Jawahar Goel offers Dish TV shares to save Essel Group’s Subhash Chandra

Subhash Chandra of Essel Group (Image: Reuters)

Jawahar Goel, Managing Director and promoter of Dish TV India Ltd, has offered a sizable part of his shares in Dish TV as security for the credit facilities availed by his brother Subhash Chandra.

Jawahar Goel, who is the brother of Essel Group promoter Subhash Chandra, now owns 30.37 percent shares in DTH entertainment service provider Dish TV, reported CNBC-TV18.

Subhash Chandra Group’s official spokesperson Ronak Jatwala said: “The Group has also thanked Jawahar Goel for extending support in the form of a substantial portion of his equity in Dish TV as security for the credit facilities availed by the Subhash Chandra Group.”

The statement issued by Jatwala added: “The group is confident and fully committed to returning the mentioned security cover back to Jawahar Goel and his family. 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 also denied all rumours concerning the shares being released from lenders at low rates and being sold to third-party investors.

It read: "These speculations are absolutely baseless and incorrect, and the group has no such intentions whatsoever."

Subhash Chandra, who has been selling assets to pay off debt, had in 2019, sold off most of their stake in Zee Entertainment Enterprises Ltd, which is the country’s largest publicly traded TV network.