Meanwhile, shares in Naveen Jindal promoted Jindal Steel and Power crashed as much as 24 per cent after the FIR was registered. The FIR against his company lists cheating and conspiracy as charges. Jindal Steel and Power was the top loser on the 50-share Nifty benchmark and traded down 20 per cent at Rs. 212.50 as of 11 am.
The agency is also carrying out searches at 15 places in Delhi and Hyderabad in connection with the coal scam. Jindal's home and offices were raided this morning by the CBI.
FIR has been lodged against Jindal Steel and Power Ltd, Gagan Sponge and two others. Two firms - Nalwa Sponge Iron Ltd and Gagan Sponge Iron Ltd - allegedly associated with Jindal - have been under the CBI scanner.
JSPL has five coal blocks allocated to it - at Gare Palma IV (Chhattisgarh), Jitpur (Jharkhand), Amarkonda Murgadangal (Jharkhand), Ramchandi (Orissa), Urtan North (Madhya Pradesh).
Meanwhile, the JSPL group has said that this is an ongoing probe into the coal scam, and that they will fully co-operate with the CBI.
Jindal and National Flag
Naveen Jindal is the person, who fought and got Indians the right to hoist India's National Flag on all days. On January, 23, 2004, the Supreme Court ruled in favour of Jindal and allowed every Indian to hoist the national flag on all days of the year. Naveen and his wife Shallu Jindal have established the Flag Foundation of India to instill in the citizens of India, a sense of pride in the Tiranga.