Essel group owes mutual funds (MFs) over ₹7,000 crore. The MFs had invested in papers issued by Essel group firms, which were backed by shares pledged by the promoters. The stake sale process is well within the purview of the September 2019 deadline. Nayak, former chairman and CEO of Axis Bank, as a mediator for talks with Essel group. Essel group recently sold two transmission assets owned by Essel Infraprojects Ltd—Darbhanga-Motihari Transmission Co. Ltd and NRSS XXXI (B) Transmission Ltd—to a fund managed by Edelweiss.

Source: Mint June 10, 2019 18:22 UTC