Subhash Chandra Chairman of Essel group of companies on Thursday said that shares pledged by Jawahar Goel will be returned soon.

Jawahar Goel, Promoter & Managing Director of Dish TV India Ltd. had offered a substantial portion of his equity in Dish TV  as security for the credit facilities availed by Essel Group.

"The Group is also extremely thankful to Jawahar Goel, Promoter & Managing Director of Dish TV India Ltd. Goel has extended support, in the form of a substantial portion of his equity in the mentioned listed entity, as security for the credit facilities availed by Subhash Chandra Group. The Group is confident and fully committed to return the mentioned security cover back to  Jawahar Goel and his family," said a statement from Subhash Chandra's office without adding a timeline to when the shares will be returned.

"The Group also wishes to iterate that 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

Chandra's Essel group has been under financial stress over the past couple of years. The company has done asset sales across multiple group entities to reduce overall debt. In November, it sold off two road assets — Essel Devanahalli Tollway and Essel Dichpally Tollway — to the National Investment and Infrastructure Fund (NIIF) for about Rs 2,000 crore.

 The deal also marked a reduction in the debt of Essel Group by around ₹3,000 crore. In October 2019, Essel had debt of ₹7,000 crore.

"The Group has been consistently focused on its commitment towards its lenders and truly values the priceless support received during the turbulent phase, recognising their trust and belief. With their undeterred faith and support, the Group has successfully resolved majority of  the issues and is on a steady path to iron out the limited pending issues," it said.

 

 

 

Related Topics
comment COMMENT NOW