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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In at least two cases representing Adani stock holdings that at one point reached 430 million the mysterious investors turn out to have widely reported ties to the group's majority shareholders, the Adani family. The two men, Nasser Ali Shaban Ahli and Chang ChungLing, have longtime business connections with the family and have also ...
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DRI alleged the 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 exported from ports in that country to India while import invoices were routed ...
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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.
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A DRI report described Chang as the director of three Adani companies involved in the scheme, while Ahli represented a trading firm that was also involved. As part of the case, it was revealed that Chang shared a Singapore residential address with Vinod Adani, the lowprofile older brother of the Adani Group's chairman, Gautam Adani.
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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 inflating" the value of Indonesian coal to siphon off money abroad and overcharge power companies. ... "supplier's invoices are routed through one or ...
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AEL in its petition in the Bombay High Court claimed the LRs were issued by DRI without cognizance of any offence or registering of First information Report against the Adani firms in the coal also said that the LRs were issued without any notice and hearing the companies.. The DRI probe against Adani and other companies began after the agency issued a general alert to its field ...
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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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Delhi's high court has taken up a lawsuit calling for an investigation into allegations that Adani Group and other energy companies engaged in fraud that raised power prices for Indian consumers.. The court has ordered the Indian government and Directorate of Revenue Intelligence (DRI) to respond before 7 February to the lawsuit, which claims that several mining groups inflated coal and ...
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His letter was accompanied by a CD of evidence from a DRI probe into alleged inflated invoices at Adani power projects, and said "there are indications that a part of the siphoned off money may ...
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In 2014, DRI had issued a showcause notice to a few firms of the Adani Group alleging overvaluation of imported power equipment and "siphoning off of money abroad", The Indian Express ...
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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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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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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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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.
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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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Hindenburg alleged that entities controlled by associates of Vinod Adani manipulated the share prices of some of the group's 10 listed entities, sparking a furore that has knocked more than 90bn...
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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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On August 21, 2017, the DRI adjudicating authority, Singh, summarily dropped all proceedings against the Adani group. He also dropped penal proceedings against various persons including ...
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IN AN affidavit to the Supreme Court, the Directorate of Revenue Intelligence (DRI) has reiterated its stand to resume investigation into the Adani Group for alleged overvaluation of coal imports and said it "has followed due process" in applying to a Mumbai court for issuing Letter Rogatory to secure some documents pertaining to the case in Sin...
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Five Adani companies were among 40 importers named by the DRI in a notice of an investigation that they were "artificially inflating" the value of Indonesian coal to siphon off money abroad and overcharge Indian power companies.
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Accepting the Directorate of Revenue Intelligence (DRI) plea to hear the cases against Adani group firms on a casetocase basis, a Customs, Excise Service Tax Appellate Tribunal (CESTAT) on Monday commenced its hearing on the appeal filed by the department against the relief granted to two of the Adani group companies by an order quashing overinvoicing allegations against the firms.
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Pan Asia Tradelink, previously named Pan Asia Coal Trading, has supplied Adani with tonnes of coal for since September 2021, according to customs records reviewed by the FT. The ...
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See other industries within the Manufacturing sector: Aerospace Product and Parts Manufacturing, Agriculture, Construction, and Mining Machinery Manufacturing, Alumina and Aluminum Production and Processing, Animal Food Manufacturing, Animal Slaughtering and Processing, Apparel Accessories and Other Apparel Manufacturing, Apparel Knitting ...
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See other industries within the Manufacturing sector: Aerospace Product and Parts Manufacturing, Agriculture, Construction, and Mining Machinery Manufacturing, Alumina and Aluminum Production and Processing, Animal Food Manufacturing, Animal Slaughtering and Processing, Apparel Accessories and Other Apparel Manufacturing, Apparel Knitting ...
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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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On the last day of March, the Directorate of Revenue Intelligence (DRI), which comes under the Union finance ministry, issued a "general alert" to fiftyodd customs establishments all over India highlighting the modus operandi of overinvoicing of imports of coal from Indonesia. The DRI has claimed that money was being "siphoned ...
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The DRI is probing at least 40 companies for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crorebetween2011and2 list includes six Adani companies including Adani Enterprise and Adani Power. The Adani Group has denied any wrongdoing. In 2016, the agency issued a general alert to field offices and customs ...
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The official spokesperson of the Adani Group said, "Since the matter is sub judice, we are refrained from making any statement." 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 ...
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The Mundra Thermal Power Project, a coalfired plant that began operations in 2009, is now the backbone of the billion (sales) Adani Power. ... (DRI), investigated the Adani Group for ...
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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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