the credit facilities availed by Subhash Chandra Group, a statement issued by the Subhash Chandra’s office said yesterday.
Pointing out that The SC Group was confident and fully committed to return the mentioned security cover back to Goel and his family, the statement further added: “The (Subhash Chandra) Group also wishes to deny all the speculations and rumours, pertaining to the shares being released from the lenders at a lower price and sold to third party investors at higher price points. These speculations are absolutely baseless and incorrect, and the Group has no such intentions whatsoever.”
Incidentally, Jawahar Goel is one of the younger brothers of Chandra.
“The Group is confident and fully committed to return the mentioned security cover back to Shri. Jawahar Goel and his family. The Group also wishes to iterate that Shri. Jawahar Goel, as the rightful owner of the equity stake in Dish TV India Ltd., had only stepped forward to offer support, and has no financial stress whatsoever in his personal capacity,” the statement added.
The Chandra group statement went on to wish Goel all the “success in his planned business operations” for Dish TV as the initiatives were “aimed towards creating value for its esteemed shareholders”.