Also read: Coal Import Scam: Adani Company Is Trying to Impede Investigation, DRI Tells Bombay HC. As its investigations proceeded, the DRI realised it would need further documentation from the foreign branches of Indian banks, namely, ICICI Bank, Axis Bank, Bank of Baroda (BoB) and, most importantly, the State Bank of India (SBI) through which ...
On October 10, hearing a case regarding the alleged ove rinvoicing of Indonesian coal imported by the Adani Group, the Supreme Court clubbed the matter with another case related to alleged smuggling of dutyfree gold by a Hyderabadbased jeweller.. It was in November 2019, that the DRI had moved the apex court against a Bombay High Court order in favour of the Adani Group.
Adani Power. Two power plants built by the Adani group in Tiroda, Maharashtra and in Kawai, Rajasthan are under the DRI's scrutiny for alleged over invoicing of capital equipment used in power plants. The show cause notices (SCNs) issued in these cases in May 2014 were dismissed by the DRI's adjudicating authority K V S Singh in ...
The Adani group had been so rattled by reports that the newspaper's journalists had started an exhaustive investigation into coal imports by the group — often rapping on doors, making calls, emailing questionnaires and even shoving written questions under the door of one office in Singapore — that they took the unprecedented step of making a regulatory filing with the bourses to rubbish ...
The Supreme Court revived on Wednesday the probe against a Adani group firm in a case of alleged overvaluation of Indonesian coal imports by staying the Bombay High Court's decision of quashing ...
Coal imports case: SC to hear in February DRI's appeal against Bombay HC order quashing LRs On October 17, 2019, the high court had quashed all the letters rogatory (LRs) sent by the DRI to Singapore and other countries in its ongoing investigation against the Adani Group firms for alleged overvaluation of Indonesian coal imports.
India's coal imports decline 12 pc in August. India's coal imports in August fell by % to million tonnes compared to the same month last year, according to data from mjunction services ltd. Overall coal imports between April and August also dropped by % to million tonnes.
A Bombay HC halted an investigation by the Directorate of Revenue Intelligence into the alleged Rs 29,000cr overvaulation of Indonesian coal imports by Adani Group. DRI is probing at least 40 companies, including Essar, for overvaluation of imports.
In 2014, the DRI issued a showcause notice to APML and APRL alleging the overvaluation of imported coal. The DRI alleged that the import invoices of Indonesian coal were routed through intermediaries based in Singapore, Hong Kong, Dubai and the British Islands to artificially inflate its price. The DRI's adjudicating dropped the ...
Adani Power, the country's largest private power company, increased coal imports to tonnes in June from 154,000 tonnes the previous year. Together, the Adani subsidiaries accounted for...
India's main opposition party has called for an investigation of the country's Adani Group over allegations reported by the Financial Times that the conglomerate appeared to have inflated the ...
In January 2020, the Supreme Court paved the way for DRI to investigate allegations of overvaluation of coal imports from Indonesia by the Adani group. The apex court through the January 9, 2020, order stayed an October 17, 2019 judgment of the Bombay High Court which granted relief to Adani group by quashing LRs sent to various countries including Singapore, seeking details of the group's ...
Stating that it examined 30 shipments of coal from Indonesia to India by an Adani company over 32 months between 2019 and 2021, FT in its report said, "in all cases prices in import records were ...
In another attempt to take its investigation forward in the multicrore coal import scandal, the Directorate of Revenue Intelligence (DRI) filed an affidavit with Bombay High Court on June 13 challenging a petition by Adani Enterprises Ltd (AEL) that sought the quashing of DRI's letters regotary (LR) to foreign jurisdictions.. DRI told the court that AEL is trying to "impede" its probe ...
In early February 2023, the Directorate of Revenue Intelligence (DRI) of the Ministry of Finance moved the Supreme Court against an Appellate Tribunal's order quashing DRI's case alleging overinvoicing of coal supplies procured by three Adani Group companies. The DRI's case, reported in September 2021 by AdaniWatch, alleged that the ...
The Indian revenue agency did not respond to Reuters' queries. The effort to revive the coal probe comes amid wider regulatory scrutiny of Adani since Hindenburg Research in January accused the tycoon and his conglomerate of improper use of tax havens and stock manipulation. Despite Adani's denials, the short seller's report triggered a USD 150 ...
The official spokesperson of the Adani Group said, "Since the matter is sub judice, we are refrained from making any statement." The DRI is probing at least 40 companies including two companies of the Anil Dhirubhai Ambani Group (ADAG), two Essar Group firms and a few public sector power firms for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore between 2011 ...
The Directorate of Revenue Intelligence has accused Adani Enterprises Limited of trying to obstruct its investigation into the overvaluation of coal imports by some group firms, The Indian Express ...
Energy. Trade. 22/Jan/2020. New Delhi: Indian utilities coal imports rose to their highest levels since 2015 and reversed a three year slide, government data showed, mainly due to increased ...
The records show that over the past two years, Adani used offshore intermediaries in Taiwan, Dubai and Singapore to import 5bnworth of coal at prices that were at times more than double the ...
Arjun Appadurai and Michael Lambek . Jordan Kynes *, Vanessa Rau †, Rosa Coco Schinagl ‡ Abstract: "Old and New Gods: in Conversation with Arjun Appadurai and Michael Lambek" introduces the reader to some of the broader themes of the work appropriately through dialogue; a casual discussion between three young researchers and two ...
Adani coal imports under DRI lens again. Feedback. Indian investigators seek Supreme Court permission to restart a probe into Adani Group's alleged coal import overvaluation. The Directorate of ...
The DRI is probing at least 40 companies for alleged overvaluation of coal imports from Indonesia, to the tune of Rs 29,000 crore. DRI said that if the HC judgment is not stayed, grave prejudice ...
Billionaire Gautam Adani's conglomerate is benefiting from India's rush to import coal to ease a supply crunch, winning a huge majority of import orders from state power giant NTPC Ltd.
Adani Group said in a statement on Friday that during the DRI's inquiry into the alleged overvaluation of Indonesian coal imported by Adani Enterprises Ltd. and Adani Power Ltd., among other major private and staterun power generators, "both companies furnished details and documents as sought for by the DRI more than four years back."
Under the clause in the new coal law that allowed old MDO contracts to be reinstated, the Rajasthan stateowned firm continued its coalscamera agreement with its Adani Groupled joint venture.
The coal import scam was estimated to be at around,000 crore. ... following which the HC quashed all LR proceedings citing technicalities. The Supreme Court stayed the order of the Bombay High Court in 2020. ... EIF was owned and controlled by Vinod Shantilal Adani, the eldest of the Adani brothers. The DRI alleged that the Adani firms ...
The nation's Directorate of Revenue Intelligence, or DRI, which is part of the finance ministry, has again reiterated its request to India's Supreme Court to revive an investigation that began in 2015 into an Adani Singapore entity and the alleged overinvoicing of imported coal by billionaire Gautam Adani's companies, according to an October 9 court filing seen by Bloomberg News.
The high court order assumes significance as apart from the Adani Group, the DRI is probing at least 40 companies including two companies of the Anil Dhirubhai Ambani Group (ADAG), two Essar Group firms and a few public sector power firms for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore between 2011 and 2015.
Corporate Fraud Adani coal imports case: Bombay HC quashes DRI's requests seeking judicial help from foreign nations The Directorate of Revenue Intelligence is investigating at least 40 ...
Follow Us. Billionaire Gautam Adani's porttoenergy conglomerate on Thursday said it had won a contract to supply imported coal to stateowned electricity generator NTPC but played down its significance saying the volume of 1 million tonnes was small. "NTPC has awarded the contract to the company for the supply of 1 million tonnes of imported ...
Indian import data since July 2021 indicates that Adani paid a total of billion to these companies for coal sourced at substantial premiums to market prices. The details regarding these ...
The DRI has also claimed that in certain cases, the import value of Indonesian coal was artificially inflated by about 50, by changing test reports which measure the calorific value of coal ...
Having failed earlier, a foreign publication is "making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of overinvoicing of coal imports," Adani Group said in a statement. It said the proposed story by the publication is based on the DRI's General Alert Circular dated March 30, 2016.
The Directorate of Revenue Intelligence (DRI) has moved the Supreme Court to challenge the Bombay High Court (HC) order that restrained the agency from seeking foreign counterparts' assistance in its probe against a few firms of the Adani group for alleged overvaluation of Indonesian coal imports. The DRI had issued 14 letters rogatory (LRs ...
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