Congress calls Subhash Chandra's 99.97% debt settlement a 'mundan'
Congress leader Jairam Ramesh has responded to the NCLT allowing Zee founder Subhash Chandra to settle debts of ₹22,000 crore—a figure Chandra contests—by paying only ₹6.5 crore. This amounts to a 99.97% reduction, or 'haircut.' Ramesh clarified the financial term, stating, "This isn't just a haircut. It's actually a 'mundan' (tonsure)." He further remarked that the decision makes a complete mockery of the Insolvency Code.
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