Jun 22, 2013, 12.22 PM IST | Source: PTI

Coal scam: CBI searches cupboards in Jindal's residence

During the searches conducted on June 11, CBI was unable to complete its operation at Jindal's 6-Prithviraj Road residence as some of the cupboards and almirahs were locked and they could only be unlocked by the MP who was out with his family at that time.

Coal scam: CBI searches cupboards in Jindal's residence

CBI today opened cupboards of Congress MP Naveen Jindal, who returned last night from abroad, after he was asked to join its probe in the allocation of a coal block to his company Jindal Steel and Power Ltd .

During the searches conducted on June 11, CBI was unable to complete its operation at Jindal's 6-Prithviraj Road residence here as some of the cupboards and almirahs were locked and they could only be unlocked by the MP who was out with his family at that time.

CBI sources said that a search team went to his residence this morning and searched the cupboards and almirahs in the presence of Jindal, who has been named in its FIR along with former Minister of State for Coal D Narayan Rao for alleged cheating and graft. CBI had communicated to Jindal to join the probe as soon as possible since these cupboards and almirahs could be opened only after his arrival.

According to the FIR, JSPL and Gagan Sponge Iron Ltd, also a firm belonging to Jindal, had bagged Amarkonda Murgadangal coal block in Jharkhand in 2008 by alleged misrepresentation of facts when Rao was the Minister of State for Coal. Within a year, a block was allocated to JSPL in January 2008, CBI sources claimed, noting that shares of Rao's firm Saubhagya Media listed at Rs 28 that time were purchased by one of Jindal's firm- New Delhi Exim Ltd- at a whopping Rs 100 per share with total investment of nearly Rs 2.25 crore which is alleged to be illegal gratification.

Jindal Steel stock price

On April 17, 2014, Jindal Steel & Power closed at Rs 280.00, up Rs 10.70, or 3.97 percent. The 52-week high of the share was Rs 347.75 and the 52-week low was Rs 181.55.


The company's trailing 12-month (TTM) EPS was at Rs 14.63 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 19.14. The latest book value of the company is Rs 134.95 per share. At current value, the price-to-book value of the company is 2.07.

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