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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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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WEBNov 3, 2019 · The Delhi High Court had directed DRI to file an affidavit as it is hearing a public interest litigation (PIL) filed by senior advoe Prashant Bhushan on the alleged overvaluation of Indonesian coal and power equipment imports by about 40 firms in the country to the tune of Rs 29,000 crore. According to the DRI affidavit, it has adjudied ...
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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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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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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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WEBJun 2, 2024 · More than a decade after India's "Coalgate" scandal rocked the previous government, a different coal scam involving alleged overinvoicing of imported coal by major corporations like Adani, Reliance, Tata and Essar has seemingly been brushed under the carpet. Despite evidence unearthed by investigative agencies like the .
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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 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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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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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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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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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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WEBMay 31, 2024 · An expose by the Financial Times and OCCRP reveals that in 2014, Adani sold lowgrade coal as highquality to Tamil Nadu's power company, TANGEDCO, at a much higher price. Reporters Anand Mangnale ...
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WEBNov 17, 2023 · Adani Group said in a statement on Friday that during the DRI's inquiry into the alleged overvaluation of Indonesian coal imported by Adani Enterprises Ltd. and Adani Power Ltd., among other ...
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WEBOct 31, 2019 · On October 17, the Bombay High Court ruled in favour of a company in the Adani Group by passing an order quashing the issuance of letters rogatory (LRs) to various foreign government bodies by the Directorate of Revenue Intelligence (DRI), the investigative arm of India's Customs authorities. The LRs—that are formal requests for .
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WEBMay 21, 2024 · New Evidence Bolsters Allegations Adani Group Overcharged for Coal . May 21, 2024. Facebook X LinkedIn Tumblr Pinterest Reddit VKontakte Odnoklassniki Pocket. by Anand Mangnale (OCCRP) 22 May.
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WEBAug 30, 2023 · US employment. Secret paper trail reveals hidden Adani investors. Sebi's chair at the time left in 2017. In March this year he became nonexecutive chair of New Delhi Television (NDTV), owned by ...
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WEBFeb 21, 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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WEBNov 4, 2019 · The Directorate of Revenue Intelligence (DRI) has informed a court that it will move the Top Court against the Bombay HC order that quashed all Letters Rogatory (LRs) sent by it to foreign countries in connection with the alleged overvaluation of Indonesian coal imports from 2011 to 2015 by 2 Adani Group firms.. In an affidavit filed on Nov 1, .
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WEBOct 18, 2019 · The Directorate of Revenue Intelligence is investigating at least 40 companies, including those from the Adani Group, Anil Dhirubhai Ambani Group and Essar Group, for alleged overvaluation of coal ...
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WEBSep 19, 2018 · 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 at Rs 29,000 crore between 2011 and 2015. In March 2016, DRI issued a general alert to its field .
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WEBSep 15, 2016 · A few days ago Indian Express reported that the DRI had issued notices to Adani Group, Reliance Infrastructure and Essar Group for inflating the price of coal imported from Indonesia during the period . PGurus in July wrote about SBI Chairperson Arundhati Bhattacharya's reluctance to share the details with the DRI.
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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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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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WEBJun 4, 2024 · Invoices show that in January 2014 Adani purchased an Indonesian shipment of coal said to contain 3,500 calories per kilogramme. The same shipment was sold to the Tamil Nadu Generation and ...
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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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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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