WEBJul 19, 2021 · Subsequently, DRI passed an order in favour of Adani Power confirming that there is no overvaluation of equipment. The department has approached the Tribunal and the matter stands sub judice now. Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate .
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WEBMay 23, 2024 · The DRI has led an appeal in the Supreme Court. The Arappor Iyakkam said that its request for an investigation into the coal import scam by Tangedco, wherein Adani group had sold lowquality coal imported from Indonesia at an exorbitant price, had been rea rmed by the OCCRP report. Jayaraman Venkatesan of Arappor Iyakkam said .
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WEBJan 9, 2024 · A bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its January 5 order that a petition filed by the Commissioner of Customs (Import) in a matter involving Adani Power Maharashtra Limited is pending before the Supreme Court, said its December 19, 2023 directions to the CBI and DRI in respect of Adani Group .
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WEBOct 10, 2023 · Having failed earlier, a foreign publiion is "making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of overinvoicing of coal imports," Adani Group said in a statement. It said the proposed story by the publiion is based on the DRI's General Alert Circular dated March 30, 2016.
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WEBFeb 12, 2023 · Case #4: Period under Investigation: 2011 to 2016 — Overinvoice Indonesian Coal Imports In another investigation by the DRI, Adani Group was said to be involved in INR 290 Billion ( ~ Bn) scam to overinvoice Indonesian Coal Imports, transferring costs to taxpayers. NEW FROM US:
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WEBJan 8, 2020 · [ By Bobby Anthony ]The Supreme Court has issued notice to Adani Enterprises in response to an appeal by the Directorate of Revenue Intelligence (DRI) in a case connected to the alleged overinvoicing...
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WEBMay 22, 2024 · The DRI then appealed to India's Supreme Court, where the case has languished without progress. Last year, opposition politicians called for a new investigation after the Financial Times reported that the Adani Group appeared to have paid over US5 billion to middlemen for coal imported far in excess of market prices between .
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WEBTwo years ago, i n March 2016, the DRI had issued a general alert to its field formations across the country, outlining the modus operandi of overinvoicing of coal imports from Indonesia.
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WEBNov 17, 2023 · The Directorate of Revenue Intelligence (DRI), since 2016, has been trying to procure transaction documents related to Adani's dealings from Singapore authorities. The agency suspects many of the group's coal shipments imported from Indonesian suppliers were first billed at higher prices on paper to its Singapore unit, Adani Global .
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WEBIn 2016, the DRI investigation suspected that the value extracted from illicit overinvoicing of coal was Rs300bn, then worth about 5bn. In August this year, opposition politicians in Gujarat accused the state government of making almost 500mn in excess payments to Adani Power over five years under a power purchase agreement linked to the ...
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WEBOct 9, 2023 · The Adani Group today slammed the UKbased newspaper Financial Times' for "raking up an old, baseless allegation of overinvoicing of coal imports". The group accused it of a "malicious campaign ...
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WEBMay 21, 2024 · Adani said it was vindied by the DRI's decision last year to withdraw an appeal to the Supreme Court in a case against one of the 40 importers named in 2016.
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WEBJan 9, 2024 · The CPIL's counsel had earlier informed the court that the DRI had in March 2016 identified 40 power companies that overinvoiced coal imported from Indonesia.
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WEBFeb 21, 2019 · The DRI probe against Adani and other firms began, after the agency issued a general alert to its field formations across India in March 2016, outlining the modus operandi of overinvoicing of coal imports from Indonesia.
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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 ...
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WEBDec 19, 2023 · In 2016, the agency had issued a circular alleging that Adani Group companies were being investigated for "artificially inflating" coal imports from Indonesia to siphon off money abroad and to ...
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WEBJan 8, 2020 · Industrialist Gautam Adani in New Delhi (Express Photo by Anil Sharma) The Supreme Court stayed on Wednesday the Bombay High Court order quashing the Letters Rogatory (LRs) sent by the Directorate of Revenue Intelligence (DRI) to Singapore, Dubai and Hong Kong in connection with investigation in a case of alleged overvaluation of .
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WEBNov 17, 2023 · 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. The Directorate of Revenue Intelligence since 2016 has been trying to .
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WEBDec 19, 2023 · The Delhi High Court on Tuesday ordered the Directorate of Revenue Intelligence (DRI) and the Central Bureau of Investigation (CBI) to "meticulously and expeditiously" look into the allegations of overinvoicing by power companies belonging to the Adani Group, Essar Group and others [Centre for Public Interest Litigation and Anr v .
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WEBMay 22, 2024 · The inquiry into allegations of over valuation of Indonesia coal imports, it said, was initiated against 40 companies. "The Adani companies furnished details sought by the DRI more than four years ago. Thereafter, the DRI has not asked for further documents. Nor has the DRI communied any deficiency or objection."
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WEBOct 13, 2023 · 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 .
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WEBJan 9, 2024 · The CPIL's counsel had earlier informed the court that the DRI had in March 2016 identified 40 power companies that overinvoiced coal imported from Indonesia. The CPIL has alleged that coal and equipment required for power generation in India are bought from Original Equipment Manufacturers (OEMs) through a foreign intermediary company .
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WEBThe petitioners had referred to show cause notices issued by the DRI dated May 15, 2014 and March 31, 2016 that spoke of various entities of the two corporate giants indulging in gross over ...
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WEBJun 21, 2019 · The DRI affidavit said that AEL moved the Bombay High Court to question the issuance of LRs only after a Singapore court allowed India's request to access documents that allegedly contain "clinching evidence" against Adani Group's "blatant" hike in prices of imported coal for "siphoning" money and "increasing" the cost of power sold .
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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 ...
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WEBFive Adani companies and a further five supplied by the group were among 40 importers named by the DRI in a 2016 notice of an investigation into intelligence that they were "artificially ...
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WEBNov 18, 2023 · In September, AEL approached the high court seeking to quash the LRs issued in 2016. In March 2016, the DRI initiated a probe against a few Adani Group firms for alleged overvaluation of coal ...
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WEBFeb 15, 2024 · The Delhi High Court has directed the Union Government, the Central Bureau of Investigation (CBI), and the Directorate of Revenue Intelligence (DRI) to meticulously and expeditiously investigate allegations of overinvoicing in coal imports and equipment by several power companies, including the Adani Group and Essar Group. .
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WEBOct 19, 2023 · Adani imported coal at higher than market value, Indians paid ₹582 cr: Report ... 2016. The FT's brazen agenda is exposed by the fact that they have singled out the Adani Group, while the DRI's Circular, the raison d'etre for the whole story, mentions as many as 40 importers, including the Adani Group companies, said the report. ...
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India is rich in various mineral resources and it is an important mineral processing market
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