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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 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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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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16 Nov 2023, 9:21 pm The Adani Group is currently the focus of renewed scrutiny by Indian authorities, who are investigating suspicions of inflating the value of coal imports, as reported by...
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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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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 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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DRI Coal Hindenburg ... (AEL), the flagship company of the Adani Group. APML have set up a coal based thermal power plant of 2 x 660 MW (Unit No. 4 5) at A1 MIDC, Tiroda, DistrictGondia, in Maharashtra. ... Details of the payments made to various foreign firms/entities against procurements from them invoicewise in respect of ...
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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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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. On 27 February 2016, the dri
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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 DRI probe against Adani and other firms began, after the agency issued a general alert to its field formations across India in March 2016, outlining the modus operandi of overinvoicing of coal imports from Indonesia. DRI alleged that money was being "siphoned" outside the country and the electricitygenerating firms were availing of ...
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Debt, not coal, delivers 388m profit to Adani. Controversial coal miner Adani Mining has posted a fullyear profit of million in Australia without selling as much as a bucket of coal ...
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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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The stay order revives the letters rogatory issued against Adani Enterprises in the probe on alleged overstating of the value of coal imported in India—involving as many as 231 consignments between 2010 and 2016—to avail higher power tariff compensation.
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In 2016, the DRI investigation suspected that the worth extracted from illicit overinvoicing of coal used to be Rs300bn, then value about 5bn. In August this yr, opposition politicians in Gujarat accused the state govt of creating virtually 500mn in extra bills to Adani Energy over 5 years below an influence acquire settlement connected to ...
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The banking regulator's response followed a request by the Directorate of Revenue Intelligence (DRI), which sought RBI's assistance in obtaining information from two stateowned banks on the alleged Rs 29,000crore overvaluation of coal imports from Indonesia by Indian companies, including the Adani Group, ADAG and Essar Group among others.
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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 ...
WhatsApp: +86 18203695377
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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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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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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Adani has denied wrongdoing, saying that Indian authorities assessed its coal shipments before releasing them from ports. — Reuters. Indian investigators are seeking to restart a probe into ...
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According to the latest DRI notice, the agency has found that several coal traders were directly importing Indonesian coal to Indian ports by allegedly routing the invoices "through one or more related /associated intermediary firms based abroad" after artificially inflating its value. According to the latest DRI notice, the agency has ...
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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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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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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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The high court 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 at Rs 29,000 crore between 2011 and 2015.
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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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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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