From the India Today archives (2016) | Subhash Chandra: The network czar

Subhash Chandra, a prominent Indian businessman and media mogul, faces a legal hurdle as the National Company Law Tribunal (NCLT) has stayed its earlier settlement order regarding his Rs 22,000 crore debt relief claim. The stay comes after a disagreement among tribunal members, prompting the matter to be referred back to the NCLT President. The President may either appoint a third member or decide independently to form a majority view. Chandra, who has built a vast empire spanning media, entertainment, and real estate, has long navigated complex legal and political landscapes. Chandra’s career has been marked by both triumphs and setbacks. As a serial entrepreneur, he has ventured into diverse sectors including rice exporting, packaging, entertainment, and media. He founded Esselworld, India’s first privately-owned entertainment hub, and was once a partner with Rupert Murdoch. However, his ventures have not always been smooth sailing. One notable misstep was his attempt to promote the Indian Cricket League, which faced challenges and did not achieve the success he envisioned. Despite these hurdles, Chandra maintains a resilient outlook, often citing his personal growth through practices such as Vipassana meditation. In his memoir, The Z Factor: My Journey as the Wrong Man at the Right Time, Chandra recounts numerous encounters with influential figures, including Prime Ministers and self-proclaimed spiritual leaders. These interactions highlight his deep involvement in the media landscape and his unyielding pursuit of business opportunities. His experiences with high-profile individuals, such as Indira Gandhi and Dhirendra Brahmachari, reveal a life intertwined with politics and spirituality, often leading to complex relationships and conflicts. Chandra’s business acumen has also led to contentious situations. For instance, his decision to publish a story involving his friend Mukesh Patel resulted in strained relations with the Ambani family. Additionally, the 2012 FIR filed against Zee News by Naveen Jindal reportedly impacted his reputation. Chandra attributes this to an unjust act by the previous government and states that he supported Narendra Modi’s campaign for prime ministership as a response. Reflecting on past mistakes, he acknowledges that allowing people to take him for granted was a significant error, though he asserts that he would make the same choices again. The current legal challenge before the NCLT underscores the ongoing complexities surrounding Chandra’s financial dealings. The dispute over the Rs 22,000 crore debt relief has drawn attention due to its potential implications for Chandra’s business operations and the broader corporate environment. The tribunal’s decision will likely influence not only Chandra’s financial strategy but also set precedents for similar cases within the corporate sector. The situation highlights the intricate interplay between business, law, and politics in India. Chandra’s extensive network and influence have positioned him at the center of various controversies and alliances. His ability to navigate these dynamics reflects a blend of strategic thinking and personal resilience, traits that have defined his career trajectory. As the NCLT deliberates further, the outcome will provide clarity on the path forward for Chandra and potentially reshape the landscape of corporate governance in the country.