Manoj Gaur, the eldest son and chairman of Jaypee Associates, told CNBC-TV 18 a couple of months ago that the group wanted to reduce this debt by Rs. 15, 000 crore.

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The revenue figures inflated to keep share prices high and package a shaky business as rosy, revealed a hole well above Rs 7, 000 crore and reminded many of the Enron case in the US that led to the conviction of key executives.

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Preliminary estimates suggest that the cost of constructing a high-speed railway line and acquiring trains to run on them would be in the range of Rs. 70 crore to Rs. 100 crore per km, translating to at least Rs. 37, 000 crore for a Mumbai-Ahmedabad line.

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