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 ...
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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.
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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 all letters rogatory (LRs) sent by the DRI to Singapore
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The value of the equipment was inflated by nearly 400 percent ie,,000 cr. According to the DRI, EIF was owned and controlled by Vinod Shantilal Adani, the eldest of the Adani brothers. The DRI alleged that the Adani firms transacted with EIF, a related party, to siphon off crore abroad. However, at the first appellate level, the ...
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A recent report from the Financial Times claims that the Adani Group, India's largest private coal importer, imported coal at prices significantly higher than market rates, raising suspicion that the group has been inflating fuel costs and forcing consumers and businesses to overpay for electricity. The investigation, based on customs records since July 2021, claims that the group paid a ...
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Stateowned CIL has cancelled its maiden tender for shortterm import of coal in which Adani Enterprises had emerged as the lowest bidder, sources said on Monday. Adani Enterprises, which had quoted around Rs 17,000plus per tonne for importing MT of coal, was earlier selected for the shortterm shipment. However, for a mediumterm tender for sourcing additional 6 million tonnes (MT) of ...
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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.
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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 ...
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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 Islands to artificially inflate its price. The DRI's adjudicating dropped the ...
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Follow Us Indian investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show.
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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. The US shortseller Hindenburg Research had mentioned the DRI ...
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1 Mar 2023. New Delhi, India The Indian government granted an extraordinary favour to controversial tycoon Gautam Adani, boosting his coal business, documents reveal. After Prime Minister ...
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Adani planned to have an operating coal mine in 2014 but is now hoping to ship first coal in 2021. EIS documents planned a 2 million tonne output of coal in 2014, scaling to 27 million tonnes per annum (mtpa) by 2017 and producing a maximum of 60 mtpa by 2022. 1. If Adani's mine had gone to plan, by the end of 2021, the company would have ...
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Later talking to media, Swamy said that Adani was the key player in the UPA Government's,000 crores Coal Scam Import and Banks like the State Bank of India (SBI) are trying to help the scamsters by not providing details to probe agencies such as the Department of Revenue Intelligence (DRI).
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India's coal imports decline 12 pc in August. India's coal imports in August fell by % to million tonnes compared to the same month last year, according to data from mjunction services ltd. Overall coal imports between April and August also dropped by % to million tonnes.
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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 ...
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The Supreme Court (SC) Monday dismissed 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 levelled by the DRI against three Adani group subsidiaries. Between November 2022 and January 2023, the federal agency had moved the ...
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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.
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The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to by changing test reports which measure the calorific value of coal.
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HC quashes all Letters Rogatory issued in Adani coal import case The court said it did not go into merits of LRs issued by a metropolitan magistrate but found that due procedure had not been followed while issuing them. Press Trust of India Mumbai. 2 min read Last Updated : ...
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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.
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The Adani Group, the politically connected conglomerate that dominates large parts of India's economy, appears to have imported billions of dollars of coal at prices well above market value,...
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Germany's cabinet on Wednesday approved putting onreserve lignitefired power plants back online from October until the end of March 2024, the economy ministry said, as a step to replace scarce ...
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Billionaire Gautam Adani's conglomerate is benefiting from India's rush to import coal to ease a supply crunch, winning a huge majority of import orders from state power giant NTPC Ltd. New Delhibased NTPC has placed orders for 20 million tons of imported coal for the fiscal year ending March, of which almost million tons have been awarded to Adani Enterprises Ltd., according to ...
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The apex court through the January 9, 2020, order stayed an October 17, 2019 judgment of the Bombay High Court which granted relief to Adani group by quashing LRs sent to various countries including Singapore, seeking details of the group's coal imports from Indonesia.
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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.
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The Adani group had been so rattled by reports that the newspaper's journalists had started an exhaustive investigation into coal imports by the group — often rapping on doors, making calls, emailing questionnaires and even shoving written questions under the door of one office in Singapore — that they took the unprecedented step of making a regulatory filing with the bourses to rubbish ...
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Business News: Get latest stock share market news, financial news, budget 2023 news, economy news, company news, politics news, India news, breaking news at Business Standard. Catch Nifty Sensex Live updates.
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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.
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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 ...
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In another attempt to take its investigation forward in the multicrore coal import scandal, the Directorate of Revenue Intelligence (DRI) filed an affidavit with Bombay High Court on June 13 challenging a petition by Adani Enterprises Ltd (AEL) that sought the quashing of DRI's letters regotary (LR) to foreign jurisdictions.. DRI told the court that AEL is trying to "impede" its probe ...
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The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50100 per cent by changing test reports which measure the calorific value of coal. Artificial inflation of value of the imported coal increases the landed cost of coal, which is a primary fuel in coal fired thermal power plants. The ...
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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 Islands to artificially inflate its value.
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The Bombay High Court on Wednesday granted interim relief to the Adani group by restraining the Directorate of Revenue Intelligence (DRI) 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 Ranjit More and Bharati Dangre restrained the DRI from ...
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A material supplier from Belgium would like to produce limestone powder for his custome...
India is rich in various mineral resources and it is an important mineral processing market
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