Yes Banking crisis: Subhash Chandra appears before ED for questioning | Latest India News
The companies belonging to the Essel group of Subhash Chandra are among those that have bad debts with Yes Bank. He was subpoenaed on March 18 but requested a waiver.
Subhash Chandra of the Essel group, who was summoned by the Directorate of Enforcement (ED) as part of the ongoing investigation into the Yes Bank case, appeared before the agency on Saturday.
The ED investigated the circumstances under which the loans were made to the company since some of the debts were under strain.
The bank’s exposure is to the most distressed companies operating in sectors such as travel, infrastructure, real estate and the financial sector. Sources said the companies have been called in to join the investigation.
The companies belonging to the Essel group of Subhash Chandra are among those that have bad debts with Yes Bank.
Expanding its investigation into the current crisis to Yes Bank, the ED summoned Kapil Wadhawan of Dewan Housing Finance Limited (DHFL); Naresh Goyal of Jet Airways; Subhash Chandra of Essel Group and Gautam Thapar of Avantha Realty in the money laundering case against Yes Bank.
“I was invited by the ED to make a statement on the information that is already available with them. I will be more than happy to be personally present at their office, honoring their request, in order to extend all the cooperation required, ”Chandra tweeted on March 20.
“The Essel group has never carried out transactions with Mr. Rana Kapoor or his family or elsewhere with private entities controlled by them,” he added.
“Dr. Chandra will certainly be present to make the statement and will be more than happy to provide any support or cooperation requested by ED. The group wishes to clarify that most of the credit facilities have been used for its infrastructure activities and that ‘there is no debt on ZEEL, ZMCL, etc..
Finance Minister Nirmala Sitharaman told a press conference on March 6 that Anil Ambani, Essel, ILFS, DHFL and Vodafone were among the stressed companies Yes Bank was exposed to.