WEBFive 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 ...
WEBMay 22, 2024 · On Adani's subsequent invoice to Tangedco the quality jumped to 6,000 calories — as did the price, to 92 per tonne. Other documents suggested the discrepancy was not isolated. A 2014 purchase order lists 32 deliveries of 6,000calorie coal to Tangedco by Adani, totalling tonnes at 91 per tonne.
WEBNov 18, 2023 · 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 ...
WEBAug 30, 2023 · US employment. Secret paper trail reveals hidden Adani investors. Sebi's chair at the time left in 2017. In March this year he became nonexecutive chair of New Delhi Television (NDTV), owned by ...
WEBMay 22, 2024 · The DRI has filed an appeal in the Supreme Court. The Arappor Iyakkam said that its request for an investigation into the coal import scam by Tangedco, wherein Adani group had sold lowquality ...
WEBMay 22, 2024 · The evidence comes from multiple sources, including invoices and banking documents from several jurisdictions, details of investigations by India's Directorate of Revenue Intelligence (DRI), leaked documents from a key Indonesian coal supplier for Adani, and a trove of documents obtained from the Indian stateowned power company .
WEBIn 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 ...
WEBOct 31, 2019 · On October 17, the Bombay High Court ruled in favour of a company in the Adani Group by passing an order quashing the issuance of letters rogatory (LRs) to various foreign government bodies by the Directorate of Revenue Intelligence (DRI), the investigative arm of India's Customs authorities. The LRs—that are formal requests for .
WEBOct 28, 2017 · DRI had issued three showcause notices to Adani Group companies, two for Rs 3,900 crore and Rs 1,500 crore in May 2014 and the third in September 2016 for Rs 1,000 crore for alleged overvaluation ...
WEBThe DRI has been investigating Adani's coal imports since 2016, suspecting overvaluation through billing higher prices on paper to its Singapore unit before being billed to its Indian arms, news ...
WEBDec 1, 2023 · The first section was on how Adani Group companies overinvoiced power equipment imported for two coalbased power plants in the states of Maharashtra and Rajasthan in western India. ... (Figure 4 is an extract from a 'show cause' notice dated 15 May 2014 issued by India's DRI to the two Adani Power subsidiaries embroiled in the .
WEBMay 22, 2024 · They suggest that Adani may have fraudulently obtained bumper profits at the expense of air quality, since using lowgrade coal for power means burning more of the fuel. Invoices show that in January 2014 Adani purchased an Indonesian shipment of coal said to contain 3,500 calories per kilogramme. The same shipment was sold to the Tamil .
WEBA bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its January 5 order that a petition filed by the Commissioner of Customs (Import) in a matter involving Adani Power ...
WEBAug 29, 2018 · As per the DRI documents, while Indonesian coal was being shipped directly from Indonesian ports to India, the invoices were routed through one or more intermediaries in tax havens to artificially inflate value, which amounted to Rs 29,000 crore during the period. ... the DRI accused the Adani Group of siphoning,974 crore .
WEBJun 21, 2019 · The DRI affidavit said that AEL moved the Bombay High Court to question the issuance of LRs only after a Singapore court allowed India's request to access documents that allegedly contain "clinching evidence" against Adani Group's "blatant" hike in prices of imported coal for "siphoning" money and "increasing" the cost of power sold .
WEBMay 22, 2024 · Invoices reveal that in January 2014, Adani Bought Indonesian coal rated at 3,500 calories per kilogramme, and went on to sell that shipment to the Tamil Nadu Generation and Distribution company (Tangedco) as 6,000calorie coal, one of the most valuable grades. Adani appears to have more than doubled its money in the process, .
WEBDec 19, 2023 · The Delhi High Court instructed the CBI and DRI to investigate allegations of overinvoicing of coal imports and equipment by companies, including Adani Group and Essar Group. The companies' coal imports were allegedly billed at higher prices on paper. (Photo: Reuters) The Delhi High Court on Tuesday directed the Central Bureau of .
WEBSep 19, 2018 · 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 .
WEBJan 10, 2024 · The Delhi High Court has kept in abeyance its order asking the CBI and the Directorate of Revenue Intelligence to "meticulously and expeditiously" look into allegations of overinvoicing of imports by the Adani Group. A bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its January 5 order that a petition filed by the .
WEBSep 20, 2018 · New Delhi: The Bombay High Court on Wednesday granted interim relief to the Adani group by restraining the Directorate of Revenue Intelligence from giving effect to the letters rogatory (LRs) issued to several countries against three group companies in an alleged case of overvaluation of Indonesian coal imports in the past. A bench of justices .
WEBNov 17, 2023 · Since 2016, DRI has been trying to procure transaction documents related to Adani's dealings from Singapore authorities as it suspects many of the group's coal shipments imported from Indonesian ...
WEBNov 17, 2023 · The Directorate of Revenue Intelligence (DRI) has asked the Supreme Court to restart an investigation into the Adani Group for alleged overvaluation of coal imports. Investigators are seeking ...
WEBJul 20, 2022 · On March 15, 2014, the DRI sent a common show cause notice alleging that EIF, an entity based in Dubai, Adani Power Maharashtra Ltd (APML) and Adani Power Rajasthan Ltd (APRL) were related entities for the reason that EIF was owned and controlled by Vinod Adani, a promoter of the Adani Group, through EIH the holding .
WEBThis practice likely led to substantial profits for Adani while contributing to air pollution due to the burning of lowgrade coal. Invoices from January 2014 show Adani purchased coal with a calorific value of 3,500 calories per kilogram and sold it to Tangedco as 6,000calorie coal, doubling its money after transport costs.
WEBSep 17, 2018 · The Singapore High Court ruled against Adani Global Pte Ltd. "That means our government and DRI should get these documents pertaining to the coal scam. Adani has now filed a petition in the ...
WEBSep 6, 2018 · 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 .
WEBNov 17, 2023 · Since 2016, the Directorate of Revenue Intelligence (DRI) has been actively seeking transaction records linked to Adani's dealings from Singapore authorities The Adani Group is currently the focus of renewed scrutiny by Indian authorities, who are investigating suspicions of inflating the value of coal imports, as re
WEBOct 13, 2023 · 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 ...
WEBJan 9, 2024 · A bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its January 5 order that a petition filed by the Commissioner of Customs (Import) in a matter involving Adani Power Maharashtra Limited is pending before the Supreme Court, said its December 19, 2023 directions to the CBI and DRI in respect of Adani Group .
WEBDec 19, 2023 · The Delhi High Court has directed the CBI and DRI to investigate allegations of overinvoicing of imports by power generating companies, including the Adani Group and the Essar Group. The court disposed of two petitions filed by NGO CPIL and activist Harsh Mander, referring to show cause notices issued by the DRI that spoke of overvaluation .
WEB25 Jan 2018, 1:31 pm. Two days after a CBI probe into an alleged Rs 487 crore coal scam made headlines, a Tamil Nadu based anticorruption NGO has said that the rot runs deeper than predicted by ...
WEBMay 24, 2024 · But when Adani Global issued its invoice to Tangedco for the shipment a month later, the unit price had dramatically increased to per tonne and the coal was listed as having a calorific value of 6,000 kcal/kg, a highquality form, relatively free of impurities, it added.
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