Adani Enterprises declared an average price of 130 per tonne for the 42 million tonnes of coal supplied by its own operations during this time. According to the report, Adani's three intermediaries supplied 31 million tonnes of coal at an average declared price of 155 per tonne, a 20% premium totaling nearly 800 million.
Adani Group said it was not aware of the 2014 DRI documents but added that the Supreme Court had "concluded in our favour" over the matter. FT said lawyers for 360 One said the company ...
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 ...
However, the publication has "singled out the Adani Group, while the DRI's circular mentions as many as 40 importers including the Adani Group companies," the statement said. ... It also deliberately ignores the fact that coal procurement in India on longterm supply basis is done through an open, transparent, global bidding process ...
A DRI report described Chang as the director of three Adani companies involved in the scheme, while Ahli represented a trading firm that was also involved. As part of the case, it was revealed that Chang shared a Singapore residential address with Vinod Adani, the lowprofile older brother of the Adani Group's chairman, Gautam Adani.
The Indian government is seeking to reopen an investigation into Adani Group's coal imports from Indonesia, focusing on alleged overinvoicing. The Directorate of Revenue Intelligence (DRI) has ...
The request is part of an investigation by India's Directorate of Revenue Intelligence (DRI) into a alleged fraud by 40 power companies including six Adani subsidiaries.
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.
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 ...
DRI alleged the 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 exported 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 ...
By Parikshit Luthra Mar 13, 2023 3:04:51 PM IST (Published) The Finance Ministry on Monday informed Parliament that the Directorate of Revenue Intelligence (DRI) has concluded its investigations into the imports of Power Generation, Power Transmission, and Infrastructure (Port SEZ) equipment by Adani Group companies. The DRI has submitted its ...
The DRI is probing at least 40 companies for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crorebetween2011and2 list includes six Adani companies including Adani Enterprise and Adani Power. The Adani Group has denied any wrongdoing. In 2016, the agency issued a general alert to field offices and customs ...
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 ...
Last modified on Wed 21 Feb 2018 EST. India's customs department has revived allegations of a US600m financial fraud against the Adani Group, challenging an order clearing the mining ...
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The Directorate of Revenue Intelligence (DRI) is seeking to resume its inquiry into allegations of the Adani Group overvaluing coal imports, as reported by Reuters. The DRI has approached the Supreme Court for permission to gather evidence from Singapore. In 2016, the tax intelligence agency had issued a circular, asserting that Adani Group ...
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 ...
In at least two cases representing Adani stock holdings that at one point reached 430 million the mysterious investors turn out to have widely reported ties to the group's majority shareholders, the Adani family. The two men, Nasser Ali Shaban Ahli and Chang ChungLing, have longtime business connections with the family and have also ...
Law 21/Jun/2019 New Delhi: The Directorate of Revenue Intelligence (DRI) has accused the Adani Enterprises Ltd (AEL), in its June 13 affidavit to the Bombay High Court, of trying to "impede"...
On August 21, 2017, the DRI adjudicating authority, Singh, summarily dropped all proceedings against the Adani group. He also dropped penal proceedings against various persons including ...
DRI Coal by . ... who raised invoices with inflated value (inflating several times the value of original invoices of OEMs) on the Indian companies, against which money is remitted to Dubai. ... the flagship company of the Adani Group. APML have set up a coal based thermal power plant of 2 x 660 MW (Unit No. 4 5) at A1 MIDC ...
In 2014, DRI had issued a showcause notice to a few firms of the Adani Group alleging overvaluation of imported power equipment and "siphoning off of money abroad", The Indian Express ...
AEL in its petition in the Bombay High Court claimed the LRs were issued by DRI without cognizance of any offence or registering of First information Report against the Adani firms in the coal also said that the LRs were issued without any notice and hearing the companies.. The DRI probe against Adani and other companies began after the agency issued a general alert to its field ...
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 ...
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