Earlier, in November, the agency had filed a similar appeal in connection with the relief granted to two other Adani group subsidiaries, Adani Power Maharashtra Ltd (APML) and Adani Power Rajasthan Ltd (APRL) in a similar case. ... replying to ET's queries on the DRI's appealsfiled in November, an Adani group spokesperson said, "Customs ...
WhatsApp: +86 18838072829Billionaire 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.
WhatsApp: +86 18838072829The 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.
WhatsApp: +86 18838072829Adani Group said in a statement on Friday that during the DRI's inquiry into the alleged overvaluation of Indonesian coal imported by Adani Enterprises Ltd. and Adani Power Ltd., among other major private and staterun power generators, "both companies furnished details and documents as sought for by the DRI more than four years back."
WhatsApp: +86 18838072829The 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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WhatsApp: +86 18838072829Under the clause in the new coal law that allowed old MDO contracts to be reinstated, the Rajasthan stateowned firm continued its coalscamera agreement with its Adani Groupled joint venture.
WhatsApp: +86 18838072829Indian import data since July 2021 indicates that Adani paid a total of billion to these companies for coal sourced at substantial premiums to market prices. The details regarding these ...
WhatsApp: +86 18838072829DRI 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.
WhatsApp: +86 18838072829Adani Group imports Indonesian coal into India via Singapore. Adani Global Pte, the Singapore unit, produced documents at Indian ports that showed a jump in some coal shipments' value and...
WhatsApp: +86 18838072829Buy Now. The Supreme Court stayed the Bombay High Court's order quashing the Directorate of Revenue Intelligence (DRI) seeking information about the alleged Rs 29,000crore overinvoicing by Adani Enterprises Limited in connection with coal imports from Indonesia. The Solicitor General argued the high court order had prevented DRI from ...
WhatsApp: +86 18838072829The 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. The DRI had issued 14 letters rogatory (LRs ...
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WhatsApp: +86 18838072829Adani 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 ...
WhatsApp: +86 18838072829The Directorate of Revenue Intelligence has accused Adani Enterprises Limited of trying to obstruct its investigation into the overvaluation of coal imports by some group firms, The Indian Express ...
WhatsApp: +86 18838072829The Directorate of Revenue Intelligence (DRI) has told the Bombay High Court in a June 13 affidavit that Adani Enterprises Ltd (AEL) is trying to "impede" its probe against a few Adani Group firms by challenging the "well settled procedure of issuance of Letter Rogatory" (LR) in the court.
WhatsApp: +86 18838072829Adani coal imports under DRI lens again. Feedback. Indian investigators seek Supreme Court permission to restart a probe into Adani Group's alleged coal import overvaluation. The Directorate of ...
WhatsApp: +86 18838072829Milestones 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)
WhatsApp: +86 18838072829Adani 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 ...
WhatsApp: +86 18838072829The Adani Group drew attention to Knowledge Infrastructure, one of the 40 importers mentioned in the circular, whose showcause notice alleging overvaluation in the import of coal from the DRI was quashed by the appellate tribunal (CESTAT). The DRI's appeal was dismissed by the Supreme Court on January 24, 2023.
WhatsApp: +86 18838072829In 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 ...
WhatsApp: +86 18838072829The report, meticulously compiled by the Londonbased Financial Times, analyzed customs records dating back to July 2021. It asserts that the Adani Group paid a staggering billion to three intermediary companies for coal imports that were notably overpriced compared to market rates. The Adani Group reacted to these allegations by initially ...
WhatsApp: +86 18838072829Coal imports case: SC to hear in February DRI's appeal against Bombay HC order quashing LRs 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 alleged overvaluation of Indonesian coal imports.
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WhatsApp: +86 18838072829The 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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