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 Directorate of Revenue Intelligence (DRI) is seeking to resume its inquiry into allegations of the Adani Group overvaluing coal imports, as reported by Reuters. The DRI has approached the Supreme Court for permission to gather evidence from Singapore. In 2016, the tax intelligence agency had issued a circular, asserting that Adani Group ...
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Five 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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In 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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The Directorate of Revenue Intelligence (DRI) is seeking to resume its inquiry into allegations of the Adani Group overvaluing coal imports, as reported by Reuters. The DRI has approached the Supreme Court for permission to gather evidence from Singapore. In 2016, the tax intelligence agency had issued a circular, asserting that Adani Group ...
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The request is part of an investigation by India's Directorate of Revenue Intelligence (DRI) into a alleged fraud by 40 power companies including six Adani subsidiaries.
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Adani has denied the charges, both those levelled by Hindenburg and then of coal import overpricing by the Financial Times and said it has been vindicated by the Directorate of Revenue...
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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 ...
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Overvaluation of Indonesian coal. From 2010 onwards, the DRI had initiated probe against at least 40 companies including five firms of Adani Group including Adani Power for alleged overvaluation ...
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Alleged invoice trail. The company used another Adani subsidiary, PMC Projects, to source the equipment it would need to build the networks. In turn, PMC, subcontracted the work to a company in Dubai.
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New Delhi: The Directorate of Revenue Intelligence (DRI) has accused the Adani Enterprises Ltd (AEL), in its June 13 affidavit to the Bombay High Court, of trying to "impede" its probe against...
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The DRI had initially filed a case against the Adani Group in 2019, alleging that the company had inflated the value of imported coal by around 4 billion over a period of five years. This resulted in a loss of customs duty to the government. However, the Adani Group had challenged the DRI's findings in court, and the case was put on hold.
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In some cases, laws were amended that allowed Adani Group companies to expand in sectors such as airports and coal. In turn, the stock value of the Adani Group rose from about 8bn in 2013 to ...
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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 a probe against a few Adani Group firms for alleged overvaluation of coal ...
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The plea said that AEL and Adani Power Ltd procured Indonesian coal from Adani Global Pte Ltd, Singapore and Adani SZE, UAE between 2010 and 2016. AEL has claimed that while Adani Global and Adani SZE are its subsidiaries, the coal procurement was done "on principal to principal basis, and at an arm's length".
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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 ...
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The DRI went on to claim that total exports of CPD by the Indian companies in the Adani Group in 200405 were worth 1, million, out of which goods worth 1, million (or % of the ...
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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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The government is seeking to restart a probe into Adani Group coal imports ... The DRI won a magistrate court's approval in 2016 whereby that court agreed to send letters of request to the ...
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The FT's story was said to be based on a General Alert Circular /2016/CI dated March 30, 2016, issued by the Directorate of Revenue Intelligence (DRI). The Adani Group pointed out that the circular mentioned as many as 40 importers, including Adani Group companies. ... Regarding coal procurement, the Adani Group pointed out that it is ...
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The Indian Express reported on June 20, 2016 that three stateowned banks declined to provide to the DRI information lying with their overseas branches regarding transactions by leading power companies in connection with the coal imports case. The banks had cited confidentiality norms which prompted Revenue Secretary Hasmukh Adhia to write to these lenders to cooperate with the ongoing ...
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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 ...
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The documents, compiled in 2014 by India's directorate of revenue intelligence (DRI), accuse Adani Group of ordering hundreds of millions of dollars' worth of equipment for an electricity ...
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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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An investigation by the Directorate of Revenue Intelligence into overinvoicing of imports of coal and power generating equipment has tasted defeat in a tribunal. The DRI intends appealing the tribunal's decision. A Delhi based company, Knowledge Infrastructure Systems Private Limited, which has been accused of overinvoicing coal imported from Indonesia and had faced penalties imposed on it ...
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The DRI sent demands for information about Adani just before Modi took office in May 2014, after a campaign in which he crisscrossed the country in an Adani jet and helicopters.
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the brother of Gautam Adani, who is known to be close to Prime Minister Narendra Modi. On 31 March 2016, a "general alert" was issued by the dri to some 50 customs establishments across the country, directing them to investigate all imports of coal from Indonesia. Why was this done? The alert document mentions that imported coal was being ...
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The statement also said, "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.while the proposed story by the publication is based on DRI's General Alert Circular dated March 30, 2016, which mentioned as ...
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Wed 6 Apr 2016 EDT Last modified on Wed 26 Oct 2016 18 ... prices of coal in official billing documents, the DRI alleged. ... Adani Group spokesman said all its coal imports had "taken ...
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The DRI's investigation in 2016 estimated that the practice of overinvoicing coal could have extracted as much as 5 billion. Recent allegations by opposition politicians in Gujarat indicate that the state government may have made significant excess payments to Adani Power linked to a power purchase agreement.
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The Directorate of Revenue Intelligence (DRI) has moved the Supreme Court to challenge the Bombay High Court (HC) order that restrained the agency from seeking foreign counterparts' assistance in its probe against a few firms of the Adani group for alleged overvaluation of Indonesian coal imports. The DRI had issued 14 letters rogatory (LRs ...
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The DRI has monitored the details of coal imports of these companies till 31 March 2016, information accessed by the authors suggests. Web of Scams. This revelation comes weeks after the DRI secured the first arrest of an accused person who was allegedly involved in overinvoicing of coal imported from Indonesia.
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