1. This statement is rich coming from a guy whose promoter survives largely on foreign capital. Here is a takedown of Essel Group, of which Subhash Chandra, a Rajya Sabha MP is a promoter and who is the owner of Zee News too: 
2. In Zee Entertainment Limited, the FII/FPI holdings are 64.15% of the total equity. 568 Foreign Investors hold 2/3 ownership of the company. On the other hand, only 18 domestic mutual funds have invested and own 3.67% of equity.
3. Zee Ent. has only 3.99% equity held by the promoters. In 2018, it was 41.67%. The promoter divested much of his stake to foreign entities.
4. Essel Group, promoted by Subhash Chandra took a loan from Templeton MF, An international fund operating in India and defaulted to the tune of 616 crores. Most domestic investors were not repaid by Templeton as Essel defaulted.
5. Essel Group took a loan from Yes Bank and defaulted to the tune of 8400 Crores. Yes Bank shareholders and bond holders are going through losses since the default. The Enforcement Directorate summoned him too, but the case is in cold storage.
6. In Zee Media where Sudhir Chaudhury is the CEO and Editor, The promoter equity which was in 2018 stood at 69.11% has come down to 14.72% in March 2021 of which 99.38% is pledged as security for loans taken.
7. In Zee Media, Foreign Portfolio Investors own 4.78 Crore Shares and NRI's own 2.4 Crore shares. That is foreign control of an Indian Media Company.
8. Very recently, NIIF, a fund controlled by the Center, bought the road and infra assets from Essel for 2000 Crores. It is important that Essel is in good books of center to divest their infra assets.
Simply put, the Essel Group owned by Subhash Chandra is domiciled in India. But much of ownership and control is by foreign investors. Now, who is speaking on behalf of foreigners?
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