Ultra Rex and the Bankruptcy Court

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Ultra Rex defaulted on the loan. This essentially meant Shirdpur couldn't return the money to the banks either. Now, Ultra Rex had other creditors that had lent it money. One of these creditors was a company called EK Mart. It wanted to recover its 50 crore rupees from Ultra Rex. At this point, Shirdpur should have put its hands up and said 'I owe you some money too' But they chose not to do so which means bankruptcy court will liquidate Ultra Rex's assets in order to get their money back. We told you things for getting weird but now we tell you what really happened here.

Subhash Chandra Goenka is many things.

He’s a media mogul who set up Zee — India’s first private TV channel in 1992. He was a Member of Parliament who dipped his toes in the world of politics. He is a philanthropist who helps the less fortunate.

But now…he’s also allegedly a fraudster!

At least that’s what the Securities and Exchange Board of India (SEBI) thinks.

So, what damning evidence have they found to support their claim? In today’s episode for 16th June 2023, we dive into what they’ve revealed in their interim order.

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