Zee shares fall as CBI accuses Subhash Chandra over ₹1,322cr
Zee Entertainment's shares slid over 6% on Monday, landing at ₹85.78, after the CBI filed a case against promoter Subhash Chandra.
He's accused of using inflated net-worth certificates to get loans worth more than ₹1,322 crore from LIC Housing Finance Ltd, allegedly without actually having the assets to back them up.
LIC Housing Finance alleges ₹1,077.75cr unpaid
LIC Housing Finance claims loans given to four Chandra-linked companies in 2018 later defaulted, leaving ₹1,077.75 crore unpaid.
Chandra insists his net worth was miscalculated and that his net worth in 2024 was ₹31.79 crore and had not exceeded ₹40,000 crore even in 2017-18.
He also denied having the net worth stated in the certificates during personal insolvency proceedings as the CBI investigates charges of conspiracy and cheating.