In a media statement issued on 28 August 2026, a Reliance spokesperson said the group 'strongly deny' the allegations and insinuations against its media entities, adding that its media brands have never been used to attack anyone and would not be used for such purposes. Reliance also said it holds Chandra in high regard as a businessman and entrepreneur and wished him well.

Chandra's remarks came against the backdrop of media coverage of his personal insolvency case. The Delhi bench of the NCLT recently approved a repayment plan under which Chandra is required to contribute around Rs 6.25 crore from his personal assets against admitted claims of about Rs 22,006 crore. The case stems from personal guarantees provided by Chandra for borrowings by companies linked to the Essel Group.

The NCLT settlement has drawn objections from lenders, including HDFC Bank and LIC Housing Finance, which are preparing to challenge the tribunal's decision. The lenders have raised concerns over the low recovery under the approved plan. However, reports have also noted that the Rs 22,006 crore represents claims arising from guarantees provided by Chandra and should not necessarily be interpreted as Rs 22,000 crore of personal borrowing by him.

Against this backdrop, Chandra has criticised coverage of the insolvency proceedings by media entities linked to Reliance. Reports said he accused Reliance-linked media, including TV18 and CNBC, of presenting what he described as a misleading narrative about his debt and the NCLT proceedings. He also revived allegations relating to events surrounding Zee's share price and an attempted acquisition involving investor Invesco in 2019. These allegations have been denied by Reliance.

The dispute adds another dimension to the ongoing scrutiny surrounding Chandra's insolvency case, which has attracted attention because of the size of the claims and the extent of the proposed recovery for creditors. Reliance, however, did not address the individual allegations in detail in its statement and limited its response to denying the claims concerning its media businesses.

On Friday, 28 August 2026, Zee Entertainment Enterprises fell 2.05% to settle at Rs 101.85 while Reliance Industries rose 0.37% to settle at Rs 1,287.