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.. 

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.

CBI Chief on his way out ?? As a corporate drags more names to open Barrels of Worms for Ranjit Sinha to bail themselves out…

The CBI Chief has fallen in midst of a public probe after Subhash Chandra owned DNA newspaper blew the lid of Ranjit Sinha’s meetings with questionable elements at his residence. Meeting these questionable elements was not that big a question, but the frequency of such meetings did raise many a question marks that may see the end of a distinguished career a few weeks before Ranjit Sinha’s 2-year tenure comes to an end in December 2014. If reliable sources are to be believed, the CBI Chief may soon proceed on leave as the initial lot of questionable elements has ended up dragging a whole host of names to give them company.

It was way back in 1996, when many fingers pointed at Sinha a DIG with CBI incharge of probing the fodder scam where Bihar strongman Laloo Prasad Yadav was the main accused. It was alleged that Ranjit Sinha had toned down a report to shield Laloo from the Patna High Court. The controversy died its natural death. Even when Sinha was appointed the CBI Chief in December 2012, the current ruling party BJP, then in opposition, had questioned his appointed on technical grounds yet Sinha sailed through. This time, the sailing may not be as smooth as Ranjit Sinha reaches the last lap of his tenure as Chief of India’s Federal Police.

The whole story started with some photocopies of Ranjit Sinha’s residence visitor’s register finding their way into a leading media house. As the story goes, the media house decided to drop the story. Same was the story with two more media houses which either buckled under the pressure of Sinha or influence of one of the most nefarious white collared element Corporate India has ever seen. The aim supposedly was to get the story on Sinha’s visitor’s register and 50 visits by 2 Man Fridays of Anil Ambani to Sinha’s residence. Ambani’s firms are embroiled in midst of the 2G Scam and very recently Sinha has suggested a change in track in light of some new documents, which made the Former Special Public Prosecutor Uday Lalit furious. Sinha’s suggestions would have ended up derailing the 2G trial, which would have made a mockery of the system.

While in the first lot of leaks of Sinha’s residence visitors register, only 2 employees of Anil Ambani group were targeted, within a day of an affected person landing in India, the whole register naming many other questionable elements found its way to the media. After having supervised two of the biggest economic scams involving Corporates that have ever happened anywhere in the world, Sinha has come under a spell of “we were not the only one’s who met him frequently” syndrome. A spell he would find difficult to get out of. All eyes are now waiting for the PM Narendra Modi to take a call after landing from Japan. Will he allow Sinha to live for another 100 odd days, is a question whose answer may have been decided before the select excerpts of his residence visitors register started doing rounds of the media.

First Time Ever a Corporate website Home Page dedicated to a Bail Order. As it was first time ever that Jignesh Shah promoted Exchange was found to be a Scamming Platform

Interestingly, the Financial Technologies website has a new look Home Page soon after Jignesh Shah walked out of jail in flip flops with unkempt hair holding a paper carry-bag with his belongings.. 

The home page adorns the Bail Order which allowed Jignesh Shah to walk free. The Prominent display of Videos contains interviews of Jignesh Shah’s advocate given to leading news channels. All of them essentially a monologue which FT wants to be promoted. 

The other prominent highlight of the website is a scroll carrying brief synopsis of Observations of the Bombay High Court, convenient for FT and Jignesh Shah. 

To add more life to the home page, the company promoted by Jignesh Shah now under the CBI Scanner has put 3 quotes. One from Lawyer Mahesh Jethmalani. The second from former FMC Chairman and now FT Chairman Venkat Chary. And the third from Co-Founder Dewang Neralla. Apart from the quote of Dewang Neralla which doesnt mention the name of Jignesh Shah, the rest address the NSEL Scam accused with great respect by adding “Shri” to the name of the man who spent a good 108 days in custody. 

What a novel way to welcome the erstwhile poster boy of Indian Commodity Exchanges by dedicating the website’s home page in honor of their founder promoter. And a remarkable tribute to the vision of Jignesh Shah by Venkat Chary who too after becoming a FT employee address him with great respect with a “Shri” added. 

For a quick laugh, visiting is a must today… 

As Jignesh Shah gets Bail, Harshad Mehta and Ketan Parekh deserve to be felicitated.. Subrata Roy released immediately and Nirmal Singh Bhangoo of Pearls be given Bharat Ratna…

The grant of bail to Jignesh Shah in NSEL Scam has come as a shock.. A shock, moreso when the order has been penned by none other than Justice Abhay Thipsay, that too after going through the Chargesheet filed by EOW. As Justice Thipsay granted bail to Jignesh, he did touch upon a few points that delved into the merits of the investigation and case. And the points noted by him are none less than partial, incidentally favoring Jignesh Shah in the long legal battle to come.

At the Bail Stage, it is not essential to comment on the merits of the investigation and question the delay in arresting Shah and solely looking at Anjani Sinha’s confession which he had later withdrawn. If the bail order has reflections of Anjani’s confession, then it ought to see all the other revelations Anjani made against Jignesh Shah and other officials. The judgment is completely silent on those aspects.

Moreso, the observation that Investors knew about the non-existent commodities is also an assumption that is too specific to be generalized on all the 13000 investors. Maybe a few large ones would have known, and so would be the brokers. But if the small investors would have known about fictitious trades, a lions share of them would have withdrawn their money to invest in safer and lower return instruments. No investor wants their money to be subjected to risks of the highest level.

Another aspect of the judgment under cloud points that the money was given to borrowers. Yes, it was, but ultimately it was Jignesh and his team who were responsible to ensure that the borrowers are genuine. And none of the 2 dozen odd borrowers turned out to be genuine. This itself shows that if Jignesh was not aware, he is a fool of the highest degree and such fools do need to spend a few years in jail for being callous with investors funds.

The Judgment paves a clear way for the EOW to immediately arrest a few brokers. An action that has been long delayed. And further delays would complicate the matters further.

In short, with the highest regard to Justice Thipsay, the judgment calls to be challenged in the Supreme Court and EOW should not waste any time to do so. Else Jignesh Shah’s lawyers will file a caveat and delay the re-arrest longer.

The Judgment also shows that if Jignesh Shah can appear to be innocent, then alleged scammers like Harshad Mehta and Ketan Parekh need to be acquitted with honors immediately. They did play and rig prices on an exchange platform. They did not rig the exchange platform per se, the way Jignesh did. Till date, an exchange scamming investors is not been heard of before Jignesh Shah’s ingenious mind was exposed bare to the world, courtesy a long pending FMC order of July 2013.

Likewise, Subrata Roy who has spent almost 6 months in jail now is not even accused by any investor or a law enforcement body like EOW or any Police authority. There are no real investors of Sahara, as the SEBI charge goes. It surely warrants seizure of assets, but why keep Subrata Roy Jailed, if people like Jignesh Shah can get bail.

And before its too late, the recentmost case of Nirmal Singh Bhangoo of Pearls needs to be relooked by weighing it against Jignesh Shah’s bail order. Why trouble comparative investor friendly people like Subrata Roy and Nirmal Singh Bhangoo when Jignesh Shah’s can get bail.

A leading Journalist could have saved a good Rs. 2600 crore of NSEL Scam-med Investors, if Jignesh Shah was exposed in 2012..

It may well be a shock to many and a horrific surprise to others to know that a leading journalist had stumbled upon the NSEL Scam a good one year before the Empty Warehouses were unveiled in the public eye after FMC forced Jignesh Shah promoted spot exchange to stop trading in fictitious commodities. The name of this leading journalist would be an even bigger shock, if and when it comes out in the open.

As the story goes, a chain of emails were found in the email account of former CEO Anjani Sinha, who once was the top henchman of Jignesh Shah to perpetuate the scam which cost 13000 investors a whooping Rs 5600 crore. An amount which still remains to be recovered from the mastermind of the scam, which virtually necessitates a forced merger between NSEL and Financial Technologies to get access to the reserves of Jignesh Shah’s flagship firm to repay the investors.

It is said that the eminent journalist known to break scams did have the details of every wrongdoing at NSEL. The chain of emails supposedly carry queries sent by the journalist to the ex-CEO of NSEL dating sometime towards mid-2012. As per estimates the NSEL Scam would have been worth around Rs. 3000 crore, if it would have been exposed an year ahead of its imminent discovery. According to a highly reliable source, the journalist had accurate details on the workings of the shady subsidiary Indian Bullion Merchants Association (IBMA) which was also being used as a vehicle to take calculated positions on MCX to make windfall gains. It is not clear whether the eminent scribe had information that the profits being created using IBMA were pilfered through a maze of companies by the scamsters.

Somehow, after a serious of mail exchanges, the trail went cold. Apparently, one of the accused in the NSEL Scam who was arrested disclosed that a meeting was held between this leading journalist, Jignesh Shah and Anjani Sinha at Taj LandsEnd – a 5 star hotel in Mumbai. The result of the meeting was a long-drawn silence from the publication of this leading journalist. Alas if this journalist had exposed the wrongdoings at NSEL a year ahead, it may have saved close to Rs. 2600 crore of investor wealth and added another feather to the eminent scribes hat too. It was not to be… But the mail trail between Anjani Sinha and the leading scribe does exist in some files that are getting covered with layers of dust as the clock ticks everyday…day after day…

Issues are in the Mind.. Simple Solution in a Court Room to force-merge Jignesh Shah flagship FT with scam ridden NSEL to give 13000 investors their due….

A leading newspaper has recently raked up the issue of numerous legal issues that may arise if government takes steps to force-merge scam ridden NSEL with Jignesh Shah’s flagship Financial Technologies in order to have access to fledging reserves of FT to repay 13000 investors. The suggestion initially mooted by Investor Activist Ketan Shah and formally proposed to the government by the regulator Forward Markets Commission (FMC) is the only visible way to ensure that the entire Rs 5600 crore gets repaid to the 13000 investors who have been cheated of their rightful dues for over a year now.

Inspite of attempting to paint a Legal Issue Laden picture to its readers, and the decision makers too, the article turns out to be lame on both its feet having no logical content to back up the “legal issues” such a merger would have to face. First and foremost, NSEL Scam has given rise to a new dimension of investor activism in India where a handful of the 13000 investors have stood tall for over a year to ensure that a powerful man like Jignesh Shah goes to the place he deserves. There has never been a past precedent of this nature, and hence any past precedents of no such merger ever happening automatically stand meaningless in this case.

Secondly, there is always a first time for everything. In the recent past, Indian Judiciary has shown that there is a will to shrink the “long drawn legal battles” and give expeditious verdicts. The prima facia facts of NSEL Scam and the FT – NSEL – Jignesh Shah veil would not be difficult for the Judiciary to look through to pass a landmark judgment. A Judgment which itself becomes a first-of-its-kind precedent to ensure that Jignesh Shah clones who have been perpetuating NSEL like scams and are still out in the open get a shiver down their spine.

Thirdly, the claims of Jignesh Shah and his associates claiming ignorance of the wrongdoings at NSEL have been exposed bare by EOW of Mumbai Police, FMC as well as Forensic Audit. Even the FT Shareholders who enjoyed dividends and handsome value appreciation had reposed full faith in Jignesh Shah and should not have any issues to share the part of losses or outgo from FT due to deeds of Jignesh Shah.

Any legal issue that may be cited as a barrier to ensure repayment to investors needs to be nipped in the bud. And a Court Order can eradicate each and every issue that may come on the way. An order which at best may take 2 months. An order that will aptly punish Jignesh Shah alongwith his associates to set a precedent like never before. But that need may not arise, as the bureaucracy has enough powers to exercise so as to force merge FT with NSEL. Till then, every penny in FT’s accounts from sale of stakes in various exchanges needs to be frozen and an administrator appointed to track and approve every expense FT incurs till FT reserves can be accessed for repayment to 13000 investors.

NSEL Scam drives Jignesh Shah’s Flagship Financial Technologies on Path to Slow death. Stake Sale peps balance sheet, as MCX acts tough to re-negotiate contract..

The Flagship Firm of Jignesh Shah and erstwhile star performer on Indian bourses Financial Technologies is heading towards a slow death. The recently announced Q1 results of the company, on a closer look, show that the once upon a time technology innovator has started running into operational losses.

As a matter of record, the firm posted a Q1 profit of Rs. 128 crore piggy-riding on a Rs. 172 crore one time gain through stake sale in India’s largest commodity exchange MCX. Without this one-time gain, and purely on basis of operational income the company would have posted a loss of Rs. 44 crore in the quarter as compared to a profit of Rs. 81 crore in Q1 of previous fiscal.

The steady decline in the operating revenues of FT clearly show the over-dependence of the firm on NSEL’s revenues. In Q1 2015, FT reported an operational income of close to Rs. 44 crore. The operational income in Q1 2014 stood at Rs. 104 crore. The massive drop can be attributed to zero revenue from NSEL and drop in revenue from MCX. In Q4 2014, FT clocked operational revenue of Rs 56 crore odd.

Total operational expenses of FT in Q1 2015 stood at over Rs. 67 crore, clearly showing a Rs. 23 crore operational hole before finance costs and depreciation.

The bread and butter STP Solution Income primarily dependent on the exchanges Jignesh Shah once founded has shown a dismal performance. From STO Solution revenue of Rs. 93.30 crore plus in Q1 2014 (pre NSEL Scam) the STP Solution revenues have fallen to a dismal Rs. 37.22 crore, a 60% drop.

The revenue hole would be exposed bare by Q3 2015 by which time the new MCX management would have re-negotiated their STP contract with the Jignesh Shah promoted firm. The negotiation is expected to end within a week’s time, and the fresh terms will commence from September 2014. Amongst the key re-negotiations, the fixed fee may be halved from the current Rs 5 crore with possibilities of Trade-based fees being marginally lowered. The 33-year contract would also cease to exist and MCX is likely to induct another Technology vendor by end of calendar year 2014.

Interestingly, the dependence of FT on NSEL’s revenues is laid bare in the financial results of Jignesh Shah’s own flagship. A point which can further emphasize EOW of Mumbai Police charges under which the now disgraced poster boy is cooling his heels in jail currently.






Jignesh Shah bail order to be pronounced in 66 hours.. Will Bad Shah stay to give company to broker friends??

The much-awaited Bombay High Court bail order on Jignesh Shah is awaited on Thursday or Friday. Already delayed by a week, the order is expected to make the Bad Shah of NSEL Scam stay as a government guest under hospitality of Mumbai Police for a few weeks more. Some old broker friends of Jignesh Shah are expected to join him soon for company. One of Shah’s old pals Chirag Shah is said to be on top of the list. Chirag Shah is a senior official with a brokerage Philip Capital. According to sources, Chirag Shah has been frequently seen at the Court during hearings of Jignesh Shah. Apparently Chirag Shah also made a flying visit to Delhi a few days back hoping to find a way to help mate Jignesh Shah.

Was Loss Making Newspaper DNA merged with Stock Exchange Listed Zee News to force shareholders share losses of Subhash Chandra?

Last fiscal, Subhash Chandra promoted Zee News showed a reasonable profit of Rs. 5 crore odd in Q1 2013-14. This years Q1 2014-15 results have taken the publicly listed news channel to a Rs. 15.6 crore loss. A company statement carefully blames the losses on Essel Publishers, the owner of newspaper DNA. 

The losses have come after Essel publishers, a fully owned company of Subhash Chandra, was merged with the Listed entity Zee News to be renamed as Zee Media later. It is hard to believe that Subhash Chandra and his able management who suggested the merger of DNA with Zee News would not have known of the losses that merged entity would need to bear. Losses which will be dumped on the shareholders of the listed entity. 

Zee Media Corp posts loss of Rs 15.61 crore in June quarter

Last Updated: Thursday, August 07, 2014, 18:02
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Zee Media Corp posts loss of Rs 15.61 crore in June quarter

New Delhi: Zee Media Corporation Ltd on Thursday posted a consolidated loss of Rs 15.61 crore for the first quarter ended on June 30, 2014.

The company had reported consolidated net profit of Rs 5.03 crore in the same period of the previous fiscal.

Consolidated total income of the company during April-June quarter was Rs 133.46 crore. It was Rs 77.68 crore during the same period last fiscal, Zee Media Corporation Ltd (ZMCL) said in a statement.

“ZMCL has enlarged its reach to over 147 million users across the country, again consolidating its position as the largest private news network. We have also continued to sharpen our focus on our online medium by ensuring seamless integration of content across platforms,” ZMCL Group CEO News Cluster Bhaskar Das said.

On the future outlook, ZMCL Non-executive Chairman of the Board Subhash Chandra said:” The new buoyancy in the economy, backed by a well-intentioned policy push, is bound to make a positive impact on Indian media industry”.

ZMCL’s total consolidated revenue during the quarter under review from advertising was Rs 101.92 crore while revenue from from subscription was to Rs 24.93 crore.

The company has said that its results are not comparable due to merger of EPPL (Essel Publishers Private Ltd) with ZMCL.

“The results include figures for the print business and are not comparable to the previous quarters,” ZMCL said.

ZMCL, formerly known as Zee News Ltd, is broadcasting eight news channels including Zee News, Zee Business, Zee 24 Taas, Zee Sangam, Zee Marudhara and Zee Kalinga .

Shares of ZMCL closed at Rs 17.90 per scrip on the BSE, down 3.50 percent from their previous close.



Finally Forward Markets Commission (FMC) proposes Forced Merger of Jignesh Shah’s FT with scam ridden NSEL. Ketan Shah brings a new ray of hope for Investors.

Its been a year-long fight by less than half a dozen dedicated and motivated investors of the Jignesh Shah promoted scam ridden NSEL which swallowed Rs 5600 crore belonging to 13000 investors. While the other 5-6 also need to be appreciated, the one who stands apart in the crowd of 13000 is undoubtedly a meticulous and methodical Ketan Shah, who is the prime force behind keeping the rest 12999 hopes alive for so long.

While many of the investors did raise their voices from time to time, Ketan Shah is the one who has played the role of an activist investor at times, often aiding investigators with vital clues and keeping the loose flock of investors spread over the country together by incorrigibly updating the rest through his social media accounts. Today, if half a dozen defaulter borrowers who guzzled a lions share of Rs 5600 crore in connivance with scam mastermind Jignesh Shah are cooling their heels in Jail, a great deal of applause is commanded by none other than Ketan Shah.

Another major leap forward that will go far in keeping the interests of 13000 investors alive was a meeting of Ketan Shah led Investor Group with Nirmala Sitharaman. The Minister of Commerce and Industry finally gave a patient hearing to the investors, becoming the first Union Minister to assure the Investors of strict action against the scamsters at the same time assuring them of adequate measures for returning their money safely.

A few days earlier, a significant movement also happened in interest of investors when the Forward Markets Commission (FMC) has suggested a merger of FTIL with NSEL. This suggestion too was mooted by Ketan Shah. If the government forces the merger of FT with NSEL, it would be a significant step for the investors virtually assuring them of atleast 50% of their funds coming in a single stroke. The numerous inquiries, investigations and committees have taken a long one-year to nail a handful of the accused as some of them continue to enjoy the loot. The clear verdict of all the panels, committees and investigators is unanimous that FT, NSEL and Jignesh Shah were alter egos, working under a corporate veil. No one has conclusively suspected ignorance at end of Jignesh Shah of what was blatantly and openly happening at NSEL for years. No one has refuted that FT was not the biggest beneficiary of the NSEL revenues.

Hence, no one should object if the government steps in to force merge FT with NSEL and ensure that the money collected by FT by selling stakes over the past one year goes to the 13000 investors, who by all means have the first and sole right over whatever the Scam Mastermind Jignesh Shah built.

Naveen Jindal denies any scope of jumping from Congress to BJP. While BJP sources indicate former MP from Kurukshetra was keen….

The assembly elections in Haryana are barely away by a 100 odd days and the BJP is facing a severe leadership vacuum in the state. On one hand the defeat of Bhupinder Singh Hooda led Congress Party has been written off by almost every watcher, who would be the next person to lead the BJP in the State is not getting clear.

Rumormongers did start the buzz of Kuldip Bishnoi merging his party with BJP and possibilities of Venod Sharma being inducted under the Lotus Logo. Speculators also started whispering Narendra Modi’s bête noire Sushma Swaraj being shunted as the BJP face for Haryana Assembly Elections, and so were the rumors of Former Congress MP from Kurukshetra Naveen Jindal hopping over to the BJP to be projected as the Chief Ministers Candidate for the party.

The rumors of Naveen Jindal joining BJP have finally been stubbed after 2 weeks with local Haryana newspaper reports being tweeted to inform the pubic of a categorical denial by the leading Industrialist. Sources also indicate that Naveen Jindal is out of his headquarters at Delhi and Haryana when the statement was issued by his officials from Kurukshetra.

Sources close to BJP point that some friends of Jindal did try hard to test waters to explore possibilities of a swift movement for Naveen Jindal to the Lotus Pond. The move apparently was welcomed by a few of his acquaintances at BJP, but a larger and more powerful section controlling the reins did not even consider it seriously enough to formally reject it. A soft-spoken Delhi based leader who recently came to prominence after elevation of Dr. Harsh Vardhan is said to be the most vociferous voice that was garnering numbers in support but was snubbed with equal force.

For now, the doors of BJP are not open for Naveen Jindal, after a media baron made some swift moves in conjunction with his allies. Little does the ageing media baron realize that when Naveen Jindal decides on something, he finds a way to achieve it.

The Jinx of Niira Radia falls again on Tata Empire, as CBI reopens Tata – Unitech Realty deal investigation as part of 2G Scam…

HINDUSTAN TIMES – August 17….. 

Heat on defunct Radia firm over Rs. 1,700cr Tata-Unitech loan deal

Gaurav Choudhury, Hindustan Times  New Delhi, August 17, 2014

First Published: 17:15 IST(17/8/2014) | Last Updated: 00:23 IST(18/8/2014)

The government’s corporate fraud wing has questioned the role of a now-defunct firm owned by former lobbyist Niira Radia in a Rs. 1,700-crore loan transaction between Tata Realty and Unitech. The money was allegedly used by Unitech to pay for 2G licences.

The Serious Fraud Investigation Office (SFIO) has also recommended that the registrar of companies (RoC) examine the 2007 agreement, sources said. The CBI has registered a preliminary enquiry to look into the deal and sought a copy of the SFIO report, sources said.

The SFIO made a series of recommendations in its probe report on the operations of public relations and lobbying firm Vaishnavi Corporate Communications Limited (VCCPL), which was owned by Radia, sources told HT. VCCPL also used to handle media relations for various Tata Group firms and Unitech.


“Tata Realty reiterates that it has comprehensively addressed questions from all government agencies and fully cooperated with all authorities in their investigations. Tata Realty stresses that it is committed to the highest standards of ethics and business conduct,” a Tata Realty spokesperson said.

The SFIO report, sources said, has called for action against VCCPL and its group companies for various violations, including dubious auditing.

It also said income-tax department should look into probable capital gains and tax evasion after Unitech sold its shares in the telecom arm to Norwegian major Telenor, sources said.

When contacted by HT, a Unitech spokesperson said, “We have no comments to offer.” However, sources in the company said, the SFIO had cleared the realty major of all tax matters. There were a few issues related to transactions and the company had sent its response to the SFIO.

The CBI, it is learnt, has told the Supreme Court, which is monitoring the 2G case, it would probe whether the advance given by Tata Realty was used by Unitech for real estate projects or for a telecom licence.

“The scrutiny and investigations on Vaishanvi Group conducted at the behest of vested interests, who continue to pursue the motive of causing harm to us. The final report of the SFIO points to certain technical violations under the Companies Act, 1956. We are seeking the suitable recourse available under law,” a spokesperson of the Vaishnavi group said.

Radia hit headlines in 2010 after her leaked conversations with politicians, businessmen, journalists and others became public during the probe into the 2G spectrum allocation scam.

The SFIO, which enjoys sweeping powers to investigate corporate misdemeanour and can take punitive action under the new Companies Act, 2013, has recommended action against 11 top VCCPL executives, sources said.

The corporate affairs ministry ordered the VCCPL probe in 2012. It came amid a swirl of allegations against the previous government, which was accused of selling scarce radio spectrum at throwaway prices to ineligible companies. The national auditor pegged potential revenue loss at Rs. 176,000 crore. In February 2012, the SC cancelled 122 2G licences.

Jignesh Shah awaits Bail as Days of Independence drive far from NSEL Scam mastermind.

It has been a long 3 months that once poster boy of Indian Commodity Exchanges and now NSEL Scam Accused Jignesh Shah has been cooling his heels in the place meant for offenders. And the alleged deeds to this Bad Shah offended 13000 investors scamming them of a mind boggling Rs 5600 crores.

A panel of ultra expensive behind the curtain lawyers of Jignesh Shah are believed to have crafted a strategy to get the disgraced NSEL Scam mastermind out of jail by getting the Chargesheet delayed paving way for his independence till conviction. That was not to be and a motivated force led by Rajvardhan Sinha ended up filing a chargesheet with sensational revelations in early August.

Since then the order on his bail plea is reserved and all hopes of Jignesh Shah getting independence are getting blur by each passing day. With 6 of his borrowers joining him inside jail, the next moves of EOW may end up getting more company for Shah by roping in brokers in the net. A couple of FT officials may also come under heat as reams of pages point at many others knowing and toeing Bad Shah’s line.

The next attempt of Shah’s lawyers is understood to be preparing for next round of bail plea in later September in order to bail him out before Diwali 2014. 

Will EOW of Mumbai Police allow NSEL Scam Defaulter Borrower Mohit Aggarwal of Aastha to stage Heroic Surrender; or chain him on way to the Court on August 16th.

One of the defaulter borrowers who is being trailed by the EOW of Mumbai Police is a young self-made millionaire Mohit Aggarwal of Aastha Group, that once dreamt of an IPO to get rid of its growing borrowings from NSEL. Aggarwal was the first defaulter borrowers to get an interim Anticipatory Bail which he was enjoying for over 8 months before the Court rejected the petition this week.

Taking a lenient stance in case of his wife, the court granted Shilpa Aggarwal cover from arrest, leaving open the doors for police to nab the ambitious Mohit Aggarwal. Strangely Aggarwal was present at all previous hearings chose to stay away from the fateful one. Since then, Mohit Aggarwal is said to be untraceable and is being rumored to be preparing to approach Bombay High Court.

From what it appears, Mohit Aggarwal may be planning to stage a surrender at the High Court minutes before the fresh Anticipatory Bail Plea. A section of EOW Officials have taken the challenge to nab him and produce him for remand before the Juggernaut makes an emotional surrender.