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Two companies that put Rs 28 cr in Tarun Tejpal's Tehelka linked to Jindal firm named in coal scam FIR

Dec 13 2013, 11:44 IST
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Records show Enlightened Consultancy Services invested in Anant Media, which publishes Tarun Tejpal's Tehelka magazine. (IE photo: Ravi Kanojia) Records show Enlightened Consultancy Services invested in Anant Media, which publishes Tarun Tejpal's Tehelka magazine. (IE photo: Ravi Kanojia)
SummaryYet another anomaly has surfaced in the business dealings of Tarun Tejpal's Tehelka.

Two firms that together invested Rs 28.35 crore in Tarun Tejpal's holding company, Anant Media, which publishes Tehelka magazine, have links to a Jindal group company that is named in a CBI FIR in the coal blocks allotment scandal, an investigation by The Indian Express has found.

Records show that Enlightened Consultancy Services invested Rs 16.75 crore and Weldon Polymers Private Ltd Rs 11.60 crore in Anant Media. Both companies made the first two tranches of their investment on the same dates: June 20, 2008 and November 20, 2008. Both bought Rs-10 Anant Media shares at a premium of Rs 10,623. This effectively valued Anant Media at Rs 93.1 crore while its loss was Rs 21.06 crore.

An analysis of the share transactions (see box) involving Tehelka and these companies shows that between 2006 and 2010, through sale and purchase at regular intervals, Tehelka's management sold shares at a high premium, bought them back at nominal face value and then re-issued these same shares among these interlinked companies.

Tehelka-Jindal link

For instance, Enlightened bought shares at a premium of Rs 10,623 in 2008, sold them back to Tehelka in 2009 at Rs 10 a share and, within days, Tehelka issued these shares at a Rs 2,505-premium to Trinamool MP K D Singh's Royal Building and Infrastructure Ltd. In effect, Anant Media collected a premium of Rs 13,128 for a Rs 10 share.


In the Registrar of Company (RoC) records, Weldon, which holds a 5.87 per cent stake in Anant Media, has the same address as that of a firm named N D Exim Pvt Ltd. N D Exim was named by the CBI in its FIR in June 2013, which also named Congress MP and industrialist Naveen Jindal, in connection with Rs 2.25 crore it

D Exim invested in Sowbhagya Media in which former minister of state for coal Dasari Narayana Rao has a 60 per cent stake.

In the FIR, the CBI claimed that this investment was an alleged quid pro quo for granting coal blocks to the Jindal Group. Jindal has denied these charges.

Weldon's registered address is E-4/77, Sector 7, Rohini, Delhi. This belongs to a two-storey building lying vacant. Stuck on the wall of the building is a piece of paper to redirect mail. It reads: "Suresh Singhal has shifted to a

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