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 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 Islands to .
WEBSep 13, 2016 · Officials said the overvaluation in the case of Adani and Essar was Rs 800 crore and Rs 500 crore, respectively. In the case of ADAG, the overvaluation is pegged at Rs 350 crore. TOI was the first ...
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 .
WEBJan 9, 2020 · 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 .
WEBMay 21, 2024 · New Evidence Bolsters Allegations Adani Group Overcharged for Coal . May 21, 2024. Facebook X LinkedIn Tumblr Pinterest Reddit VKontakte Odnoklassniki Pocket. by Anand Mangnale (OCCRP) 22 May.
WEBFeb 21, 2024 · A key hearing at India's Supreme Court in a case relating to the Directorate of Revenue Intelligence (DRI) investigation into alleged overinvoicing of coal imports by the Adani Group was quietly postponed by six months on 6 February 2024, with no apparent explanation. The court's website states that on that day, when the case was listed ...
WEBOct 13, 2023 · "In 2016, 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 'siphoningoff money abroad' and 'to avail higher power tariff compensation based on artificially .
WEBOct 12, 2023 · FT says that Adani has been using offshore intermediaries in Taiwan, Dubai and Singapore to import 5 billion worth of coal at prices that were "at times more than double" the market price. A Taiwanese entrepreneur, recently identified by the Financial Times as a significant concealed stakeholder in Adani firms, owns one of these .
WEBMay 25, 2024 · For its investigation, OCCRP said it relied on "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 TANGEDCO.
WEBFeb 4, 2023 · According to reports, the DRI has alleged that Adani Group inflated bills for two companies. However, the CESTAT had denied the allegations. The companies in question are Adani Power Maharashtra ...
WEBNov 4, 2019 · The Directorate of Revenue Intelligence (DRI) has informed a court that it will move the Top Court against the Bombay HC order that quashed all Letters Rogatory (LRs) sent by it to foreign countries in connection with the alleged overvaluation of Indonesian coal imports from 2011 to 2015 by 2 Adani Group firms.. In an affidavit filed on Nov 1, .
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 ...
WEBMay 31, 2024 · An expose by the Financial Times and OCCRP reveals that in 2014, Adani sold lowgrade coal as highquality to Tamil Nadu's power company, TANGEDCO, at a much higher price. Reporters Anand Mangnale ...
WEBAug 29, 2018 · The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which measure the calorific value of coal. The DRI also raided over 80 shipping companies, labs and intermediaries including many in Maharashtra, Delhi, Gujarat, Karnataka, Odisha, West .
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, .
WEBNov 3, 2019 · The Delhi High Court had directed DRI to file an affidavit as it is hearing a public interest litigation (PIL) filed by senior advoe Prashant Bhushan on the alleged overvaluation of Indonesian coal and power equipment imports by about 40 firms in the country to the tune of Rs 29,000 crore. According to the DRI affidavit, it has adjudied ...
WEBOct 17, 2019 · In April 2018, the Customs, Excise Service Tax Appellate Tribunal had rejected a DRI plea seeking over Rs 29,000 crore from a clutch of these 40 companies for alleged overvaluation of coal ...
WEBApr 6, 2023 · 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 ...
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 ...
WEBMay 23, 2024 · Adani Group overcharged for coal, new evidence bolsters allegations: Report. The DRI had opened a probe almost a decade back to deliberate whether Adani Group and other companies used offshore ...
WEBMar 14, 2023 · The Directorate of Revenue Intelligence's (DRI) research into the suspected overinvoicing of electricity imports by the Adani Group between 2011 and 2015 is now complete. According to the probe, the corporation may have overstated by up to Rs. 3,000 crores the price of importing power equipment. The Central Board of Indirect Taxes and ...
WEBFeb 21, 2019 · 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 ...
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