Crucial 4 weeks for Zee Jindal Saga, as Coal Files getting dusted to be re-scrutinized

The next 4 weeks are going to be crucial for Zee Jindal saga to next round of pre-Diwali fireworks. The victory trumpets at Zee camp post-general elections are still blowing loud declaring to have settled the Principal Score pending for 18 months. The interest, some people in the know claim, is set to trickle in slowly as the files related to coal and iron ore mining get dusted in the corridors of power.

A section of observers claim that Subhash Chandra has won this round emphatically by hitting the bull’s eye. A different section of watchers claim that the sharpest shooter Naveen Jindal is not an easy prey for Subhash Chandra to swap like a fly. Whilst Subhash Chandra fans keep claiming that the younger icon from Hissar is the one who bowed down finally, Former MP Jindal’s fan following is quick to rubbish the growing buzz. Jindal however has been silent for long maintaining a low profile outside the public glare, as Subhash continues on his networking spree with the new BJP government at the Center.

Silent murmurs from an out-of-favor section of Zee Camp still smirk on their boss’s ignorance of the rival camp having struck blows that have hit a low profile business of Subhash Chandra hard enough for him to consider a short-term patch up plan. Jindal insiders claim ignorance on any attack having been unleashed by the Polo Back 4 yet. One section of the media shares that the media arm of Subhash Chandra is too strong even for a Focus-sed Naveen Jindal to face, and the senior baron from Hissar will always have an edge in temperament and influence unless the younger flag-bearer of Hissar himself re-enters the Kurukshetra.

“Zee suffered a loss of face, Jindal is suffering losses in business by taking on Subhash Chandra head-on. Look at his steel business, which is hungry for iron-ore supplies from Orissa. The Coal Mall for Jindal is remains locked, leaving him to wait for his turn towards the end. The policies under which Zee operates have given Subhash ample scope to flourish further. Rival camps may under-play their defeats and over-pay victories. It finally comes down to who manages his business better and holds the other by the horn”, a close watcher observes.

Another insider feels that Subhash Chandra is a much-refined player of this game and Jindal a rookie. Nor does Jindal have a power media in his control to play with honor of his bête noire. A call from Subhash Ji to any media owner is enough for a media attack on his empire. Conversely, Jindal is not well acquainted with Media Owners Club, having remained aloof for 3 months. The insider claims that unless Subhash Chandra gives a word to stop the Zee reverse attack, the war cannot be declared as over. Seeding if next seeds of bitter gourd are being sprinked all over the Jindal playground by Zee to re-initiate fire and catch Naveen Jindal in a slumber sleep. 

Sources close to both sides claim that the other side is on a back foot and retreating after tight slaps on their faces. Who to believe and who to dis-believe is subject to inclinations of the watchers.  The deep-rooted bitterness amongst both Bhai’s from Hissar is being said to be highly acidic to be neutralized under any circumstances permanently. The coming four weeks starting today will define a great deal for shape of things to come in near future. The round starting with a loud caveat, Disadvantage Jindal, Cakewalk for Subhash.  

JSPL debt repayment set to soar over next 3 fiscals. Naveen Jindal firm to repay (including interest) over Rs. 23000 crore by FY 2017-18.

The debt repayment of Naveen Jindal’s flagship Jindal Steel and Power is set to balloon over the next 3 fiscals from Rs. 2009.62 crore this fiscal to a massive Rs. 12408.86 crore in 2017-18. The debt repayment (alongwith interest) will steadily climb to Rs. 3970.14 crore in 2015-16 and then to Rs. 4697.19 crore in 2016-17, as the company accumulated additional long-term debt load of Rs. 10,500 crore in 2013-14 taking its Long term debt to Rs. 25,900.25 crore as against Rs. 15400.64 crore in 2012-13.

The Short Term Borrowings of JSPL remained steady at Rs. 8329.58 crore levels in 2013-14 in comparison to Rs. 8247.18 crore in 2012-13. The trade payables of the firm nearly doubled fro, Rs. 1398.20 crore in 2012-13 to Rs. 2751.53 crore in 2013-14. The data has been disclosed by JSPL in their latest Annual Report.

Interestingly, the Secured Long Term Borrowings in 2011-12 stood at Rs. 8830.39 Crore in 2011-12 climbing from Rs. 4684 crore in 2010-11. The secured long-term borrowings in 2012-13 went up to Rs.13,775.16 crore to further escalate to Rs. 21,167.08 crore in 2013-14. Going by Annual Report of JSPL for FY 2011-12 repayment and interest on loans was forecasted much lower as compared to Annual Report of 2013-14. The company stated its repayment obligations as Rs. 316.97 Crore in 2012-13, Rs. 619.92 Crore in 2013-14, Rs. 667.20 Crore in 2014-15 and Rs. 3409.97 Crore in 2015-16.

In complete contrast, the company secured revenues of Rs. 18350.54 Crore and Rs. 13,193.60 Crore in 2011-12 and 2010-11 respectively. The revenues in 2012-13 climbed to Rs. 19,943.20 crore and Rs. 20,069.67 crore in 2013-14. The Profits however show a divergent trend. The profit after tax during 2010-11, 2011-12, 2012-13 and 2013-14 have been reported at Rs. 3758.88 Crore, Rs. 3964.90 Crore, Rs. 2911.62 Crore and Rs. 1893.80 Crore respectively.

To service the rising Debt, the Finance Costs have seen a sharp rise over past 4 years. From Rs. 259.57 Crore in 2010-11 to Rs. 360.04 Crore in 2011-12 to Rs. 758.16 Crore in 2012-13 to Rs. 1181.25 Crore in 2013-14.

Depreciation and Amortization Expenses have seen a steady rise over past 4 years. From Rs. 1151 Crore in 2010-11 to Rs. 1386.47 Crore in 2011-12 to Rs. 1539.22 Crore in 2012-13 to Rs. 1829.20 Crore in 2013-14.

The tax outgo’s of JSPL have reduced over the past 4 years from Rs. 1183.04 (2010-11) to Rs. 1186.34 Crore (2011-12) to Rs. 921.83 crore (2012-13) to Rs. 618.21 crore (2013-14).

Earnings Per Share have almost Halved over last 3 years from Rs. 42.42 to Rs. 20.53. In 2012-13 the EPS stood at Rs 31.13.

The company data clearly reflects that the debt has been rising steadily with a marginal rise in Revenues over past 3 fiscals. On Profit After Tax front, the company has seen a sharp fall, inspite of rosy pictures described by MD & CEO RaviKant Uppal in media interviews. Market observers feel that the trend may continue unless Naveen Jindal, free from his political engagements, steps in to take the company back to its past glory by his sheer brilliance. 

Financial Technologies set to go out of Jignesh Shah’s hands, as Bombay High Court adjourns Bail Hearing of disgraced visionary of NSEL Scam

The 46% stake of Jignesh Shah is all set to go under the hammer and awaits approval of the MPID Court for the Collector to start the proceedings. FT also sold a small stake in MCX which led to a massive surge in its stock price. The technology company that became an electronic trading powerhouse by sheer vision of one man who is now cooling his heels in a lock up, may be out of bounds for him by the time he comes out on bail, if at all.

The Bail hearing of Jignesh Shah at Bombay High Court was adjourned today, inspite of the chances of the disgraced bad-shah remain abysmally low. As many as 4 corporate houses are said to be interested in looking at buying the 46% chunk of FT. Based on Wednesday’s valuation, a 46% stake in FT is worth around Rs 568 crore, i.e. roughly 10% of the Rs. 5600 crore NSEL Scam. The auction proceeds will go towards paying the 13000 investors whose money is stuck for almost a year now.

The end of the road for Jignesh Shah is finally approaching. The second chargesheet is expected in August 2014. Mumbai Police is expected to vehemently object to High Court granting bail to Shah, as couple of more arrests are expected soon. The third aspect of NSEL Scam, the collusion between management and brokers is yet to be acted upon, though terabits of information has been collected by the EOW team.

In absence of Jignesh Shah, his man Friday Joseph Massey is heard to be holding fort and taking all decisions. Venkat Chary, former MCX Chairman and acting Chairman of FT, is also seen visiting FT House frequently after Jignesh Shah’s arrest. Meanwhile MCX has completed its de-Jigneshization exercise fully and every visitor is screened with extra caution.

Being forced to sell stakes in almost all established exchanges, the chances of FT’s turnaround look slim unless the new promoter comes with a crack team and plan. One thing is clear that Jignesh Shah may never return to FT House again, whether as the Chairman, Promoter or a Shareholder. FT bigwigs have already started looking at smaller office space under a privately held company, preparing to shift out by end-August from the swanky 9 storey Tower in Andheri. 

A Hit or a Miss… JSPL MD Ravi Uppal claimed no impact from closure of Sarda Iron Ore Mines in Orissa.. Senior Executive had claimed to the contrary..

He has been one of the best-known faces of Indian Business Leaders till he landed up at Jindal Steel and Power. Eversince the entry of RaviKant Uppal to JSPL, all that has happened to the company is clear and loud from its financial results every quarter. Whether the downward movement of JSPL was set to happen, or was it the alleged Jinx Ravi Uppal carries with him has been a topic of debate and amusement to many, including JSPL old timers. Some had written him off a year back, but the Managing Director and CEO has proven his fitness and ability to stick to the chair inspite of surmounting pressure on the company.

Most predictions made by Uppal have not hit the target. A famous one includes his prediction on “CBI being satisfied” with the responses given to them in the CoalGate FIR against JSPL. A CBI source did laugh it out when a small remark was embedded in a story of a financial newspaper 8-9 months ago. “The agency never authorizes private parties to comment on our behalf. If the investigation team is satisfied, it will come out during the course of investigation”, the amused source had said.

Another prediction Uppal made through the media was about the Sarda Mines on May 1, 2014 where the head honcho claimed “Our operation is unlikely to be hit due to mining issues in Odisha. We have our arrangement with Sarda Mines and the lease is valid till 2021. The experts committee of environment ministry has already cleared the environmental lease. The state government approves these on a case to case basis. We do not anticipate any problem”.

In another media interview in early June 2014, Uppal had forecasted, “Sarda mine has already got the clearance from the export committee and it was publicly announced. It is waiting for a formal communication on the environmental clearance, which should happen in the next week or two”.

None of the two appears to have happened to make Uppal’s forecast come true so far. Conversely, the Orissa government is said to be carefully reviewing JSPL – Sarda Files, being in no mood to give a green signal till end of the calendar year. The allegations against JSPL – Sarda are serious enough for the state to tread cautiously when SC is hearing a PIL on the alleged nexus. Uppal has no role whatsoever as the CEO, as the arrangement between Sarda Mines and JSPL is an old one, much before Uppal came on the scene. A veteran journalist and PIL petitioner has alleged that Sarda sells its entire ore produce to JSPL. The prices at which the ore produce is sold is highly underpriced by over 90% in comparison to market rates. JSPL has rubbished all allegations. The litigant has also claimed a loan of Rs. 143 crore given by JSPL to Sarda, and some machinery of JSPL installed at Sarda Mines.

An empowered committee is investigating the case.  A source claims that getting Sarda Mines re-opened for mining is not a cakewalk by any means. Even when the mines start digging out ore again, the prices which JSPL would have to pay to Sarda will have to be market linked. Inspite of any long term arrangement between the two parties, the state government will not allow lower Sales Tax and VAT collections.

Anyways, as the JSPL MD Ravi Uppal has expressed no impact of closure of Sarda Mines on their operations, the company need not be in a hurry for reopening of the mines. That’s if Ravi Uppal’s prediction comes true this time around.


TV Channel Faces Defamation for carrying allegations made by a NGO. Reminds of “Trial by Rival Media” in DNA, at onset of Zee Jindal War.

Notices of Defamation is a usual correspondence every media house worth its dime receives on a regular basis from affected parties, which rarely fructify into filing of a defamation case in the court. Very few of them reach the trial stage as parties shake hands with an out of court settlement. Knowing and having played with the media laws fully, Zee Group has apparently put their own foot in their mouth by filing a defamation case against a Bhopal based NGO and Focus TV in a Delhi Court. What is even more amusing is that most of the witnesses from Zee side are their own reporters who attended the press conference organized by the Bhopal headquartered NGO Jan Adhikar Manch run by Advocate D.P. Mishra.

As the story goes, Mishra had tirelessly worked for months to get documents on a Water Park Project by Essel Infraprojects in Bhopal (Essel Infraprojects is a company promoted by the Zee / Essel Group). Mishra found that the prime land worth hundreds of crore was doled out to Essel for a pittance 8 years ago. What more, inspite of getting the land at highly subsidized rates, Essel had not done any construction on the land. Mishra started his crusade to expose the alleged land grab case but there were no takers to expose the RTI document based allegations in Bhopal Media. Mishra had even contacted Focus TV which did take his version but did not carry any story for 2 weeks.

After trying for months, Mishra finally mustered courage to go to Delhi and expose it in a press conference. While there were around 40 reporters and 18 tv cameras in the press conference, apart from Focus TV, Zee managed to get the story blacked out in every other media house. “Such is the clout of a media baron in rival media”, Mishra rues. After the Press Conference, Focus TV carried the full story. Apparently Zee sent 5 reporters to cover the press conference and carried vehement denials on behalf of Essel Infraprojects.

Later it is learnt that Essel Infraprojects has filed a defamation case against the NGO and Focus TV News alleging a conspiracy to malign the company. The 5 Zee News reporters who went to cover the Press Conference apparently felt embarrassed when the “rival media” laughed at and ridiculed their Chairman Subhash Chandra. The 5 Zee News Reporters are understood to have become witnesses in the defamation case.

While on paper Focus TV News is owned by notorious politician Matang Sinh, there have been strong rumors that Steel Baron Naveen Jindal has picked up an indirect stake and controls the channel. There are no confirmations of Jindal’s association with Focus TV in capacity of a shareholder or a promoter, though a former Focus employee claims of having been interviewed and recruited by Naveen Jindal himself.

Mishra on the other hand claims that he approached many media houses with the RTI documents and how can he be blamed for conspiracy against Subhash Chandra alongwith Focus TV. “If Zee News is an independent News Channel, then let them interview me on this case. I challenge Subhash Chandra and Amit Goenka to come on a live debate with me on Zee News with their top executives”, Mishra lashes out with anger. Mishra also said, “The freedom of media is evident from the way Zee News Reporters behaved at the press conference. They did not come to report the story but to defend Subhash Chandra and Essel Infraprojects. Are they an independent media house? See CNBC Awaaz. They carry allegations against their owner Mukesh Ambani also. That is free and fair press”. Mishra has already complained to I&B Ministry on various matters against Zee. NBSA the self-regulatory body of news channels apparently refused to even look into the details of Mishra’s allegations of Paid Media and Nexus between Subhash Chandra and MP Chief Minister.

According to Mishra, Essel’s defamation case against him is a blessing in disguise for him. “I can now prove my bona fide in a Court alongwith evidence in form of RTI Documents. Essel’s own statements will show the frivolous nature of the case”. The Blogger reviewed all RTI documents and Mishra’s complaint hosted on NGOs website. Mishra claims that the Sub Divisional Magistrate Office in Bhopal is already investigating his complaint and he expects a favorable order in form of cancellation of land allotment. If MP Government still wants to give land to Subhash Chandra for a Water Park, it can be given on outskirts of Bhopal as no construction has yet commenced on the prime land.

Mishra has also chanced upon a sensational document and is in process of submitting it with a government authority, post which he will share it with Viewology.

Freedom of Press at mercy of Media Owner Subhash Chandra. Rumors of DNA Editor C.P. Surendran Quitting start doing rounds.

Sometimes Indian Media Houses, without doubtful credibility, do rope in some editorial names who command respect from the biggest of critics. And when the credibility of the media house starts raising questions on the editorial jurisprudence of the editor, there is little left for a righteous man to continue as a puppet in the top job. Similar may be the story for DNA editor C.P. Surendran by end of this month, if informed sources are to be believed. Even if true that Surendran’s contract comes to an end on 31st July, the story would sound uncredible considering the fact that no one gets a person for the top job for as little as a year.

Going by Zee Groups informal stance on Surendran’s one year contract with DNA coming to an end in 2 weeks, one must give the Editor his due that he did live up to his reputation of being free and fair under all circumstances. Critics of Zee Group indicate that the newspaper carried 2 stories against Narendra Modi and Amit Shah over the last 2 months. While they went in the print edition, there online copies were removed in no time for unknown and unspecified reasons. The latest one that raised a fresh debate on freedom of Press being the one written by Rana Ayub.

While Harini Calamur, the online editor under whose directions the story is supposed to have been removed has not directly responded to the reasons of removal, she has indicated of some factual errors in the column through friendly twitter handles. As a usual practice, many websites keep updating or correcting errors in a print story, which was an easy option for Calamur. Yet she decided to take the story off the internet edition, without the consent of C.P. Surendran.

Calamur who herself has propagated freedom of speech on internet many a time has conveniently forgotten her own writings. Fully agreeing to a factual error made by Rana Ayub in the column, Calamur could have corrected it in a matter of few minutes. Yet the way the whole episode was handled resulted in DNA’s attempt for takedown getting embroiled in a controversy that every non-DNA reader also know about the censorship. 

The dilemma of being a CEO like Naveen Jindal. If he takes huge salary, media criticizes. When the profit linked pay packet drops, it still makes news.

CEO salaries have been a seasonal topic of discussion, debate and criticism by Indian media. The new man to join the club is Vishal Sikka whose Rs. 30 crore pay package has been the main news, rather than his competence that made a high level Infosys Panel choose him for the coveted job.

The other two who have been much talked about, as India’s highest paying CEO’s are Kalanithi Maran and Naveen Jindal. Both promoters of companies they have build on their own vision and caliber. While some may claim that Naveen Jindal is a second-generation entrepreneur, the company he inherited from his father was much smaller than the size and scale he has taken JSPL to in the last 10 years of his leadership. Similarly, Kalanithi Maran has made a formidable empire both in the Aviation as well as broadcasting sectors, on his sheer competence. Critics though allege that the rise of the two may have been catalyzed by their political allegiances. And even if true, there were many who had a stronger foothold in corridors of power than Jindal and Maran, yet failed to build businesses 1/10th the size they were able to achieve.

Last week when a Tata Motors Board Resolution for Top Management pay hike was struck down, both Maran and Jindal became topics of discussion in the media. Strangely when the profit linked salary of Naveen Jindal fell in 2013-14 by Rs. 18 crore that too made headlines in almost every newspaper.

The biggest question one needs to ask is whether a CEO or a Promoter who delivers value to his shareholders is entitled to take a chunk of profit as legitimate remuneration from the company or not. If not, then what’s the incentive for the person to work day and night to make it happen. After all, a profit-linked pay package is a transparent way to award the man at the helm of affairs. There are ample number of Indian promoters who keep their pay packages low but dump all their personal extravaganzas on their listed companies without the world even getting a whiff of it. In contrast, a Naveen Jindal and Kalanithi Maran go to the shareholders to get a fair share of their due approved.

These transparent promoters also end up paying huge amounts as Income Tax to the government while the shady ones set off the listed company’s taxes by loading their personal expenses from Profits. Ironically, the media does criticize Naveen Jindal for seeking a pay of Rs 75 crore per annum. Now when it is clear and open that a large part of the Rs. 75 crore 2 years back was linked to profits of JSPL, there is no acknowledgement that the salary was not assured but based on his performance. On a Profit of Rs. 1900 crore odd, a Rs 37 crore salary is less than 2%, with the rest 98% plus going to the company’s reserves. By no means is 2% too huge an amount for a Promoter CEO to take home alongwith his share of dividend. And the fall of Rs. 18 crore on a profit drop of Rs. 1000 crore odd does show that the formula for calculation is sound and robust.

Its high time media focuses their energy to dig out the personal expenses promoters load on their listed companies rather than talking about those promoters who take their due openly and transparently, after due approvals based on a established criteria.

Time for SEBI to do a Sahara on Financial Technologies, and not delay penalty for 5 ½ years like Satyam Case.

The Indian Capital Market Regulator Securities Exchange Board of India (SEBI) has finally slapped a Rs. 1850 crore penalty on Ramalinga Raju and Associates in the Satyam scam for defrauding the shareholders. SEBI which has often been seen as a toothless body for over a decade has lately been showing signs of aggression.

Not fearing to take bulls by their horn, SEBI has denied a consent proceeding in an insider trading case by Reliance Industries owned by India’s Richest man Mukesh Ambani. Likewise, SEBI took on the might of shadow financer Subrata Roy, making him go to Tihar under a SC order where the maverick has spent over 4 months already.

The latest order of SEBI slapping hefty penalty of Rs. 1850 crore on Ramalinga Raju and associates is a big leap in restoring investor confidence and sending a clear signal to shady promoters to reform their ways.

In the NSEL Scam where 13000 innocent investors found their Rs 5600 crore stuck overnight around a year back, SEBI did pass some strict orders on Jignesh Shah and Financial Technologies. However the SEBI Orders may have come a bit faster than they came. Nothing is lost yet. The Mumbai Police probe has clearly shown that Jignesh Shah promoted firm was running a Ponzi Scheme, which clearly comes under the ambit of SEBI post Sarda Scam.

SEBI has all the authority to levy a hefty fine on Jignesh Shah, FT Directors, Executives and Associates who have had a role to play in the NSEL Scam. The contribution of NSEL revenues to FT Balance Sheet are amply clear and in public knowledge. The other gains made by Promoter Group led by Jignesh Shah are also clear. Its high time that SEBI doesn’t delay imposing a financial penalty on Jignesh Shah and associates. The money that comes by way of penalty can perhaps go to repay part of the savings of 13000 investors who have their savings of Rs 5600 crore stuck in the Ponzi Spot Exchange.

NGO Founder D.P. Mishra Challenges Subhash Chandra, Amit Goenka and Essel Group Top Brass for a Live Debate on Zee News in Alleged Bhopal Land Grab Case

A little known Bhopal based NGO – Jan Adhikar Manch – has become the talk of the Zee Group headquarters over the last 2 months. While the revelations made by Jan Adhikar Manch founder Advocate D.P. Mishra have remained out of the news, the activism campaign unleashed by Mishra on Essel Groups alleged wrongdoings are said to have been a cause of hypertension to a seasoned Vipassana practitioner and Zee Chairman Subhash Chandra.   

Mishra, on his NGO’s website and through a press conference at Delhi, had levied serious allegations on Subhash Chandra owned Essel Infraprojects, managed by his younger son Amit Goenka. While Zee Camp has rubbished every allegation of Mishra counter-alleging him to be a nuisance maker, Mishra maintains that the conditions of land allotment to Subhash Chandra Group have been blatantly flouted for 8 years.

Terming Zee counter-allegations on him as “usual tactics” to mislead and blemish an activist Mishra offers to come on a Live Debate on Zee News to ask direct questions to Subhash Chandra, Shivraj Singh Chauhan, Amit Goenka and any other officials of Zee Group or MP Government. “Subhash Chandra has his own news channel on which he can face me in a live debate. Within one hour, the public would be clear on who is telling the truth and who has wrong intentions”. Mishra also claims to have more proof that he will place at the right time. “If Subhash Chandra’s Zee Group claims to be innocent and blame me as a black mailer, I am ready to face them on their own TV Channel. Let them get 100 people with them, I can answer all questions of theirs. But Subhash Chandra has to answer any one of my 10 questions”.

On the other hand, Zee Group has claimed that the delay in project are beyond their control as they have been awaiting clearances from MP Govt. and Bhopal Civic Authorities. To which Mishra counters, “The Industry friendly policies of Shivraj Singh Chauhan were praised by Subhash Chandra publically two years ago. How can the company now blame the MP Government”.

Mishra further claims that after he started digging out documents through RTI, a Zee News reporter approached him to go slow. “I showed the Call details and SMS of Zee News Reporter to many reporters at my expose in Delhi Press Conference”. Mishra claims that MP Government has cancelled land allocation to many small and medium size companies for not meeting the allotment conditions. “But powerful corporate like Zee get away”.

For now Mishra appears to be fully confident to face the might of Zee. “I am happy that Zee Group has filed a defamation case against me, as they have given me an opportunity to take this case to a judicial forum and prove bona fide of my expose. The reports from 4 government departments already investigating my complaints will strengthen my revelations, which are based on RTI documents duly certified by the relevant department”. 

Bhopal NGO alleges Land Grab by Zee Chief Subhash Chandra in collusion with Chief Minister. After Naveen Jindal’s Alleged Extortion Case, NGO allegations Force I&B Ministry to open file on a unique case of Paid Media.

The Zee Chief Subhash Chandra is busy trying hard to close a big deal before the AGM this week, while the Information & Broadcasting Ministry has open a file to look into allegations of a unique case of Paid Media. What more, the allegations of Paid Media come from a Bhopal based NGO “Jan Adhikar Manch” which alleges that the Zee Chairman Subhash Chandra’s privately owned firms got prime land in Bhopal for giving favorable coverage to MP CM Shivraj Singh Chauhan.

If the probe takes place meticulously, it may well end up revealing advent of structured deals at the topmost levels of media owners and politicians. It may also end up unveiling the trend of Media Owners diversifying into Infrastructure and other unrelated sectors in states where they have proximity to the government. The website of the NGO carries complete details of the case and the circumstances under which over 50 acres of prime land in Bhopal has been allotted to a Subhash Chandra company inspite of no construction whatsoever as per the allocation conditions.

While the founder of the NGO Advocate D.P. Mishra claims that the land is valued around Rs. 750 crore at current market rates, the MP Government allotted it to a Subhash Chandra company for a mere Rs. 4 crore plus around 8 years back. As per documents procured by Advocate Mishra under RTI, the value of the land at time of allotment was ascertained around Rs. 17-18 crore by MP Government. Strangely, the same land was allotted for a Water Park project at 15% of market value, at subsidized rates after Subhash Chandra promised to invest Rs. 80 crore in the project and generate employment within 2-3 years. Over 8 years have passed and all that can be seen on the land is trees, that too planted under a state government drive.

Mishra claims to have held a Press Conference at New Delhi in May where over 40 media reporters were present. However, around 5 reporters of Zee News came prepared to jeopardize his press conference. At the end of the day, the revelation was blacked out by the media. Sources claim that the whole Zee Camaraderie came on a war footing to call every media house to black out the story. In the end they were successful to stop the story apart from Matang Sinh owned Focus TV, where Billionaire Congressman Naveen Jindal is said to have invested a huge sum.

Mishra also claims that the Zee camp went ahead and tried every trick to lodge a FIR against him. After repeated failures to prove it as a cognizable offense, the Zee camp is said to have filed a defamation case. Sources say that the Zee camp was taken aback with the meticulous, concreted and targeted revelation by Jan Adhikar Manch. Though Zee Camp has refuted every allegation made by D.P. Mishra, an insider claiming to have direct access to the top brass says that there is an element of fear and anxiety right at the top. Sources say that Mishra has himself been a BJP worker for many years and may have fallen apart with Shivraj Singh Chauhan camp. Mishra also fought Assembly elections in Bhopal but merely managed to get over 100 votes as per CEC records. Going by the way the attack was carefully crafted, Zee camp doesn’t believe that DP Mishra could have done it on his own without backing of a seasoned multi-disciplinary think tank.

Mishra rubbishes all rumors of he being backed by a rival corporate. “As an activist I am used to hear all sorts of allegations of black-mailing and extortion by parties who get impacted by my revelations. If Zee is so sure that my crusade against them is motivated, let them provide any proof of it. Rather than alleging a corporate rivals hand, Zee should answer the questions I have raised against them.”

Mishra’s sources in Zee Camp have informed him about a defamation case filed by the Subhash Chandra company at a Court in Delhi. More details on the case are expected from Jan Adhikar Manch by end of this week alongwith a detailed analysis. 

Andimuthu Raja accepts meeting Niira Radia at his residence…But nobody asked what did they do and discuss …

One of the most meaningless stories available aplenty on google search is former Telecom Minister and 2G Scam accused Andimuthu Raja meeting Niira Radia at his office as well as residence. The mere acceptance of Raja having met Radia is no revelation or a game changer at all. That too when Raja tells this in front of the court.. And merely responding to a question is no admission or acceptance of guilt.

It is a well known fact in the party circles of Delhi that many Ministers, Politicians, Bureaucrats and Editors have been seen entering and exiting Radia’s sprawling farmhouses at all sorts of hours in her hey days. Sources also claim that when Radia was under observation, her movements were often tracked to many bungalows in Lutyen’s Delhi and Andimuthu Raja was not the only one.

By her own admission to Ratan Tata on a telephone call, Radia’s influence in Delhi even extended to the extent that the Country’s Solicitor General used to speak to her on his residence landline, post office hours and amongst other matters used to discuss “swimming pool things” too. Ofcourse, one can give benefit of doubt to Gopal Subramaniam as he has still neither accepted or rejected contents of Radia – Ratan Tata discussions regarding him.

But whats the big deal if Andimuthu Raja has accepted having spoken to Niira Radia in front of the 2G trial court. Raja must have known it well that if he denies Radia’s visit, his former PA and whistleblower of 2G scam may have given hard evidence that can nail his lies. What is more important is what were the topics or discussion and what transpired during the secret meetings between the two.. As it is quite possible that the meetings at Raja’s residence had Nothing Official About It, if the media actually gets to the root of these covert meets..

Influence Peddlers of Delhi on Narendra Modi’s Radar… Massive Crackdown to curb attempts to influence Government functioning..

Delhi is a city which is full of Influence Peddlers.. If one gets to meet 10 delhites, atleast 9 of them will claim to have a Jugaad with some or the other ministry or department. Atleast 2 of the lot would claim to get a court judgment of your choice. And all this is claimed to be available for a price. The price tag offered generally depends on the area and size of the office of the Influence Peddler and the vehicle he or she drives. Not to be surprised, the vehicle may even be a bicycle and the office a tiny temporary shack in front of a Bhawan or a Marg or Delhi.

Needless to mention that there are some big one’s, who roam around in super luxury cars, residing in ultra premium colonies / farmhouses and having their offices that would make 5 star hotels look like slums. The time has come for this lot to ride out of Delhi, whether on their bicycles or in Jaguar’s, as the Prime Minister Narendra Modi has ordered a cleansing and sanitization exercise of this lot from India’s Capital.

Soon the self styled Guru’s, wannabe Godfather’s and the Sword sounding names will join the ranks of Niira Radia and look for cover. Forget about soliciting new business, this lot stands at a great risk even if they respond to potential business queries. A crack team is understood to have identified the Top 1000 names of such brokers in Delhi some of who operate under the guise of Law firms too. Atleast 100 of this lot are said to be under watch for their movements and attempts to “get work done”. The new initiative is understood to be planned by Narendra Modi and Amit Shah to send a clear signal that the new government doesn’t need any middle man for any company or person to get their work done, provided it meets the policy guidelines.

27 corporate houses that are said to have been active in the ministries of their interest are also on the radar. A Bombay based industrialist who frequents Delhi every week and tried his best to get close to Narendra Modi is on top of the hot list. Another Mumbai based Industrialist has recently been slapped with a hefty penalty for attempting to paint a close-to-NAMO picture. A Delhi based high profile industrialist is said to be on the list of elements that need to be made examples for the rest. Two Real Estate firms whose names frequently come in conjunction with a famous Son-in-Law are under observation for action at the right time.

All of these operated freely under the UPA Raj, and the NDA regime is said to have vowed to eradicate this lot from the circles of power over the next 1 months, post Diwali after all the right men are put in the right places. 

Is all going fine for Sahara in the Employee Provident Fund Probe?? Did the Karmayogi’s given consent for their PF savings to be managed at will of Saharashree Subrata Roy?

After a long haul of woes, the stars of Saharashree Subrata Roy appear to be shining bright as the Provident Fund Commissioner is rumored to be all set to give a clean chit to the Employee PF Probe currently being conducted on Sahara India Pariwar.

Sources in the know claim that the terms and conditions of the Sahara PF form signed by the employees entitle the Pariwar to take complete charge of their future and decisions on the PF investments, leaving no scope for the PF Commissioner to drill holes. If true, this would be the first case that will end up giving Sahara a clean chit to mark a reversal of fortunes for Subrata Roy who after being be-sahara has started seeking Raham from India’s Supreme Court. 

Cornered in India by Old Stalwart Subhash Chandra, is Naveen Jindal looking to shift expansion focus to Africa for survival?

Most fights are one-sided and get boring for the watchers in no time. But when the fighters are ever-ready and fighting fit like Old War Horse Subhash Chandra and Dynamic Panther Naveen Jindal, every move and step create interest, whose intensity keeps intensifying with every round.

The first round winner was undoubtedly Naveen Jindal who sprang a surprise by a scintillating sting operation that made Subhash Chandra face the toughest time of his seasoned life. Inspite of the 2 editors being clear and loud on the sting tapes, Zee camp gave explanation that they too wanted to do a sting by getting the Rs. 100 crore contract signed. The biggest question which comes up in the Zee – Jindal Case is why did Jindal Camp not give a small token cheque alongwith a company ad to commence the relationship.

The other questions that arise is why did Zee not insist on getting a token cheque while the paperwork proceeded. If the Jindal Sting Team was agile enough and taken care of these crucial aspects, important from evidence point of view, Subhash Chandra, it would have been a checkmate on Subhash Chandra in first round itself. The third most important point that the Zee editors nowhere said that if Jindal’s do not pay up Rs. 100 crore, they are going to continue the coalgate campaign to paint JSPL and Naveen Jindal in bad light. The two big loopholes left by JSPL Sting Team have ensured that the war of two Heroes from Hissar will last for a lifetime.

Subhash Chandra though played a smart move to save his own skin by taking a flight out of Indian boundaries on the same night when the news of his editors being arrested flashed. Neither did Delhi Police nor any other authority stopped Subhash Chandra to leave India at such a crucial juncture of the Investigation. This perhaps was another loophole left wide open by Jindal Camp as arrest of Subhash Chandra was seemingly unavoidable based on what was seen on the sting tapes. That gave the much-needed cushion and time to the Zee Camp to plan and carefully emerge out of the jaws of a sure conviction.

Round Two saw the Zee Team taking control of the situation by deploying litigation delaying tactics successfully. With umpteen cases filed by both camps, it’s only the lawyers of both sides who have been the gainers and beneficiaries. On a safe assumption, apart from wasting time and energies, both sides would have spent a minimum of a crore a month, month-after-month for last 20 months, going by the legal names representing both the sides. Cumulatively, both sides would have spent a minimum of Rs. 50 crore by now as an unrelated Supreme Court lawyer estimates.

Round Three winner was clearly the old warhorse Subhash Chandra who successfully managed to spoil the hat-trick dream of Dynamic Panther Naveen Jindal to become a Member of Parliament, yet again in 2014. Though the Zee attack on JSPL and Jindal ( as complained by JSPL to many authorities) seemed unplanned and badly executed in terms of “news independence”, one top editor is said to have carefully crafted every story, its follow up and  frequencies well in advance. Who else apart from the Pioneer of TV News in India knows the Regulations of TV News better… And Zee did go berserk, in a planned manner at the right time, peaking the negative sentiment just about the time of voting. While some insiders of Zee Camp claim that a few calibrated shots were slapped on Subhash Chandra by Jindal Camp, no noise was heard outside.

The Round Four has just started (or is about to start) and both sides seem to be polishing their arms and adding new weapons to their armory. It is amply clear that Subhash Chandra’s attack will come through his established news empire which makes it impossible for the other camp to defend, Jindal Cavalry’s line of attack can still not be predicted giving it the edge of surprise. More so, because silent whispers around Raisina Road indicate that JSPL Camp has offered a mutual dis-armament pact which Subhash Chandra has so far brushed aside. Again totally relying on unconfirmed sources, when Zee Top Brass discussed a possible treaty with JSPL, the man who calls the final shots was amply clear, “over my dead body”. However, two top aides of Zee Camp have been able to convince to play the future rounds smartly without showing any visible vengeance against JSPL.

Though a bruised Naveen Jindal may have gone silent after election results, Zee Camp appears to have again made an error of judgment by calling for victory celebrations in latter part of May. A Zee Camp-er claims that in less than 2 years, they have successfully created a question mark on as many as 2 mega projects of JSPL which were impacted by CoalGate. Over and above Zee claims that the woes of Steel Business due to Iron Ore supply issues is on track to take a serious shape. The balance sheet of JSPL has already started showing elements of strain on it in form of falling profits and rising debt. Naveen Jindal who did deserve to score a hat trick in general elections has been stopped from going back to the Lok Sabha for now. As per Zee camp sources, this is a clear victory where Naveen Jindal has been hit hard on both his business as well as political front.

Though knowing the fighter instincts of Naveen Jindal, it may still be too early to say, as the man who built JSPL by his sheer brilliance is all set to take JSPL to a new high by intensifying his interests on the global business. If sources are to be believed, in next 5 years, Naveen Jindal may have changed the shape of JSPL to such a great extent that over half of his revenues and profits may come from foreign shores. Zee Camp sources on the other hand don’t discount it but adds that if profits from Indian business fall to below Rs 500 crore level, then generating equal profits from foreign shores is not a difficult task. Only that they may have underestimated Naveen Jindal yet again and missed adding a zero, taking the Indian profits alone to Rs. 5000 crore in 5 years.