Newsmaker: Sanjay Chandra

The 2G overhang

It is perhaps his risk-taking nature, sometimes bordering on recklessness, that lands him in trouble. Just when Sanjay Chandra, managing director of Unitech, was getting back to doing what he knows best — real estate — he’s hit the headlines again, and for all the wrong reasons. Chandra, 40, has denied any links with the taped conversation with CBI prosecutor AK Singh on the agency's trial strategy, but if the allegations of collusion between the two are true, repercussions could be serious.

The investigative agency may seek cancellation of his bail that he had secured after seven months in custody in 2011 for his alleged role in the 2G spectrum scam when A Raja was the telecom minister.

The alleged hobnobbing with the prosecutor is reminiscent of Chandra’s networking with Raja and his men, both in the environment ministry and the department of telecom . CBI says Chandra would often meet Raja, the prime accused in the 2G case, when he was the environment minister for speedy clearances to real estate projects. The bond between the two continued when Raja became the telecom minister.

However, Chandra’s defence denies any allegations of undue favour. In the 28 months from January 2005 to May 2007, when Raja was the environment minister, seven of Unitech’s projects with a built up area of 8.60 million sq ft were cleared; on an average, the company had to attempt 1.86 times for a clearance and it took 17.2 months for a clearance. In contrast, during the ten months of June 2007 to March 2008, when Raja was not in charge, 21 projects of 37.34 mn sq ft got cleared. The average number of attempts for clearance came down to 1.5, and the average time taken fell to 7.7 months.

Still, Chandra’s sudden interest in telecom is attributed by many to his proximity to Raja. Telecom was an opportunity he did not want to let go of, and knowing a Cabinet minister who was ready to help was a bonanza! While Chandra may have given up on telecom, the ghost of 2G continues to haunt him. Just two days after the news of the CD broke, Unitech posted an impressive third quarter results. Chandra may have contributed much to that, but with all eyes on the “collusion” tape, the good work has gone unnoticed.

Once out of jail, he wanted to start anew. Telecom had gone wrong, and he was ready to get back into real estate, along with father, Ramesh, and brother, Ajay. Though the Chandras have been avoiding the press since the 2G controversy, Unitech results have seen Chandra return through company statements, replacing the brother who’s been doing the needful in his absence.