Revealed: 2 firms that invested in Tehelka were named in coal scam

An Indian Express investigation published today revealed that two firms which invested a total of Rs 28.35 crore in Anant Media are linked to a Jindal group company mentioned in the CBI FIR in the coal blocks allocation scam.

FP Staff December 13, 2013 13:58:19 IST
Revealed: 2 firms that invested in Tehelka were named in coal scam

Even as Tarun Tejpal remains in custody in Goa over rape charges, fresh revelations of financial misdoings continue to dog Tehelka magazine. An Indian Express investigation published todayrevealed that two firms which invested a total of Rs 28.35 crore in Anant Media are linked to a Jindal group company mentioned in the CBI FIR in the coal blocks allocation scam.

The Indian Express report says Enlightened Consultancy Services invested Rs 16.75 crore and Weldon Polymers Private Ltd Rs 11.60 crore in Anant Media. Not only did both companies initiate their investments on the same day, but they also both purchased Anant Media shares -- of Rs 10 face value -- at a whopping Rs 10,623, thus valuing the company with losses of over 21 crore at Rs 93.1crore. What's more, both these firms later sold back the same shares back to the company at Rs 10. The Tehelka magazine management then allegedly reissued these same shares again at a huge premium.

Revealed 2 firms that invested in Tehelka were named in coal scam

Tarun Tejpal. AFP.

Weldon, which holds a 5.87 per cent stake in Anant Media, is connected to N D Exim Pvt Ltd which was named by the CBI in its FIR in June 2013. However, a Jindal group spokesman denied any link with Weldon or Tehelka. Enlightened Services is owned by Pradeep Goel who also owns RKG International, a steel trading firm that was a Jindal customer.

Firstpost's independent investigation reveals, however, that Jindal Group's links to Tehelka actually date back to A K Gurtu Holdings, which first bought Rs 10 shares at a premium of Rs 13,189 from Tarun Tejpal, his immediate family and Shoma Chaudhary. Tarun Tejpal's family -- including his wife Geetan Batra, his brother Minty Kunwar, his father Inderjit Tejpal, his mother Shakuntla, his sister Neena T Sharma and Shoma Chaudhary - together received Rs 8.51 crore from the transaction. Gurtu made a total investment of Rs 40 crore in Tejpal's Anant Media.

A K Gurtu Holdings, which was originally incorporated on 26 May 1995, changed its name to Enlightened Consultancy Services Pvt Ltd on 17 April 2007. Gurtu even changed its address from 22 Jangpura A, New Delhi to 313, MJ Shopping Centre, 3 Vir Savarkar Block, Shakarpur, Delhi-110092.

Now the story takes a curious turn.

Gurtu's Rs 40 crore worth of shares were bought back by Tarun's Anant Media at their nominal face value -- that is Rs 10 -- and then re-issued to Gurtu's rechristened Enlightened Consultancy at Rs 10,623 per share. Thus, the same number of shares were circulating among Anant Media and Jindal-linked companies A K Gurtu Holdings and then renamed company Enlightened Consultancy.

According to documents available with Firstpost, two directors - Pradeep Goel and Sanjay Garg - of Enlightened Consultancy are also directors with Jindal Group's company Advance Sporting Arms Private Limited. And Weldon Polymer's director Surender Pal Singh is director with four Jindal Group's companies - Advance Sporting Arms Private Limited, Jindal Power Transmission Limited, Jindal Hydro Power Limited and Jindal Power Distribution Limited.

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