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 ...
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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 ...
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WEBMar 27, 2023 · 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. .
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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 .
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WEBMay 22, 2024 · The evidence comes from 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 the Indian stateowned power company .
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WEBApr 8, 2016 · The average price of Indonesian coal with a gross calorific value of 3,8004,200 kCal/kg ranged between 38 and 49 a tonne on freeonboard (FOB) basis, according to most international indices.
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WEBNov 17, 2023 · The Indian government is seeking to reopen an investigation into Adani Group's coal imports from Indonesia, focusing on alleged overinvoicing. The Directorate of Revenue Intelligence (DRI) has ...
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WEBMay 22, 2024 · The NGO estimated that a total of Rs60bn (720mn) was wasted in Tangedco's procurement of coal between 2012 and 2016. "Out of this, given that Adani supplied about half of it, the loss caused ...
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WEBOct 12, 2023 · The statement also said, "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.while the proposed story by the publiion is based on DRI's General Alert Circular dated March 30, 2016, which .
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WEBOct 13, 2023 · The DRI investigation into coal overinvoicing seems to have come to a halt. The DRI did not respond to FT's requests for comment. Adani imports between 2019 and 2021. The FT also examined 30 shipments of coal from Indonesia to India by an Adani company between 2019 and 2021. In all the cases, prices in import records in India were ...
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WEBJan 1, 2014 · The DRI report, which claims to explain the modus operandi followed by the group, claims that a Dubaibased entity was at the heart of the alleged overinvoicing." Various entities of Adani Group were indulging in gross overvaluation of imported goods (zero or lowduty rated) to siphon off money abroad.
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WEBOct 17, 2023 · Adani Group accused of importing coal at inflated prices; denies allegations. FT report based on 30 shipments of coal from Indonesia to India over 32 months. Prices declared to custom officers in ...
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WEBNew Delhi, Dec 19 (PTI) The Delhi High Court on Tuesday asked the CBI and the Directorate of Revenue Intelligence (DRI) to "meticulously and expeditiously" look into allegations of overinvoicing ...
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WEBOct 9, 2023 · Having failed earlier, the FT is making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of overinvoicing of coal imports. The FT's proposed story is based on the DRI's General Alert Circular /2016/CI dated 30 March 2016.
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WEBA 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 ...
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WEBMay 23, 2024 · The DRI suspected that coal was directly transported from Indonesian ports to India, while import invoices followed intrie routes. These invoices traversed through one or more intermediaries in global financial centers like Singapore, Hong Kong, Dubai, and the British Islands before reaching the buyer via Adani Global.
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WEBMay 21, 2024 · They suggest that Adani may have fraudulently obtained bumper profits at the expense of air quality, since using lowgrade coal for power means burning more of the fuel. Invoices show that in ...
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WEBMay 22, 2024 · On Adani's subsequent invoice to Tangedco the quality jumped to 6,000 calories — as did the price, to 92 per tonne. Other documents suggested the discrepancy was not isolated. A 2014 purchase order lists 32 deliveries of 6,000calorie coal to Tangedco by Adani, totalling tonnes at 91 per tonne.
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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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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 .
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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 ...
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WEBNov 17, 2023 · Since 2016, DRI has been trying to procure transaction documents related to Adani's dealings from Singapore authorities as it suspects many of the group's coal shipments imported from Indonesian ...
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WEBSep 20, 2018 · New Delhi: The Bombay High Court on Wednesday granted interim relief to the Adani group by restraining the Directorate of Revenue Intelligence from giving effect to the letters rogatory (LRs) issued to several countries against three group companies in an alleged case of overvaluation of Indonesian coal imports in the past. A bench of justices .
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WEBDec 1, 2023 · The first section was on how Adani Group companies overinvoiced power equipment imported for two coalbased power plants in the states of Maharashtra and Rajasthan in western India. ... (Figure 4 is an extract from a 'show cause' notice dated 15 May 2014 issued by India's DRI to the two Adani Power subsidiaries embroiled in the .
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WEBOct 18, 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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WEBOct 12, 2023 · The Directorate of Revenue Intelligence (DRI) had in 2016 issued a circular saying 40 entities, including five Adani Group companies, were being investigated for alleged overinvoicing of coal ...
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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.
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WEBMay 23, 2024 · The DRI, under the Union Ministry of Finance, started an investigation nearly a decade ago into whether the Adani group and other companies used offshore intermediaries to inflate the coal price supplied to utilities. Adani won a case in the Bombay High Court that blocked the DRI from seeking shipments, including the invoices .
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WEBMay 24, 2024 · But when Adani Global issued its invoice to Tangedco for the shipment a month later, the unit price had dramatically increased to per tonne and the coal was listed as having a calorific value of 6,000 kcal/kg, a highquality form, relatively free of impurities, it added.
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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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WEBMar 27, 2023 · The FIR is also mentioned in the fineprint of the Draft Red Herring Prospectus filed by Adani Wilmar Limited on 3 August 2021 with the Securities and Exchange Board of India (SEBI), the regulator of the country's financial markets, in the runup to the listing of the company's shares in stock exchanges.(Adani Wilmar Limited is a .
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WEBJun 21, 2019 · The 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 ...
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WEBOct 13, 2023 · 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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WEBMay 22, 2024 · Govt likely to mandate einvoice for B2C transactions in 23 years. ... Nor has the DRI communied any deficiency or objection." On allegations of middlemen being involved in the deal, the group said, "Adani Global Pte Ltd sources coal from people/firms/traders having requisite credentials and experience. This is because non .
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India is rich in various mineral resources and it is an important mineral processing market
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