a seemingly innocuous transaction

A company owned by former and current directors of the Naveen Jindal Group, and then by Naveen Jindal himself, gave an unsecured loan of Rs 2.25 crore in 2008 to a nondescript trading company, which used it to buy new shares on extremely generous terms of a company owned by Dasari Narayana Rao, one of the two ministers of state for coal during the controversial allotments of coal blocks to companies for captive use.

The complete story, here.

For context on this post, see this and this. the first is an aggregation of all the et stories on coalgate. the second talks about the role of political corruption in india’s coal industry.

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