The corporate office of Essel Group at Lower Parel in Bombay has been put up for sale, with seven floors at Marathon Futurex, owned by one of the group companies, set to go under the hammer due to unpaid debts of more than Rs. 696 crore. The reserve price is Rs. 650 crore.
According to lender LIC Housing Finance Limited, it has taken symbolic possession of the premises. “…under Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Security Interest (Enforcement) Rules, 2022 had issued demand notice to the borrowers/mortgagors/guarantors calling upon them to repay the outstanding due amount…” reads the auction sale notice issued by the non-banking finance company. The demand notice was issued in January 2024, seeking repayment of Rs. 507.25 crore along with further interest, costs and expenses.
However, the companies — Digital Subscriber Management and Consultancy Services Pvt. Ltd. and Sprit Infrapower and Multiventures — failed to repay the dues, leading LIC Housing Finance to take symbolic possession of the property. Both companies are subsidiaries of the Essel Group, founded by media mogul Subhash Chandra. The symbolic possession was taken on March 9 this year.
The seven floors (from 14th to 20th) at Marathon Futurex, admeasuring a total carpet area of 1,45,060 sq. ft., will be auctioned on May 26.
Digital Subscriber Management and Consultancy Services, which is engaged in leasing properties and providing management consultancy services, had purchased the commercial property in Marathon Futurex and subsequently leased it to Zee Entertainment Enterprises Ltd., the flagship company of Essel Group, on a leave-and-licence basis.