Why the CBI cannot claim much glory for filing a chargesheet against Naveen Jindal

The Central Bureau of Investigation on Wednesday filed a chargesheet against industrialist Naveen Jindal and 14 others in the Amarkonda Murgadangal coal block allocation matter. The matter will come up for hearing in the CBI court on Thursday. Apart from Jindal, among those named in the chargesheet are former Minister of State (Coal) Dasari Narayana Rao, former Jharkhand Chief Minister Madhu Koda and former coal secretary HC Gupta. The chargesheet centres on a transaction in 2008 where a company owned by former directors of the Naveen Jindal Group, and then by Jindal himself, gave an unsecured loan of Rs 2.25 crore to a nondescript trading company called ND Exim. This company then used the Rs 2.25 crore to buy shares of a company owned by Rao on extremely generous terms.

In this story, I argue that the CBI should not get any credit for this chargesheet. that its work, as i have written earlier, has been more coverup than investigation.

coal to liquid projects. #coalgate

In the report it submitted last week, the parliamentary standing committee on coal observed that the inter-ministerial group (IMG) whose recommendations formed the basis of allotment of two large coal blocks to private players for conversion to oil “has not performed its duty honestly”. While the report does not elaborate on the IMG’s alleged failings, minutes of the IMG meetings, accessed by ET using the Right to Information (RTI) Act, shed light on them and reveal that some group members might agree with the committee’s indictment.

a story by TOI’s supriya sharma and me on one of the more ignored aspects of coalgate — the coal to liquid projects.

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.