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.
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The DRI has also claimed that in certain cases, the import value of Indonesian coal was artificially inflated by about 50100%, by changing test reports which measure the calorific value of coal ...
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Adani Power, the country's largest private power company, increased coal imports to tonnes in June from 154,000 tonnes the previous year. Together, the Adani subsidiaries accounted for...
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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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Corporate Fraud Adani coal imports case: Bombay HC quashes DRI's requests seeking judicial help from foreign nations The Directorate of Revenue Intelligence is investigating at least 40 ...
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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 ...
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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. The DRI had issued 14 letters rogatory (LRs ...
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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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Adani, Indias largest trader of imported thermal coal, will deliver 1 million tons to staterun NTPC Ltd., which in October issued its first tender for coal imports in more than two years, the people said, requesting anonymity as the details are still private. ... › Adani wins key coal tender as India acts to avoid energy crisis. The Economic ...
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The high court order assumes significance as apart from the Adani Group, 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.
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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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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 report to the relevant judicial authorities, it informed.
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Adani's net worth skyrocketed from 9 billion in 2020 to 127 billion this month. Still, more than 60 percent of the Adani Group's revenue is derived from coalrelated businesses, according to ...
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Built by Adani Power Ltd India's largest private power company founded by Gautam Adani the Godda plant in India's Jharkhand state has drawn flak in Dhaka for the "lopsided ...
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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 records show that over the past two years, Adani used offshore intermediaries in Taiwan, Dubai and Singapore to import 5bnworth of coal at prices that were at times more than double the...
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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 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 ...
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Supply chain Manager Global Sourcing. Nov 2014 Aug 20161 year 10 months. Chennai Area, India. Started as Logistics specialist in 2010 and heading the team of EM Sourcing now. Floating RFQs ...
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NEW DELHI: 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 ...
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Follow Us. Billionaire Gautam Adani's porttoenergy conglomerate on Thursday said it had won a contract to supply imported coal to stateowned electricity generator NTPC but played down its significance saying the volume of 1 million tonnes was small. "NTPC has awarded the contract to the company for the supply of 1 million tonnes of imported ...
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The records show that over the past two years, Adani used offshore intermediaries in Taiwan, Dubai and Singapore to import 5bnworth of coal at prices that were at times more than double the ...
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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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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 ...
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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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Buy 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 ...
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