November 17, 2023 at 1:37 AM PST. Listen. 2:59. India's government is seeking to restart a probe into Adani Group coal imports from Indonesia, a potential setback for the sprawling conglomerate ...
The banking regulator's response followed a request by the Directorate of Revenue Intelligence (DRI), which sought RBI's assistance in obtaining information from two stateowned banks on the alleged Rs 29,000crore overvaluation of coal imports from Indonesia by Indian companies, including the Adani Group, ADAG and Essar Group among others.
The DRI is also investigating six Adani Group firms and two Essar Group firms for alleged overvaluation of coal imports from Indonesia. ... The DRI alleged that Indonesian coal was directly imported from ports there to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and British ...
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 AN affidavit to the Supreme Court, the Directorate of Revenue Intelligence (DRI) has reiterated its stand to resume investigation into the Adani Group for alleged overvaluation of coal imports and said it "has followed due process" in applying to a Mumbai court for issuing Letter Rogatory to secure some documents pertaining to the case in Sin...
Adani Group accused of importing coal at inflated prices; denies allegations. FT report based on 30 shipments of coal from Indonesia to India over 32 months. Prices declared to custom officers in ...
An investigation by the Directorate of Revenue Intelligence into overinvoicing of imports of coal and power generating equipment has tasted defeat in a tribunal. The DRI intends appealing the tribunal's decision. A Delhi based company, Knowledge Infrastructure Systems Private Limited, which has been accused of overinvoicing coal imported from Indonesia and had faced penalties imposed on it ...
The DRI alleged that money was being "siphoned" outside the country and the electricitygenerating firms were availing of "higher tariff compensation based on artificially inflated cost of the imported coal". The DRI alleged that Indonesian coal was directly imported from ports in that country to India while import invoices were routed ...
Forty of India's biggest energy companies are being investigated by a wing of the Union Ministry of Finance for overinvoicing of imported coal. The artificially higher prices of coal have been passed on to electricity consumers across the country. The scam is conservatively estimated by government officials at no less than Rs 29,000 crore, a third of which is in the form of higher power ...
Adani News Live: The Supreme Court disposed of the petition filed by the Directorate of Revenue Intelligence (DRI) challenging orders issued last year by the Customs, Excise Service Tax Appellate Tribunal (CESTAT), quashing cases pertaining to overinvoicing allegations leveled by the DRI against three Adani group subsidiaries.
DRI alleged that money was being "siphoned" outside the country and the electricitygenerating firms were availing of "higher tariff compensation based on artificially inflated cost of the imported coal". The DRI alleged that Indonesian coal was directly imported from ports in that country to India while import invoices were routed ...
The Hindenburg report had mentioned the DRI report alleging overvaluation by the Adani Group of companies. The report has also caused a huge fall in Adani Group's shares. The companies' market ...
Delhi's high court has taken up a lawsuit calling for an investigation into allegations that Adani Group and other energy companies engaged in fraud that raised power prices for Indian consumers.. The court has ordered the Indian government and Directorate of Revenue Intelligence (DRI) to respond before 7 February to the lawsuit, which claims that several mining groups inflated coal and ...
Overvaluation of Indonesian coal. From 2010 onwards, the DRI had initiated probe against at least 40 companies including five firms of Adani Group including Adani Power for alleged overvaluation ...
On the last day of March, the Directorate of Revenue Intelligence (DRI), which comes under the Union finance ministry, issued a "general alert" to fiftyodd customs establishments all over India highlighting the modus operandi of overinvoicing of imports of coal from Indonesia. The DRI has claimed that money was being "siphoned ...
Five Adani companies and a further five supplied by the group were among 40 importers named by the DRI in a 2016 notice of an investigation into intelligence that they were "artificially inflating" the value of Indonesian coal to siphon off money abroad and overcharge power companies. ... "supplier's invoices are routed through one or ...
The documents, compiled in 2014 by India's directorate of revenue intelligence (DRI), accuse Adani Group of ordering hundreds of millions of dollars' worth of equipment for an electricity ...
The Directorate of Revenue Intelligence (DRI) had in 2016 issued a circular saying 40 entities, including five Adani Group companies, were being investigated for alleged overinvoicing of coal ...
The Mundra Thermal Power Project, a coalfired plant that began operations in 2009, is now the backbone of the billion (sales) Adani Power. ... (DRI), investigated the Adani Group for ...
See other industries within the Manufacturing sector: Aerospace Product and Parts Manufacturing, Agriculture, Construction, and Mining Machinery Manufacturing, Alumina and Aluminum Production and Processing, Animal Food Manufacturing, Animal Slaughtering and Processing, Apparel Accessories and Other Apparel Manufacturing, Apparel Knitting ...
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DRI probe may affect Rs 800crore relief to Adani The DRI alleged at least 40 power generating firms imported Indonesian coal directly from ports in that country to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and British Islands to artificially inflate its value.
The FIR is also mentioned in the fineprint of the Draft Red Herring Prospectus filed by Adani Wilmar Limited on 3 August 2021 with the Securities and Exchange Board of India (SEBI), the regulator of the country's financial markets, in the runup to the listing of the company's shares in stock exchanges.(Adani Wilmar Limited is a joint venture between the Adani Group and Wilmar International ...
Five Adani companies were among 40 importers named by the DRI in a notice of an investigation that they were "artificially inflating" the value of Indonesian coal to siphon off money abroad and overcharge Indian power companies.
The allegations have been made by the Ministry of Finance's Directorate of Revenue Intelligence (DRI), the intelligence wing of the Ministry. They are outlined in a showcause notice sent by the DRI to various Adani Group companies and to Vinod Adani, older brother of Gautam Adani. It alleges that an entity named Electrogen Infra FZE (EIF ...
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