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 ...
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.
Milestones 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)
According to the latest DRI notice, the agency has found that several coal traders were directly importing Indonesian coal to Indian ports by allegedly routing the invoices "through one or more related /associated intermediary firms based abroad" after artificially inflating its value. According to the latest DRI notice, the agency has ...
In 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 ...
A Bombay HC halted an investigation by the Directorate of Revenue Intelligence into the alleged Rs 29,000cr overvaulation of Indonesian coal imports by Adani Group. DRI is probing at least 40 companies, including Essar, for overvaluation of imports.
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 ...
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.
Arjun Appadurai and Michael Lambek . Jordan Kynes *, Vanessa Rau †, Rosa Coco Schinagl ‡ Abstract: "Old and New Gods: in Conversation with Arjun Appadurai and Michael Lambek" introduces the reader to some of the broader themes of the work appropriately through dialogue; a casual discussion between three young researchers and two ...
To a separate question on investigation by the Directorate of Revenue Intelligence (DRI) into import of power generation and transmission equipment by Adani, he said the probe has "concluded ...
Adani 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 ...
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.
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.
In January 2020, the Supreme Court paved the way for DRI to investigate allegations of overvaluation of coal imports from Indonesia by the Adani group. 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 ...
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 ...
Adani gets HC relief in coal imports case. MUMBAI: In a reprieve to the Adani Group, the Bombay high court on Wednesday granted an interim stay on the letters of request sent by the Directorate of ...
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 ...
Business news today: Read India Business news Live. Latest Business news and updates on Finance, share market, IPO, economy. Discover Business News Headlines, Top Financial News and more on The Economic Times.
The Indian revenue agency did not respond to Reuters' queries. The effort to revive the coal probe comes amid wider regulatory scrutiny of Adani since Hindenburg Research in January accused the tycoon and his conglomerate of improper use of tax havens and stock manipulation. Despite Adani's denials, the short seller's report triggered a USD 150 ...
The DRI has alleged that several entities, including the Adani group, through a maze of companies in different sovereign jurisdictions, have overvalued coal imports as compared to actual export ...
Adani 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...
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...
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.
Project shrank to onesixth of original plan. 2 bln coal terminal key to mine's future. MELBOURNE, Dec 27 (Reuters) India's Adani Group () is preparing to ship the first coal cargo from ...
The 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.
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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