New Delhi, Aug. 28 -- Mukesh Ambani-led Reliance Group on Friday rejected allegations made by Essel Group chairman Subhash Chandra against Reliance's media businesses, amid a controversy surrounding Chandra's personal insolvency proceedings and reports that creditors could face a 99.97% haircut on claims exceeding Rs.22,000 crore.

In a statement, Reliance Group expressed its disappointment over Chandra's comments and described the allegations as "baseless".

"We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group. Our media brands have never been used to attack anyone, nor will they ever be. We hold Shri Subhash Chandra in high regard as a businessman and entrepreneur. We wish h...