For 42 million tonnes of coal supplied by its own operations in that time, the Adani group declared an average price of 130 per tonne. But for the 31 million tonnes of coal supplied by its three ...
DRI probe into alleged overvaluation illegal, invalid: Adani Enterprises petition in Bombay HC The DRI alleged that Indonesian coal was directly imported from ports in that country to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and the British Virgin Islands to artificially inflate its value.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said.
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.
Corporate Fraud Adani firm is trying to obstruct investigation in coal imports case, DRI tells Bombay HC The Directorate of Revenue Intelligence said the Adani group was challenging the 'well ...
The Directorate of Revenue Intelligence has moved the Supreme Court challenging an order of the Customs, Excise Service Tax Appellate Tribunal quashing a case pertaining to overinvoicing allegations levelled by the Directorate of Revenue Intelligence (DRI) against two Adani group July and August, while granting relief to three Adani group subsidiaries, Adani Power Maharashtra ...
The DRI has also claimed that in certain cases, the import value of Indonesian coal was artificially inflated by about 50100%, by changing test reports which measure the calorific value of coal ...
The Supreme Court revived on Wednesday, 9 January, 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 ...
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 ...
At the end of September 2023, GQG owned a % stake in Baba Ramdev's Patanjali Foods through two of his funds, shareholding pattern data shows. In the case of JSW Energy, the multibillion dollar fund owned % stake, % stake in IDFC First Bank and % in Adani Power. The Adani Group stock has more than doubled in FY24.
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 ...
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 Virgin Islands to artificially inflate its price. The DRI's adjudicating dropped the ...
Milestones at a glance. Pioneering the Mine Developer and Operator (MDO) model in 2009. Commissioned coal handling plant of 15 MTPA, washery of 10 MTPA. Aiming to be one of the largest mining groups in the world. Adani Enterprises Ltd is India's first private mining company who pioneered the concept of Mine Developer and Operator (MDO)
The DRI is probing at least 40 companies for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore between 2011 and 2015. The list includes six Adani companies including Adani Enterprise and Adani Power. The Adani Group has denied any wrongdoing.
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 ...
The Supreme Court on Wednesday stayed the Bombay High Court order that quashed the Letters Rogatory (LRs) sent by the Directorate of Revenue Intelligence (DRI) to foreign countries pertaining to alleged overvaluation of Indonesian coal imports from 2011 to 2015 by two Adani firms.
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.
Adani Enterprises Limited, the flagship firm of the Adani Group, has moved the Bombay High Court seeking to quash Letters Rogatory (LRs) issued by the DRI in 2016 in a case pertaining to alleged overvaluation of coal imports. Letter Rogatory is a letter to judicial agencies in other countries, seeking information or assistance. In March 2016, the Directorate of Revenue Intelligence (DRI ...
Shares of Adani Enterprises slipped as much as per cent to Rs on the BSE on Wednesday after media reports suggested that the Supreme Court (SC) has set aside Bombay High Court's order giving relief to the firm in the coal import case.
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 ...
In September, AEL approached the high court seeking to quash the LRs, issued in 2016. In March 2016, the DRI initiated probe against a few Adani group firms for alleged overvaluation of coal ...
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 ...
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