The Supreme Court on Wednesday stayed the Bombay High Court order that quashed the Letters Rogatory (LRs) sent by the Directorate of Revenue Intelligence (DRI) to foreign countries pertaining to alleged overvaluation of Indonesian coal imports from 2011 to 2015 by two Adani firms.
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Having failed earlier, a foreign publication 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 publication is based on the DRI's General Alert Circular dated March 30, 2016.
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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 ...
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Follow Us 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.
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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 all letters rogatory (LRs) sent by the DRI to Singapore
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Supreme Court stays HC order, lets DRI pursue case against Adani firms. The DRI had initiated investigations in March 2016 against a few Adani group firms for alleged overinvoicing of coal ...
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In September, AEL approached the high court seeking to quash the LRs, issued in 2016. In March 2016, the DRI initiated probe against a few Adani group firms for alleged overvaluation of coal ...
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The value of the equipment was inflated by nearly 400 percent ie,,000 cr. According to the DRI, EIF was owned and controlled by Vinod Shantilal Adani, the eldest of the Adani brothers. The DRI alleged that the Adani firms transacted with EIF, a related party, to siphon off crore abroad. However, at the first appellate level, the ...
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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 Islands to artificially inflate its price. The DRI's adjudicating dropped the ...
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Germany's cabinet on Wednesday approved putting onreserve lignitefired power plants back online from October until the end of March 2024, the economy ministry said, as a step to replace scarce ...
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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 Supreme Court (SC) Monday dismissed 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 levelled by the DRI against three Adani group subsidiaries. Between November 2022 and January 2023, the federal agency had moved the ...
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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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Shares of Adani Enterprises slipped as much as per cent to Rs on the BSE on Wednesday after media reports suggested that the Supreme Court (SC) has set aside Bombay High Court's order giving relief to the firm in the coal import case.
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The Bombay High Court on Wednesday granted interim relief to the Adani group by restraining the Directorate of Revenue Intelligence (DRI) 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 Ranjit More and Bharati Dangre restrained the DRI from ...
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A recent report from the Financial Times claims that the Adani Group, India's largest private coal importer, imported coal at prices significantly higher than market rates, raising suspicion that the group has been inflating fuel costs and forcing consumers and businesses to overpay for electricity. The investigation, based on customs records since July 2021, claims that the group paid a ...
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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.
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The DRI is probing at least 40 companies for alleged overvaluation of coal imports from Indonesia, to the tune of Rs 29,000 crore. DRI said that if the HC judgment is not stayed, grave prejudice ...
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Adani Group is preparing to ship the first coal cargo from Australia's most controversial mine, after battling a sevenyear campaign by climate activists and defying a global push
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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 ...
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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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The Directorate of Revenue Intelligence has moved the Supreme Court challenging an order of the Customs, Excise Service Tax Appellate Tribunal quashing a case pertaining to overinvoicing allegations levelled by the Directorate of Revenue Intelligence (DRI) against two Adani group July and August, while granting relief to three Adani group subsidiaries, Adani Power Maharashtra ...
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Email, phone calls and text message to the official spokesperson of Adani Group remained unanswered. The HC 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 ...
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Adani Enterprises and its subsidiaries, led by billionaire Gautam Adani, have successfully mounted repeated legal challenges in India and Singapore to block the documents' release, court papers has denied wrongdoing, saying that Indian authorities assessed its coal shipments before releasing them from ports. In an Oct. 9 legal filing, which Reuters is reporting for the first time ...
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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.
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A material supplier from Belgium would like to produce limestone powder for his custome...
India is rich in various mineral resources and it is an important mineral processing market
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