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.. 

Naveen Jindal’s JSPL heading towards 52 week low on stock exchanges, as Subhash Chandra’s Zee struggles to sustain over 300 to beat its 52-week High.

The fortunes of Hissar are on a swing.. Its not only the rivalry between Naveen Jindal and Subhash Chandra that’s going to be fought on the soil of their hometown leaving people of Hissar to give the verdict. Subhash Chandra who has had an upper hand over Naveen Jindal throughout this year is ahead on the stock markets too.

The stock price of Naveen Jindal’s flagship firm JSPL on September 4 closed at Rs. 229 per share with a market capitalization of shade lower than Rs. 21,000 crore. In comparison, Subhash Chandra’s flagship Zee Entertainment closed at Rs. 284 per share implying a market capitalization of shade above Rs. 29,000 crore. Jindal Steel saw a low of Rs 223, remaining marginally above its 52-week low of Rs. 217 level. It was a mere 2 weeks back on August 20th that JSPL almost kissed the Rs. 300 level remaining short by mere 40 paise in the days high. Subhash Chandra’s Zee Entertainment missed crossing the Rs. 300 mark on the same day by a mere 20 paise.

Since August 21, JSPL Stock has slumped from Rs. 299.60 to Rs. 223 on September 4 to close at Rs. 229. A drop of Rs. 70, showing a over 20% fall in JSPL share in less than 10 trading days.

With the nature of both businesses significantly different, Jindal is commanding a price of Rs. 229 on a book value of Rs 142. While Chandra with a book value of Rs. 19 is commanding a price of Rs. 284 in the market. JSPL Share touched its recentmost lowest of Rs. 180 in August 2013, close to the level which Zee Entertainment share saw in October 2012 days after Naveen Jindal’s firm had filed a complaint alleging extortion by the Subhash Chandra owned Zee News.

Jindal Steel share was around Rs. 435 in October 2012, which corresponds to the time period when Ravi Kant Uppal took over as the MD and CEO. From that date, JSPL has been playing see saw to slide once again to the amusement of some old timers who brand the new MD as jinxed for Naveen Jindal’s business empire. To add to Subhash Chandra’s delight, detractors of Ravi Uppal feel that his jinx would take JSPL to Rs. 150 level, unless Naveen Jindal gets a boss to supervise Uppal to subdue the vibrations that have clouded the dream run of a visionary who was known for his Midas Touch in pre-Uppal regime at JSPL. 

Naveen Jindal comes out to bat for Coal Mine Investors, as Zee debates point towards cancellation of JSPL Blocks hitting Industry…

The Chairman of Jindal Steel and Power Naveen Jindal has come out in the open in support of the private coal miners who dig out coal for their captive plants. JSPL incidentally bagged 9 coal blocks under the policy termed illegal by a SC Bench. As per news reports, 3 blocks of JSPL are functional and another one is likely to go operational in a few months. Two blocks of JSPL were cancelled earlier and the company had approached the High Court.

Jindal pointed that the industry has made an investment of Rs. 4 lakh crore out of which Rs 2.5 lakh crore are funded through bank loans. Also seeking clarity on the issue, the Congressman supported the policy which remained in force from 1993 onwards.

On the other hand, the news empire of his bête noire Subhash Chandra has been getting sweet revenge by painting Jindal as the poster boy of the Coal Scam. Two years ago, Naveen Jindal in a sensational press conference alleged that Zee was trying to extort Rs 100 crore from JSPL. Jindal showed excerpts of a sting tape after which 2 top editors of Zee had to spend few weeks under arrest.

By painting Jindal as the poster boy of coal scam, Zee in effect is emphasizing on their earlier counter allegations that it was Jindal camp who tried to bribe their editors for blacking out coverage on CAG coal report. Zee’s debates and stories have been critical of Coal Miners, especially Jindal and go towards forming an opinion for cancellation of all coal blocks allocated till date. This would effect Jindal’s 3 operational coal blocks virtually shrinking the falling profits of JSPL.

Two years later, Zee is getting back at Jindal to get the sweet revenge they have worked day and night tirelessly. While Zee Chief Subhash Chandra is alleged to have blocked Naveen Jindal’s hop-over to BJP, Zee News is dedicating a high share of their prime airtime to malign Jindal. As Subhash Chandra prepares to take on the Jindal Matriarch Savitri Jindal in the forthcoming Assembly Polls of Haryana from Hissar. All happening around the same months as 2 years ago, as Subhash Chandra aims to cut a big cake on 30th November to celebrate victory and his 64 birthday to start a new innings of his life.

Subhash Chandra starts a new innings as a News Anchor, as he tries to jump into politics in his war with Naveen Jindal

Indian Media Moghul Subhash Chandra who would soon be turning 64 appears to be changing tracks after 40 years of a dream business career. The man is all set to become an anchor on his own Zee News, hoping that the show on entrepreneurship will end up making him a popular public figure bringing him closer to Naveen Jindal on popularity charts.

Incidentally, the Show also marks the beginning of a new statement where he is addressed as “Dr.” prefixed to his name. Dr. Subhash Chandra Show will be telecast on his news channel every Saturday and Sunday at 10 pm and 11 pm respectively where he will dump his ideas hoping youth would get benefitted and see him as a role model. The Doctorate Subhash Chandra has started prefixing to his name comes from the University of east London which also conferred similar doctorates to Sahara Chief Subrata Roy and Kingfisher owner Vijay Mallaya. One of the persons who is actively involved with University of East London also sits on the board of Subhash Chandra’s flagship Zee Entertainment.

Subhash Chandra’s attempt to jump into politics is expected to be formally announced next week, as he is said to be waiting for the election dates to be announced. There is ample likelihood that Subhash Chandra will get a BJP ticket or atleast blessings of BJP to fight as an Independent. Chautala’s INLD as well as Kuldip Bishnoi’s Haryana Vikas Party are believed to have offered Subhash Chandra to field weak candidates from whichever seats he stands from. Some people in the know indicate that Subhash Chandra’s team is busy mining data of Hissar Constituency, which happens to be his hometown and also the seat from where mother of his bête noire Naveen Jindal is a sitting MP on a Congress ticket.

Two years ago, Subhash Chandra in an internal arrangement with his brothers had divided the business empire, with him and his sons getting over 3/4th of the share, and rest 1/4th divided amongst 3 siblings. This year, Subhash Chandra in media interviews declared his succession plan with his Entertainment to Infrastructure Empire being split between his 2 sons in their late 30’s. The recently started wellness business in USA is said to remain independent and may not go to any of his 2 sons.

With his business empire split, Subhash Chandra as he turns 64 is shifting gear to a new avatar. A TV Show Anchor, a Politician and possibly a spiritual leader… The third to be announced after he reserves a seat for himself in the Haryana Assembly.

Who did the hit job on CBI Chief Ranjit Sinha…. Some Claim it was Santosh Rastogi sympathizer, other point fingers at Niira Radia, rest dump it on Big Bro of all.. Whispers from the Gossip mills…

The CBI Director Ranjit Sinha has come under fire yet again and the chances of extinguishing the fire under the saffron flames may not be as easy for the seasoned investigator as it was for him till 4 months back. While there are many stories doing rounds, one aspect that’s gone unspoken is the people who were behind the first leak targeting Sinha alongwith two top officials of Anil Ambani Group, Tony Jesudasan and A Sethuraman.

A line that’s being spoken by some sections who apparently are disturbed by Ranjit Sinha indicates that a sympathizer of the former 2G scam chief investigator Santosh Rastogi is the person who first revealed the 50 meetings over 15 months between the 2 ADAG henchmen with CBI Chief. Rastogi apparently had developed differences with Sinha on the 2G-scam investigation and was slowly sidelined later to be removed from the team. Incidentally, a SC Bench had recognized the tireless investigation conducted by Santosh Rastogi before Ranjit Sinha took over as CBI Chief from AP Singh.

The other version of the gossip mills drags the former notorious lobbyist Niira Radia, who is being alleged to have killed two birds with one stone by leaking the visit details of Tony Jesudasan to CBI Chief’s residence. Radia has been a lobbyist for Tata Group and Reliance Industries, both staunch corporate rivals of Anil Ambani Group. There have been strong rumors, which can never have any confirmation, that it was Tony Jesudasan who was behind the Niira Radia Tapes leaking to the media, ending the dream run of Radia to make her an untouchable in the corridors of Delhi.

Radia who has been in and out of controversy eversince was baffled after the CBI decided to probe the Tata – Unitech deal under the 2g Scam recently. Apparently Radia played the crucial role of the mediator between Tata and Unitech at that time, and has come under the scanner of CBI once again after Sinha directed his investigators to re-open the Tata – Unitech case. Rumor mongers allege that the notorious Tony Jesudasan played a major role in reopening of the investigation.

By targeting Tony Jesudasan and Ranjit Sinha together, Niira Radia is being alleged to have played the Avenger game. On one hand targeting the ageing Tony Jesudasan, who is the undisputed numero uno of Corporate Sleaze; and tainting Sinha by mere association of his name with a character like Tony Jesudasan whose dictionary has no word like “Morals” and “Ethics”. Incidentally its not only Radia but many more who were waiting for an opportunity to get back at Tony Jesudasan who are now ganging up to ensure that the man is officially declared a persona non grata by the government intelligentsia.

The other version floating is the hand of Big Bro who is apparently having a Cold War going on with his sibling. This version alleges that the series of miseries of RIL on Gas were handiwork of Tony Jesudasan, with or without blessings of Anil Ambani. Recently, a news report on CAG raising questions on the modus operandi of Mukesh Ambani to get 4G licenses was also being said to be done at behest of Tony Jesudasan. And that’s what made the Big Bro to set right the man who has been the biggest troublemaker for Mukesh Ambani before and after the patch up between Ambani brothers.

Reliance Insiders also claim that the news of Tony’s coziness with Ranjit Sinha was leaked by none other than a top topmost official of Anil Ambani Group as a part of the internal frictions. The topmost official is said to have clipped wings of Tony Jesudasan and was instrumental in closure of a department headed by the master of sleaze. Checks and Balances were put on the man who once oiled almost everyone in Delhi by some way or the other. The skullduggery king retaliated with a surrogate attack, forcing the top official to use his unofficial channel to bring heat on most nefarious element Delhi has ever seen.

Another rumor mill claims that cleansing Delhi forever from the likes of Tony Jesudasan was on the first 100-day agenda of the Modi Government; and the game was to start from the sleaziest of the lot. A version that would have been believable if the “rest of frequent visitors” to Ranjit Sinha’s residence was not mass circulated a day ago.

While rumors may come aplenty, the fact remains that whoever was behind the Hit Job on India’s topmost investigator coming under a question mark found Prashant Bhushan to be the best way to uncork the can of worms, before the top crisis manager jumped into action by dragging more names to save his own life.