WEBSep 18, 2018 · In March 2016, the DRI had initiated probe against some Adani Group firms for alleged overvaluation of coal imports from Indonesia between 2011 and 2015.
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WEBFeb 12, 2023 · Case #4: Period under Investigation: 2011 to 2016 — Overinvoice Indonesian Coal Imports In another investigation by the DRI, Adani Group was said to be involved in INR 290 Billion ( ~ Bn) scam to overinvoice Indonesian Coal Imports, transferring costs to taxpayers. NEW FROM US:
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WEBThe Indian revenue agency did not respond to Reuters' queries. The effort to revive the coal probe comes amid wider regulatory scrutiny of Adani since Hindenburg Research in January accused the ...
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WEBMar 14, 2023 · In 2016, he said the DRI had alleged that 40 Indian companies including Adani Enterprises, Adani Power, Adani Wilmar, Adani Power Maharashtra and Adani Power Rajasthan were overinvoicing imported Indonesian coal with the goal of "siphoningoff money abroad" and "to avail higher power tariff compensation based on artificially .
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WEBFeb 21, 2019 · 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.
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WEBMay 23, 2024 · The DRI has led an appeal in the Supreme Court. The Arappor Iyakkam said that its request for an investigation into the coal import scam by Tangedco, wherein Adani group had sold lowquality coal imported from Indonesia at an exorbitant price, had been rea rmed by the OCCRP report. Jayaraman Venkatesan of Arappor Iyakkam said .
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WEBAug 30, 2023 · 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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WEBSep 17, 2017 · The Adani Group is currently awaiting judgment on a Rs 15 billion scam in which the firm has been accused of overpricing electricity equipment for two power projects in Maharashtra. In 2014, DRI ...
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WEBJun 24, 2019 · 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 .
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WEBMay 23, 2024 · Adani Group overcharged for coal, new evidence bolsters allegations: Report. The DRI had opened a probe almost a decade back to deliberate whether Adani Group and other companies used offshore ...
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WEBFeb 4, 2023 · According to reports, the DRI has alleged that Adani Group inflated bills for two companies. However, the CESTAT had denied the allegations. The companies in question are Adani Power Maharashtra ...
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WEBOct 18, 2023 · The Adani group's rebuttal focuses on two points. The first of it is about the publiion basing its story on the Directorate of Revenue Intelligence's March 2016 circular. For perspective, the notice spoke of "certain importers of Indonesian Coal were artificially inflating its import value as compared to the actual value".
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WEBOct 18, 2019 · The Directorate of Revenue Intelligence is investigating at least 40 companies for alleged overvaluation of coal imports from Indonesia between 2011 and 2015.
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WEBNov 17, 2023 · Indian authorities reviewed 1,300 shipments involving Adani and alleged in court filings that it "grossly overstated" or "artificially inflated the import value of coal" as compared with the ...
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WEBNov 18, 2023 · The Directorate of Revenue Intelligence (DRI) since 2016 has been trying to procure transaction documents related to Adani's dealings from Singapore authorities.
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WEBNov 17, 2023 · 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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WEBMar 14, 2023 · The Directorate of Revenue Intelligence's (DRI) research into the suspected overinvoicing of electricity imports by the Adani Group between 2011 and 2015 is now complete. According to the probe, the corporation may have overstated by up to Rs. 3,000 crores the price of importing power equipment. The Central Board of Indirect Taxes and ...
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WEBOct 10, 2023 · 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," Adani Group said in a statement. It said the proposed story by the publiion is based on the DRI's General Alert Circular dated March 30, 2016.
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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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WEBJan 1, 2014 · The DRI report, which claims to explain the modus operandi followed by the group, claims that a Dubaibased entity was at the heart of the alleged overinvoicing." Various entities of Adani Group were indulging in gross overvaluation of imported goods (zero or lowduty rated) to siphon off money abroad.
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WEBFor this assessment, the CAG analysed 131 of 297 consignments of imported coal received by TANGEDCO under five tenders floated between October 2013 and February 2016 for a total of million ...
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WEBNov 18, 2023 · Adani coal imports case: Supreme Court to hear DRI's appeal against Bombay High Court order ... In March 2016, the DRI initiated a probe against a few Adani Group firms for alleged overvaluation ...
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WEBOct 13, 2023 · Adani Group stocks come under selling pressure after FT report on alleged overinvoicing of coal imports. Group rejects allegations, says FT is financially destabilizing it. FT report cites ...
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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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WEBJan 9, 2020 · The Supreme Court stayed the Bombay High Court's order quashing the Directorate of Revenue Intelligence (DRI) seeking information about the alleged Rs 29,000crore overinvoicing by Adani Enterprises Limited in connection with coal imports from Indonesia. The Solicitor General argued the high court order had prevented DRI from .
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WEBThe petitioners had referred to show cause notices issued by the DRI dated May 15, 2014 and March 31, 2016 that spoke of various entities of the two corporate giants indulging in gross over ...
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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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WEBJan 9, 2024 · Delhi HC keeps in abeyance order asking CBI, DRI to look into allegations of overinvoicing by Adani group A bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its ...
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WEBThe DRI has monitored the details of coal imports of these companies till March 31, 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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