Popularity of JSPL MD Ravi Uppal traces its market cap, as employees hope for Naveen Jindal to play Santa Claus this Xmas

In a move that is being seen as a whimsical fit ever heard in Corporate India, JSPL MD Ravi Uppal is said to have shot off a mail cancelling leaves of all employees during Xmas and New Year. The man who old timers laughingly refer as the Jinxed MD whose entry has seen the biggest ever loss of face and value, the unpopularity of Ravi Uppal is said to have peaked amongst the workforce pegged at 20,000 employees going by the company’s website.

Interestingly, the blogger has  received over a dozen emails supposedly from employees of the company who were shell shocked to know about the cancellation of leave of all employees. A copy of the email has also been received by the blogger from atleast 3 different anonymous (and distinct) employees. The man whose tenure has brought an eclipse on the shining star of Indian Corporate world, yesterday JSPL stock closed slightly above the Rs. 13000 crore valuation mark, down by Rs 19000 crore from the time Ravi Uppal was handed over charge by the Steel Czar Naveen Jindal. Since then, the company which prospered under the luck and foresight of the Former Congress MP has bene mired in controversies.

“At times when a MD is supposed to lead by example and motivate employees, Uppal is doing exactly the opposite. Many of us were shocked to know how can a MD take such arbitrary decisions, which are illegal unless he compensates the employees who have planned their year end vacations”, a depressed employee wrote.

Another employee, apparently a lawyer from writing style says, “Consistency in words and actions is basic character and quality of a leader. If a senior official claims to be a professional manger having worked with MNCs, he needed to follow the MNC practices where no MD acts in such irresponsible and erractic manner”.

“Even if he compensates us from his salary or uses the company money to pay for cancelled ticket booking he cannot give me the time i have committed to my family months ago. With many crore worth salary he can afford financial loss from cancellation i cannot. Will he pay my tax liability if i donot utilize my LTA”, another staffer rues.

“My work is not related to the reason for arbitrary cancellation of leave but i am also being made scapegoat by this wrong decision taken by one man whose job is also to motivate us employees to work better. All professionals work for company and he shows he is only employee working in company interest. All people know the downfall of our company due to him. His track record is clear and any of his past employee can tell how he is expert in ruining great company like our”, an oldtimer went emotional.

“It is shocking that one day he sends a mail without permission from Chairman or GEC (Group Council). If he had mind and foresight, he should have written properly in advance. His mail proves why even brilliant men can make wrong decision by hiring a MD like Ravi Uppal”, the depressing string of mails continue.

“With his fear our boss also doesnt have guts to take up matter with him. When no boss is ready to stand for employee how will employee get assurance”.

While many mails had plethora of “adjectives” depicting the nature of Ravi Uppal and expanding the jinxed spell further, they have been edited to maintain decency. It is alarming even for the blogger to have become an agony aunt for the demoralized employees who are finding their department heads meekly surrendering to Ravi Uppal’s dictat. Some even plan to make a joint representation directly to Uppal’s boss and Chairman Naveen Jindal to take a final decision.

The wave of demoralization amongst JSPL employees signals the increased unrest of being led by a MD whose entry has seen the star performer becoming an avoidable stock at Dalal Street. It is extremely disheartening for the blogger to read mails of such nature where employees feel the need of an unrelated blogger to write a post for them rather than speaking out. More alarming is the lack of interest for any department or plant head to take up the issue head on (termed as spinlesslessness in one mail). If the blogger could be of any worth (by getting used) to send their message to their own MD (provided Ravi Uppal reads this piddly blog), and it ends up in making the workforce get their basic due, as a gesture of reciprocation the blogger will discontinue the duly deserved prefix “Jinxed” from all future mentions of Ravi Uppal on this blog. This is inspite of strong personal belief of the blogger that its high time that Naveen Jindal steps in by clipping wings of a man who has brought nothing but distress to the business empire curated by great precision and planning by the man who was 2 1/2 times richer before he shopped for a MD from L&T.

JSPL may revive Coal to Liquid Project.. As Naveen Jindal signals he not the “jinxed” MD Ravi Uppal will lead fresh charge during coal auctions..

In what may be a signal of cheer for investors, employees and associates of Jindal Steel and Power, the steel giants suave Chairman has indicated the revival of interest in a $10 Billion Coal-to-Liquid project in Odisha. A few weeks back, media quoted Naveen Jindal to have announced the shelving of the ambitious project, one of the two unique experiments planned under the UPA regime. The two projects – one by JSPL and the other by Tata Group – were under a question after a ministerial panel of UPA Government deallocated the coal blocks that were to feed the coal guzzlers to make Liquid fuels.

After meeting Odisha CM Navin Patnaik, Jindal also expressed his concern over the iron ore situation in the state where JSPL had set up a mega steel and power project. The ambitious greenfield venture was heard to be awaiting coal linkages and iron ore mining permission from the Odisha government. Naveen Jindal leading the charge, subtly indicated that he was on top of the forthcoming coal auctions. Sources indicate that Jindal has already crafted a meticulous plan for capitalizing on the forthcoming coal auctions early next year. Sources also indicated that the cash requirements for additional levy of around Rs. 3000 crore and the war chest to bag the coal blocks is ready with Jindal, as many bankers are ready to lend based on the past performance of the company.

The company’s downtrend started around 2 years back when Jindal handed over the reins to the current MD Ravi Uppal. The stocks of the company have fallen by over 60% since Uppal became the MD of the once star performer. Many well wishers of JSPL and Naveen Jindal are seeing the increased involvement and greater interest of Naveen Jindal in JSPL as a positive signal for revival of the fortunes of the once star performer that dwindled under Ravi Uppal’s induction as MD. Many oldtimers laughingly term Uppal as the “jinxed MD” who came as a bad omen overshadowing the luck, fortune and foresight of Naveen Jindal.

With Naveen Jindal finally giving the first signal of having taken the strategic decisions of JSPL under his control, it marks the revival of the fortune of the steelmaker. The only question that remains to be seen is how long the hangover of Ravi Uppal delays the turnaround of the firm.

Subrata Roy set to make a pre-Xmas bid for freedom from Tihar.. Can he muster the moolah after 9 months of confinement

Maverick Billionaire Subrata Roy, soon after selling a prime Gurgaon property for Rs 1200 crore, is said to be preparing for another bid for his release from Tihar, after spending a long 9 months plus at the Asia’s largest prison complex.

According to a legal eagle, the bid is likely to be made by early next week. Market rumors though indicate that selling the global iconic hotels is still far away for the man who once lived an Emperor size lifestyle. Though rumors of selling Sahara Star at Mumbai, a stone throw from airport, were also heard, reliable sources deny any such plan for now. The group which claims asset value in lakhs of crores is struggling hard to generate Rs 5000 crore in cash and an equal amount in bank guarantees for past 9 months.

Subrata Roy is heard to have lost around 7 kg weight since his entry to Tihar, and is heard to be spending a lot of time in spiritually oriented activities. SEBI meanwhile appears to have made no major headway to be able to prove the theory of fictitious investors which may be a point in favor of Subrata Roy, when his next bid for release comes up in court soon.

“Unhit by Odisha mining issues” Ravi Uppal led JSPL to “bid in coal auction”… As JSPL stock slides below Rs. 150 levels yet again

The stock that once used to be a darling of Indian bourses has been buckling under the pressures and vagaries of ore uncertainities. After a bullish run last week, the stock of JSPL fell below the Rs. 150 mark – a level that was being speculated by market insiders days before the Supreme Court ruling on coal blocks when the scrip was inching towards the Rs. 300 mark.

One of the primary pressures being foreseen by the market is the forthcoming penalty which needs to be cleared before December 31st. Market sources are pegging this penalty around Rs 3000 crore plus, though no official figures have been stated by either the courts, government or the company itself. Barely a few weeks before the SC judgment, JSPL MD Ravi Uppal had confidently claimed of all issues related to ores getting sorted soon. Though his claims went haywire yet again, similar to his prediction on the Odisha Iron Ore Mining issues. Hilariously, Ravi Uppal days before the Odisha Mining Ban had declared publically that the company was unlikely to be hit by Odisha Mining issues.

It is ironical that the company is stated to have invested over Rs. 25000 crore in setting up power and steel greenfield ventures in Odisha, which once fully operational needs mammoth quantities of coal and iron ore. Around the days when Ravi Uppal was tipped to join JSPL as MD, the market value of JSPL was ranging close to Rs. 32000 crore. Today the value of JSPL is close to Rs. 13600 – 13700 crore mark. The debt of the once star performer has more than doubled since Uppal joined and may go up if the company raises more funds for bagging coal blocks in the forthcoming auctions. Revenue has remained at same level due to under-harnessing of ready-to-produce facilities.

Market sources indicate that sailing through the auctions and re-gaining control of same blocks is not an easy task as 4 large corporates with deep pockets are eyeing the same mines. An industry observer, known for economic forecasts, feels that the current state was not even remotely imaginable till 2012 (pre-Ravi Uppal days). To which a JSPL old timer gives all credit to the jinx of Ravi Uppal, coming as a bad omen for India’s most suave politico-cum-business baron Naveen Jindal.

The benefit of doubt for whether it was JSPL’s destiny or the jinx of Ravi Uppal that has brought the wonder firm to todays situation will get cleared by end of this fiscal when the hammer decides the auction winners. By which time Ravi Uppal’s prediction of “JSPL unlikely to be hit by Odisha mining issues” will also knock his doors. With a Rs. 3000 crore plus outflow pegged to hit the books in next 3 weeks, and a further levy on 6 months mining produce on the cards, JSPLs bidding strategy has already become a point of debate in war rooms of a few rivals eyeing the mines that once reaped black diamonds as a result of Naveen Jindal’s luck and foresight.

Jindal Steel reports yet another fall in profits under Ravi Uppal, as buzz of a new CEO gains ground

The once flourishing steelmaker Jindal Steel and Power has reported yet another fall in net profits after Ravi Uppal took over as MD & CEO of the Naveen Jindal Group flagship firm. Announcing the results for July – September 2014, the company reported a 12% fall in net profits as compared to same quarter of previous fiscal. The company which had an unblemished track record prior to the day Ravi Uppal took over as MD, a few more significant blows came on its long term ore security plans.

India’s federal police CBI registered a FIR against JSPL on a matter related to its oldest coal mine Gare Palma IV/1. The mine is anyways covered under SC order and is available to JSPL for little more than 4 1/2 months. Another inquiry has been launched into an iron ore mine JSPL wanted to develop in Jharkhand. Rubbing salt on open wounds, the government has so far refused to agree to the plea of a section of coal miners to give them a Right of First Refusal in forthcoming auctions.

Undertsanding the tough challenges ahead and a top-level leadership exodus after Ravi Uppal joining as MD, the market is abuzz with rumors that a new CEO of Steel business replacing industry veteran VR Sharma would take charge in a few weeks. A top management level headhunting firm is said to be on the lookout for the right candidate to lead JSPLs Power business.

Coal and Iron Ore security were the biggest assets  of JSPL before pre-Uppal era. A lot has changed for JSPL and Naveen Jindal over the past 2 years. The Congressman no longer has a seat in Lok Sabha, and the mines allotted to his companies for captive use are slowly slipping out of their hands. Market buzz also points that the investigations by CBI and ED are proceeding fast and some more uncomfortable news is likely to hit by end of November.

A steel industry veteran who has never worked for JSPL feels that the appointment of Ravi Uppal is one of the very few wrong decisions taken by Naveen Jindal. “Reversing the fallout may take another 8 years, like the time taken by a young Naveen Jindal to build an enviable business empire to prove his mettle”, he added. But the biggest question that bothers oldtimers is the longivity of the jinxed spell of Ravi Uppal which has already doubled the debt burden of the company, without any noticeable increase in revenues and continued falling of net profits.

Time to bottom fish JSPL stock coming, as Naveen Jindal set to return to take full charge of Steelmakers future

The JSPL stock has taken a beating over last 7 odd weeks, with the scrip falling from whereabouts of Rs 300 to sub-150 as the stockmarkets stopped trading on fridays close. With the news of a new CBI FIR hitting the media on a sunday, the JSPL stock is expected to crash further as the markets go live tomorrow morning. The next few days could well see the bottom-most of JSPL stock in this decade, though the offtake and advantages of this captive mine have already been accounted for by the markets after the Supreme Court judgment in late september.

Market watchers indicate that the pitstop for the JSPL stock may well be Rs. 105 – 110 levels, where its market capitalization would hover around the Rs. 10,000 crore mark. A mark that differentiates the big boys of Indian corporates from the not-so-big ones. Incidentally, the Rs. 10,000 crore market cap also ensures that the JSPL scrip on a stand alone basis ensures the Billionaire tag for Naveen Jindal.

Sources also indicate that after a pensive solace of over 2 hours, Naveen Jindal may have decided to jump into the rink on his own and take complete control of his business empire with little political duties left in the coming 4 years. The full time return of Naveen Jindal to steer JSPL out of the current crisis may itself be seen as a positive indicator by the market and has the potent to hold any further fall below Rs 125 levels. It is also being touted that over the past two months, Naveen Jindal has cherry picked a team to lead his group in executing the resurgence plan he is expected to unviel within a month. The resurgence plan of JSPL is said to be undergoing the final touches and none other than Naveen Jindal will be the Curator-in-Chief of the turnaround strategy to take Jindal Steel and Power back to valuation levels of Rs. 50,000 crore it saw in its days of glory.

A new FIR filed by CBI against Naveen Jindal’s JSPL, as Subhash Chandra claims Zee Magic behind the new blow

India’s federal police, CBI has filed yet another FIR against Naveen Jindal promoted JSPL. The news came moments before the election commission declared that Naveen Jindal’s mother and sitting MLA lost the battle of Hisar to Subhash Chandra backed Kamal Gupta of BJP. Ironically the announcment came on a sunday and news reports indicate that CBI is conducting searches at Jindal’s steel manufacturing unit in Chattisgarh.

Meanwhile Subhash Chandra camp has started claiming their hand behind the FIR, citing that its their series of exposes of alleged irregularities that left the Caged Parrots – CBI, with no choice than to file charges of wrongdoing against the Jindal promoted company. Jindal Steel ironically issued a statement claiming that the company has adhered to the “legal framework”, and it complies with “letter and spirit” of the law.

The core point to be noted here is the procedure followed by the CBI in registering a FIR. As per the CBI manual, it is necessary for the agency to conduct a prelinimary enquiry before arriving at the FIR stage. In this case too, CBI could not have registered a FIR without a thorough PE, which also entails seeking information and clarifications from the accused parties. As per news reports, the PE in this case was filed over 2 years back, in September 2012. By stating adherence to legal framework and complying with letter and spirit of the law, Jindal Steel has in effect indicated that their clarifications have had no meat in eyes of the CBI sleuths handling the case.

The new FIR comes as another big blow to the business empire of Naveen Jindal, already embroiled in multiple cases. However, as Naveen Jindal was engaged in his parliamentary duties for a decade, the onus of indulging in alleged criminalities will come upon the management led by Ravi Uppal. It is not clear if Ravi Uppal has been named as an accused in the FIR as he was dutibound to ensure adherence to the legal framework of coal mining, as well as adhering to the “letter” of the law, if not the spirit. Chances of a rigorous round of grilling cannot be ruled out. Recently, the second topmost layer of JSPL management is said to have resigned in a matter of few weeks. Insiders indicate a rising resentment of staffers against the MD Ravi Uppal, with most awaiting Naveen Jindal to take a call on the “jinxed” MDs future. It now remains a matter of academic interest whether it is Jindal or CBI which takes the first call.

 

Riding on Modi Wave, Subhash Chandra claims victory over Naveen Jindal in Battle of Hisar Assembly..

It would have been one of the toughest nights and an even tougher morning for two best known faces of Hisar, as the results of Proxy elections between Savitri Jindal and BJP’s Kamal Gupta were due today. Many extra stubs of Bidis were blown by Subhash Chandra’s ageing lungs, as many glasses of Naveen Jindal’s freshly squeezed juice turned bitter waiting to be sipped.

The war between Subhash Chandra and Naveen Jindal has completed the 2nd most important lap in 2014, where the media baron has yet again scored over the Steel King. The results of the Hisar assembly elections are out and India’s richest woman Savitri Jindal has not been able to score a hat trick tracing the same path as Naveen Jindal did 5 months and 3 days ago. The matriarch of the Jindal Clan finished second with a negligible difference of 175 odd votes over the No.3 candidate, as against Naveen Jindal who came third in the Lok Sabha elections at Kurukshetra.

The Hisar Assembly results virtually mean loss of political power for the Jindal family for the next 4 1/2 years, when the next window opens for Naveen Jindal in 2019 general elections. Sources close to Subhash Chandra however claim that the Jindal scion may not remain eligible to fight elections as the Coalgate Chargesheet and a speedy trial may disqualify the two time MP and erstwhile Coal Baron. Interestingly, Subhash Chandra has been claiming a moral victory, despite the fact that the BJP candidate won solely riding on the Modi wave.

Minutes before the news of Savitri Jindal’s defeat was out formally, CBI registered another FIR against Naveen Jindal’s JSPL in the Coal Block Allocation Scam. The timing of registering the FIR and conducting raids at JSPL factory in Raigarh on the day of Haryana election results may not be co-incidental. The new chargesheet may well be an indicator of the reducing political influence on Naveen Jindal, in anticipation of an overwhelming defeat of Congress.

The loss of Savitri Jindal in Haryana may end up as a good news for Jindal’s business empire, as Naveen Jindal would be devoting more time to his business interests which have seen a massive erosion over the last two years when the reins were handed over to MD Ravi Uppal. Jindal spending more time to rejuvenate his business empire may well catalyze the return of days of glory the Steel and Power behemoth once saw in the pre-Uppal era. While for the political affiliates of Naveen Jindal the loss of Hisar is a deathblow, for the business prospects of the Group the writing is clear on the wall, “a turnaround is on the cards with the return of the never-say-die Naveen Jindal”.

Grand Finale of Wars of Hissar this Sunday. Can Subhash Chandra beat the might of Naveen Jindal to prove his mettle…

There have been many elections over the past one year, but the dramatics during the elections of Hissar Legislative Assembly by far outweighs all of them combined. The only election which saw poll wars of this scale was the Battle of Benaras where Narendra Modi virtually wiped off the political futures of Arvind Kejriwal and Aam Aadmi Party.

Continuing their series of battles, the two most famous sons of Hissar took each other head on yet again. Subhash Chandra after being denied a BJP ticket decided to camp at Hissar to ensure that he irks Naveen Jindal whose mother and 2-time sitting MLA was looking at a hat-trick. A hat-trick which in todays date means much more to Naveen Jindal, than his own bid to come back to the parliament for the third time in May 2014. Subhash Chandra sharing the dais with PM Narendra Modi at a BJP rally was a subdued man as compared to his direct attack on Jindal clan on other stages. This also marked a head-on battle between Chandra and all the 4 Jindal brothers including Naveen Jindal’s elder bro’s Prithviraj, Sajjan and Rattan. So far Chandra’s attack has been focussed on Naveen Jindal, and neither have other 3 Jindal Bro’s spoken openly against Subhash. On the contrary, it has been rumored that the elder brothers never wanted Naveen Jindal to take on a fight with Subhash Chandra. It is heard that so far Naveen Jindal has kept away from attacking the business empires of Chandra’s siblings, that were demarcated soon after the media baron was named as an accused in a FIR alleging extortion.

Chandra’s growing proximity to the powers that be at BJP are understood to be a cause of concern. So much so that sources close to Zee camp have been emphatically claiming that Naveen Jindal had offered a compromise formula a few months back. Subhash Chandra on the other hand is said to have been adament of shaking hands with his country cousin from Hissar, in the bargain antagonizing a powerful mediator who facilitated a dialogue between the two. Independent Industry Observers also second the theory that the Jindal scion had offered to end the war in July and that Chandra even refused to consider.

The over 2 year old rivalry that started soonafter Ravi Uppal took over as JSPL MD is at its peak. While Jindal won the first round, the second round which started in 2014 has seen Subhash Chandra emerging as the clear winner. Now all is up to the results of the Hissar elections to decide whether Chandra has been able to make a dent in Jindal Clans popularity in their Homeground. A fact that would be clear by sunday noon.

If Chandra is able to score over Jindal and ensure a win for the little known BJP candidate, it will be a coup of his lifetime. On the other hand, it would effectively mean political exile of 4 1/2 years for the Jindal family after 2 1/2 decades. So far, the contest is said to be close. The final winner may be decided in a matter of few hundred or thousand votes. Unless Chandra is able to lobby hard to get EC order a re-polling in 4 booths where the voting percentage was above 90%, and are likely to go in favour of Congress candidate Savitri Jindal or INLDs Sardana.

Sunday, it is when two of Indias richest industrialists will be munching their nails over breakfast till lunch. And so will be their trusted aides given charge of their armies and foot soldiers over the past one month. As the biggest battle the city has seen after Mughal Emperor Humayun defeated Sher Shah Suri will get decided by the time Chandra lights a bidi and Jindal takes a sip of freshly squeezed juice by 2 pm on October the 19th 2014.

In a matter of 7 weeks, Subhash Chandra’s Zee gains Rs. 22 while Naveen Jindal’s JSPL slips by Rs. 150 to halve its market value

Around 7 weeks ago, during the market hours both Jindal Steel and Power as well as Zee Entertainment were fighting the market dynamics to brush past the Rs 300 mark. Both missed it by a whisker. Jindal Steel by a mere 40 paise and Zee by a measely 20 paise. The complexion of the stocks has changed drastically since then, as far as Jindal Steel is concerned. In the market closing on friday, Naveen Jindal promoted JSPL closed around Rs. 148 levels, loosing half of its value from Rs. 300 levels; while Subhash Chandra promoted Zee Entertainment stood firm at Rs. 322 gaining a reasonable sub-8% over the same period.

In seperate posts previously, the blogger had written about a market insiders view 5 weeks ago that the JSPL stock is likely to move towards Rs 150 level. That time JSPL scrip was hovering around Rs. 225 levels, and had already lost Rs 75 in 2-3 weeks. The market source is now indicating a further downward trend to inch closer to the double digit mark, which will take the market capitalization of JSPL below the Rs. 10,000 crore level. The company was valued at Rs. 13550 crore at close of stock markets on friday.

Subhash Chandra’s Zee Entertainment was valued at over Rs. 33000 crore on the same evening.

Zee sources indicate that there may be some more exposes on the business empire of Naveen Jindal in the coming days, and may see a further erosion in Naveen Jindal’s wealth. Zee v/s Jindal battles in 2014 have largely resulted in victories of Subhash Chandra on almost every occasion. A trend Naveen Jindal can beat any day, and is long overdue from a man of his calibre. Oldtimers indicate that the new business strategy Naveen Jindal is working upon will hold any further fall, and a reversal can be well expected in 18 months time frame to take the stock back to Rs. 400 levels, if the whiplash of Ravi Uppal’s jinx is ring-fenced from JSPL.  The company has lost over 55-60% of its market value after Uppal took over as the MD. At the same time, the debt levels of the company have virtually doubled. All this while revenues have remained stagnant, and the profits have been falling.

A section of Industry watchers see this as the promoter group giving a free hand to the management. A fence-sitter claims that any other Indian promoter driven group would have safeguarded their interests and business from the jinx of Ravi Uppal long ago. And its not too late, in view of the fence-sitter, as Uppal has brought the company to a level where Naveen Jindal may have no choice left than to come fulltime and take complete control of his Steel and Power empire. Very few deny the fact that its Naveen Jindal himself who can steer his Group back to the days of past glory, as JSPL stock currently hovers at levels of Rs. 150, last seen around 5 years ago.

Four Topmost Jindal Steel officials succumb to the Jinx of the MD, as Vedanta keeps away from Ravi Uppal

In what was being predicted for long, Naveen Jindal promoted Jindal Steel and Power (JSPL) is facing the biggest leadership vacuum in its history as a whiplash of appointment of a new Managing Director around 2 years back. Branded as the Jinxed MD by oldtimers, Ravi Uppal had joined Jindal Steel weeks before the Steel behemoth took on the power of media baron Subhash Chandra. The aftermath of Ravi Uppal is now the writing on the wall as 4 topmost officials of the group have quit over the past 2-3 months, as the former L&T headhoncho has finally found a firm grip over the operations of the firm.

According to JSPL insiders, the 4 topmost officials to quit are V.R. Sharma (a steel veteran, Jindal Power MD & former NTPC CMD R.S. Sharma, Hydropower Business Chief and former bureaucrat Jayant Kawale and Subrat Rath head of coal business. Sources close to JSPL claim that all 4 had serious issues with the leadership and functional style of Ravi Uppal and were finally left with no choice than to hang their boots for greener pastures.

In the meantime, it is rumoured that JSPL Chairman Naveen Jindal may start playing a bigger role in giving direction to rejuvenate the business after the recent aftermath of Supreme Court judgment, making the future business prospects of the steel giant look bleak. According to sources, Naveen Jindal may unleash his new vision and future path for the Group by mid-November and closely monitor the progress. A former insider hints that it was Naveen Jindal whose foresight took the company to great heights, and its just a matter of time that the man proves his calibre to the world yet again in the next 1-2 years.

Meanwhile, the buzz of Ravi Uppal joining Vedanta Group has also gone cold. Industry watchers claim that the role at Vedanta was too small for a man of Ravi Uppal’s stature. While his critics crack another joke claiming that it was a concious decision by Anil Aggarwal to keep away from the jinx of Ravi Uppal and safeguard his empire from going the JSPL way.

Subhash Chandra seeks Rs. 200 Crore aid through Bombay High Court, alleging it was Naveen Jindal who delivered a powerful punch on his nose..

The Zee – Jindal war continues as Zee owner Subhash Chandra is said to have filed a Rs 200 crore defamation suit against a NGO and Focus News at the Bombay High Court. Crying foul and witch-hunting for a Naveen Jindal link in sensational allegations made against Chandra family owned firm Essel Infrastructure Projects, the company has sought damages from the NGO and Focus News. Interestingly, former Union Minister Matang Sinh is also named as a defendant in the case in capacity of Chairman of the news channel, rumored to have been funded by Naveen Jindal.

The basis of arriving at the figure of Rs. 200 crore damages is not clear yet. Though it is said that a small time NGO from Bhopal conducted a press conference at Delhi to expose a Corporate – Media – Political nexus days before the General Election results. In the presser, the NGO accused Subhash Chandra firm for flouting the conditions under which 50 acres of land was given to them at subsidized rates in 2006. The NGO claimed that there has been no progress whatsoever on the project between 2006 to 2014 and demanded that the land be taken back from the firm. Documents exhibited on the website of Jan Adhikar Manch make allegations on Subhash Chandra’s firms seeking government investigation into the allegations.

A source from legal fraternity feels, “The onus to prove that Subhash Chandra owned firm suffered losses of Rs. 200 crore is on them. In general, small NGO’s are sitting ducks against large corporates and get pressurized when costly legal proceedings are initiated against them. Any court will examine the truth behind allegations before passing an order”. Another source points that Subhash Chandra’s own legal team has a fractured view on the merits of the suit filed by them. “Its personal. If Naveen Jindal is behind the calculated attack, so has Subhash Chandra been attacking Jindal Empire? Let one court decide all allegations and counter-allegations without making mockery of the system”.

The excerpts of the plaint viewed by the blogger show that the grounds of the case itself are weak and may have been thrown out if it was not the might of a media baron behind the filing. And linking Naveen Jindal directly to Focus News report or NGO is a mammoth task for Zee for the case to result in any favorable diktat for Subhash Chandra. If Chandra is able to solve the jigsaw connecting Jindal – Focus – NGO nexus, it will be a major victory for Zee camp. Initial indications from Zee camp reveals cluelessness about what transpired and how the dots connect with each other. That may be the reasons of a specialized firm to be given the task to solve the mystery, by hook or by crook.

BJP gives an embarrassing slap on Subhash Chandra’s face, for eyeing a MLA ticket to settle scores with Congress man Naveen Jindal

In a reversal of trend where Zee promoter Subhash Chandra has had an upper hand over his bête noire Naveen Jindal throughout 2014, the Media Baron has been shown his place by none other than BJP for trying to jump into electoral politics to settle personal scores with Billionaire Industrialist and Congress man Naveen Jindal. Subhash Chandra showing his typical false ego of a media baron had recently jumped into the queue to get a BJP ticket to fight sitting MLA and Naveen Jindal’s mother Savitri Jindal. Chandra was hopeful that a BJP ticket for fighting elections from Hissar would be a cakewalk, till he found his face smeared in cow dung.

Chandra who showed a brave face, stated that he would continue to support the BJP and their candidate from Hissar. However knowing the cunningness and guile of the ageing man, observers indicate that BJP may have made an enemy inside the party cadres. This however comes as a victory for Naveen Jindal without even a single bullet having been shot in this round of the Zee – Jindal Saga. For a year or so, Chandra camp has been firing all cylinders on the Jindal camp by meticulous planning and patience to shake the foundation of Naveen Jindal’s business empire and political career.

BJP rejecting Chandra’s bid for a ticket also comes a relief to Naveen Jindal, who has been under pressure from multiple fronts after loosing elections in May and his companies being hit badly by the SC views on coalgate. Jindal is also the Chairman of Publicity Committee for Congress in the forthcoming Haryana Assembly elections.

Sources indicate that BJP top brass was clear that a party ticket is not meant for settling personal scores, what Subhash Chandra was eyeing. Another informed person claims that Chandra faced tremendous resistance from the Aggarwal Clan of Hissar who do not want the influence of the community to be diluted in the Jat dominated state. Another unreliable source claims that Subhash Chandra ended up paying the price of taking on the mighty Anil Ambani recently by exposing the CBI Chiefs Residence Visitor Register. Whatever be the reason, the dreams of a dream merchant have been shattered prematurely. Does it mark the reversal of fortunes and paves way for Naveen Jindal to get even for the past losses?

More famous and infamous names of 2G, Coal and other scams set to tumble out as Ranjit Sinha’s meetings in and out of office under lens

Whether a CBI Chief can be friends with lobbyists like Deepak Talwar and alleged hawala operators like Moin Qureishi to host them frequently at his official residence is a question that doesn’t need a response from any quarter. Nor does a question whether a CBI Chief should be hosting meetings with elements like Tony Jesudasan or coal scam clouded Devendra Darda when the investigations are at crucial stages.

CBI Chiefs initial response that his “Personal life” cannot be probed has been shrugged by every listener. And for all the right reasons as by his own admission if CBI Chief knows and mixes with elements like Tony Jesudasan and Deepak Talwar, the whole process of investigations may need to be done from scratch.

The names which have tumbled out so far in a detailed story by Indian Express to give company to Anil Ambani Group executives may see many more additions as the recipients of the photocopy of the register start deciphering the names entered by security guards. If a source is to be believed, some of the names may come as a shock to many of us.

A Steel Baron (not Naveen Jindal) who was recently in news relating to a Bank Loan may also have been a visitor to the CBI House at 2 Janpath. Many other people, under various stages of investigation as reported in the media may also be noted in “Sinha Register”, reminding of the “Jain Diary” days. The Sinha Register is now under a thorough scrutiny and so are the vehicles who carried these “Guests” home.More skeletons may tumble out, before Narendra Modi takes the final call on the next 3 months of Sinha as the CBI Director. Sunday is going to be a crucial day for that decision.

While the rest of the allegations and names can continue being deciphered, the biggest concern Narendra Modi Government should be having from Sinha’s continuation is the CBI Chief’s ignorance on the fact that a Register was being maintained at his Gate by the security guards. If head of India’s Federal Police is not aware of such an entry register at his own house, which his wife perhaps knew, he should be automatically disqualified from being the CBI Chief. After all, Charity Begins at Home, and so does Awareness..