Zee Group Says Loan From Yes Bank Secured As Enforcement Directorate Summons Subhash Chandra

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

The group in a statement also confirmed the Enforcement Directorate summons 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 managing director 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, Dewan Housing Financial Corporation Ltd., 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.

―Bloomberg Quint