Vallabh Bhansali commends Subhash Chandra on his humility to admit his errors openly

Following Dr Subhash Chandra’s second Open Letter, wherein the media moghul talked about settling over 91% debt and also revealed details pertaining to his next entrepreneurial venture, the industry has been commenting on the letter.

Praising Chandra as a “visionary businessman”, Vallabh Bhansali, Co-Founder and Chairman, ENAM, was one of the first to comment on Chandra’s letter. Bhansali said, “In nearly forty years of my friendship with Subhash ji, he always made me feel proud. I must say that his achievements as a visionary businessman pales before his act of honour to sacrifice all he built for the sake of it. So also his humility to admit his errors openly. In fifty years of my business career, I can’t think of a parallel.”

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In his Open Letter, Chandra shared the details of the debt resolution process and the steps taken to pay off the lenders. He revealed that over 91% of the debt has been settled to 43 lenders, and the remaining dues are in the process of being paid.

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Sharing the key points pertaining to the debt resolution, Chandra said, “I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. 88.3% amount has been paid, while the remaining 2.9% is in the process of being paid. We are making all the required efforts to settle the remaining 8.8% of our total debt. I have no regrets for parting with a substantial ownership in the business and especially in the ‘jewels of the crown’. This was done to keep the family’s honour.”

In this letter, Chandra also unveiled his plans to set up a venture in the video space in the digital ecosystem. Giving a glimpse into his new entrepreneurial venture, Chandra shared, “I have earned a fair experience in the video business; hence, I am exploring new ways/ business opportunities in the “video in digital space” as well as AI/ML (Artificial Intelligence & Machine Learning) in the video space, without getting into any conflicts with ZEEL, in any manner. I will provide the specifics very soon and you all will witness the initial phase of launch, of a yet another pioneering venture.”