The long-rumored differences between Zee Network founder Dr. Subhash Chandra and Reliance Industries chairman Mukesh Ambani appear to have moved into the public domain, with Chandra making a series of serious allegations against Ambani and his media interests.
In a recent video message shared through Zee News, Dr. Subhash Chandra accused Network18 and CNBC, which are associated with Mukesh Ambani’s business group, of publishing what he described as misleading information about him and his financial affairs.
Chandra Objects to ₹22,000 Crore Debt Claims
One of the key issues raised by Chandra was a report concerning an alleged ₹22,000 crore debt. Chandra claimed that incorrect information was being circulated about him and strongly objected to the way the matter was being presented in the media.
According to Chandra, he attempted to contact Mukesh Ambani directly. When he did not receive a response to his phone call, he said he decided to write a letter to him.
Chandra appealed to Ambani to stop what he described as a media campaign against him.
“Please ask your people to stop this,” Chandra said, while referring to Mukesh Ambani’s media operations.
‘Your Father Was a Balanced Person,’ Chandra Says
In his message, Chandra also referred to the late industrialist Dhirubhai Ambani, saying that he had learned several things from him.
He contrasted Dhirubhai Ambani’s approach with what he believes is happening today and warned Mukesh Ambani that continuing such a confrontation could eventually have consequences for both sides.
Chandra said that he had “nothing left to lose,” while suggesting that Ambani had considerably more at stake.
Allegations Over Zee’s Share Price
Chandra also made allegations regarding the fall in Zee’s share price. Referring to the period when Zee faced financial difficulties, he alleged that people associated with Ambani had played a role in the sharp decline in the company’s stock.
He specifically referred to January 2019, when Zee shares witnessed a major fall, and alleged that approximately 40% of the company’s share value was wiped out in a single day.
Chandra further claimed that large numbers of companies were being used as fronts for stock-market operations. These are allegations made by Chandra, and they have not been independently established in the material cited in his statement.
‘I Will Defend Myself’
Chandra acknowledged that his decision to publicly speak about one of India’s most powerful corporate figures could attract criticism.
He said some people might question why he had chosen to make such statements publicly, while others might support or criticize him.
However, Chandra made it clear that he intended to defend himself if what he described as continued attempts to damage his reputation did not stop.
He also issued a strong warning to Ambani, suggesting that the business world contains information and controversies that could eventually come back to hurt those involved.
A Public Face-Off Between Two Corporate Names
The comments mark an unusually direct public confrontation involving two prominent names from India’s corporate and media landscape.
Dr. Subhash Chandra built the Essel Group and Zee into major players in Indian media and entertainment, while Mukesh Ambani has expanded Reliance into telecommunications, digital services, retail and media.
Chandra’s latest remarks have therefore attracted attention not only because of the allegations themselves but also because of the stature of the two businessmen involved.
At present, the claims made by Chandra should be viewed as allegations unless independently verified. Any response from Mukesh Ambani, Reliance Industries, Network18 or CNBC regarding these allegations would provide further context to the dispute.