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Coalscam: 'Naveen Jindal was central figure in conspiracy'

PTI

New Delhi

Industrialist Naveen Jindal was the “central figure” in the entire criminal conspiracy in the Jharkhand's Amarkonda Murgadangal coal block allocation scam case, a Special court Friday said while ordering framing of charges against the Congress leader and 14 others.

The court also said that a facade of companies was prima facie created as a “smokescreen” to cover up the “illegal” act of paying off Rs two crores to former MoS for Coal Dasari Narayan Rao by Jindal in lieu of favouring his two firms by securing allocation of a coal block in 2008.

Dealing with the materials placed before him by the prosecution, Special CBI Judge Bharat Parashar said, “the aforesaid discussion of the overall facts and circumstances prima facie show the nature of overt and covert acts on the part of accused 7, Naveen Jindal in the entire criminal conspiracy.

“In fact his role has come out to be that of a central figure around whom the entire criminal conspiracy revolved,” the judge said in the 136-page order.

The court made the observations while ordering framing of charges against Jindal, Rao, former Jharkhand Chief Minister Madhu Koda and 12 others for the alleged offences of criminal conspiracy, cheating, criminal breach of trust under the IPC and sections of the Prevention of Corruption Act in the case.

The court said Jindal's role “as being the common central thread running through all the said transactions through his various group or associated companies becomes evident at least for a prima facie view. In other words his role even travels beyond the area of even grave suspicion as regard his complicity.”

“A facade of companies prima facie appears to have been created as a smokescreen to cover up the actual transfer of money so as to avoid liability under any law/ rules/ regulations,” it said.

The court also said “the circumstances clearly present a picture where the corporate veil of various companies involved in the alleged money trail needs to be lifted as prima facie it is crystal clear that various corporate entities were used to cover up the actual illegal acts of making a pay off to Rao by Jindal in lieu of help rendered by him in securing allocation of Amarkonda Murgadangal coal block in favour of accused 1, M/s JSPL and accused 2, M/s GSIPL.”

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Fall in commodity prices affect Vedanta’s performance in 2015-16

The Goan Network
Published Apr 30, 2016, 12:00 AM IST
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PanajiWeak commodity prices took a toll on Vedanta’s performance as the company posted 43% drop in profit in the year 2015-16. Vedanta’s attributable profit after tax before exceptional items fell from Rs 5,097 crores in FY 2014-15 to Rs 2,910 crores in FY 2015-16. Interestingly, revenue fell by 13% in FY 2015-16, but EBITDA (earnings before interest, tax, depreciation and amortisation), which is a measure of operating profit, fell by a whopping 33%. This was on account of…

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