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 ...
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 ...
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...
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.
Accepting the Directorate of Revenue Intelligence (DRI) plea to hear the cases against Adani group firms on a casetocase basis, a Customs, Excise Service Tax Appellate Tribunal (CESTAT) on Monday commenced its hearing on the appeal filed by the department against the relief granted to two of the Adani group companies by an order quashing overinvoicing allegations against the firms.
The FT identified 2,000 shipments totaling 73 million tonnes of coal declared as Indian imports by Adani companies between September 2021 and July 2023. For the 42 million tonnes supplied by Adani's own operations in that time, the declared average price per tonne was 130. However, for the 31 million tonnes supplied by the three ...
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 ...
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.
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 ...
The importer was primarily Adani Enterprises. For the 42mn tonnes of coal supplied by its own operations in that time, the Adani group declared an average price of 130 per tonne. For the 31mn tonnes of coal supplied by its three middlemen, however, the average price declared per tonne was 155, a 20 per cent premium worth almost 800mn.
The DRI investigation, started in 2009 and is still continuing, alleges overinvoicing of imported coal and powerplant equipment cumulatively amounted to around Rs 50,000 crore prior to 2008.
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 ...
According to the latest DRI notice, the agency has found that several coal traders were directly importing Indonesian coal to Indian ports by allegedly routing the invoices "through one or more related /associated intermediary firms based abroad" after artificially inflating its value.
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 ...
Hindenburg alleged that entities controlled by associates of Vinod Adani manipulated the share prices of some of the group's 10 listed entities, sparking a furore that has knocked more than 90bn...
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 ...
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 ...
"In 2016, the DRI had alleged that 40 Indian companies including Adani Enterprises, Adani Power, Adani Wilmar, Adani Power Maharashtra and Adani Power Rajasthan were overinvoicing imported Indonesian coal with the goal of 'siphoning off money abroad' and 'to avail higher power tariff compensation based on artificially inflated cost of the imported coal'.
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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 ...
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 DRI case against the Adani Group assumes significance as the Central Electricity Regulatory Commission (CERC) had in November 2017 pointed out that findings of the probe into alleged overinvoicing of Indonesian coal imports by Adani Power would affect the compensation it received from distribution companies in Haryana.
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 ...
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 ...
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. In March 2016, DRI issued a general alert to its field formations across ...
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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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 ...
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 ...
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...
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