Zee group's Subhash Chandra gives personal guarantee to mutual funds

Lenders ink formal agreement giving them greater control over developments at Zee

Lenders have driven a hard bargain with Subhash Chandra, the Zee group chairman, asking him to provide a personal guarantee for payment obligations on an “irrevocable and unconditional” basis. 

The formal agreement inked between Zee and a committee of lenders (CoL) gives the latter more powers and greater control over the developments at the media major. The Zee group owes Rs 13,500 crore to lenders, whose exposure is secured by equity shares of listed firms that include Zee Entertainment and Dish TV.