On March 13, when the Sensex crashed by over 200 points in a single day—affected by tehelka.com's defence deal expose—it is now being alleged that First Global could have had access to Tehelka's story before it became public and, therefore, short-sold aggressively to earn easy profits. This is a serious insider trading charge and if true and proved, sebi can take strong action against First Global. But this seems far-fetched since sebi banned short-selling on March 5.
Interestingly, with no revenues or profits in sight for Tehelka, First Global wrote to major media organisations in January, offering its stake for sale. In February, Zee expressed interest in picking up 26 per cent of Tehelka in a stock swap deal but Zee's share price has been in free fall since then. To add a further twist, First Global has been openly negative on the Zee scrip for more than a year now. So what's going on?