Axis Bank ex-chairman Nayak to mediate Essel Group stake sale
The Essel Group and lenders have decided to get in former Axis Bank chairman PJ Nayak to mediate stake sale as part of efforts to reduce debt, sources told CNBC-TV18.
The idea is that Nayak would give some comfort to both lenders and mutual funds because he is a man of reputation and a banking industry veteran. However, the question now is whether the obligations the Essel Group has to various stake holders will be honoured.
According to sources, while the talks continue for potential buyers for Zee Group promoter holding, they haven’t yet fructified to anything conclusive. There is still ambiguity on when the efforts to pay back debt and lenders will result in something positive.
First Published: Jun 10, 2019 2:40 PM IST
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