Adani Group is preparing to ship the first coal cargo from Australia's most controversial mine, after battling a sevenyear campaign by climate activists and defying a global push
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1 Mar 2023. New Delhi, India The Indian government granted an extraordinary favour to controversial tycoon Gautam Adani, boosting his coal business, documents reveal. After Prime Minister ...
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The Supreme Court on Wednesday stayed the Bombay High Court order that quashed the Letters Rogatory (LRs) sent by the Directorate of Revenue Intelligence (DRI) to foreign countries pertaining to alleged overvaluation of Indonesian coal imports from 2011 to 2015 by two Adani firms.
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India's coal imports decline 12 pc in August. India's coal imports in August fell by % to million tonnes compared to the same month last year, according to data from mjunction services ltd. Overall coal imports between April and August also dropped by % to million tonnes.
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Adani Enterprises Limited, the flagship firm of the Adani Group, has moved the Bombay High Court seeking to quash Letters Rogatory (LRs) issued by the DRI in 2016 in a case pertaining to alleged overvaluation of coal imports. Letter Rogatory is a letter to judicial agencies in other countries, seeking information or assistance. In March 2016, the Directorate of Revenue Intelligence (DRI ...
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DRI probe into alleged overvaluation illegal, invalid: Adani Enterprises petition in Bombay HC The DRI alleged that Indonesian coal was directly imported from ports in that country to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and the British Islands to artificially inflate its value.
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Corporate Fraud Adani coal imports case: Bombay HC quashes DRI's requests seeking judicial help from foreign nations The Directorate of Revenue Intelligence is investigating at least 40 ...
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In a setback for the Directorate of Revenue Intelligence (DRI), the Bombay High Court Thursday ruled in favor of Adani Enterprises Ltd (AEL) and quashed all Letter Rogatories (LRs) sent by DRI to Singapore and other countries while probing Adani Group firms for alleged overvaluation of Indonesian coal imports between 2011 and 2015.
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The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50100 per cent by changing test reports which measure the calorific value of coal. Artificial inflation of value of the imported coal increases the landed cost of coal, which is a primary fuel in coal fired thermal power plants. The ...
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The Supreme Court revived on Wednesday the probe against a Adani group firm in a case of alleged overvaluation of Indonesian coal imports by staying the Bombay High Court's decision of quashing all letters rogatory (LRs) sent by the DRI to Singapore
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Also read: Coal Import Scam: Adani Company Is Trying to Impede Investigation, DRI Tells Bombay HC As its investigations proceeded, the DRI realised it would need further documentation from the foreign branches of Indian banks, namely, ICICI Bank, Axis Bank, Bank of Baroda (BoB) and, most importantly, the State Bank of India (SBI) through which ...
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On October 10, hearing a case regarding the alleged ove rinvoicing of Indonesian coal imported by the Adani Group, the Supreme Court clubbed the matter with another case related to alleged smuggling of dutyfree gold by a Hyderabadbased jeweller.. It was in November 2019, that the DRI had moved the apex court against a Bombay High Court order in favour of the Adani Group.
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On October 17, 2019, the high court had quashed all the letters rogatory (LRs) sent by the DRI to Singapore and other countries in its ongoing investigation against the Adani Group firms for alleged overvaluation of Indonesian coal imports.
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Follow Us Indian investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show.
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The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said.
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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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HC quashes all Letters Rogatory issued in Adani coal import case The court said it did not go into merits of LRs issued by a metropolitan magistrate but found that due procedure had not been followed while issuing them. Press Trust of India Mumbai. 2 min read Last Updated : ...
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Adani Power on Wednesday reported 96 per cent decline in consolidated net profit at Rs crore for December quarter 202223 mainly on the back of higher expenses. ... cites high coal import costs Adani Power on Wednesday reported 96 per cent decline in consolidated net profit at Rs crore for December quarter 202223 mainly on the back ...
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Adani Enterprises and its subsidiaries, led by billionaire Gautam Adani, have successfully mounted repeated legal challenges in India and Singapore to block the documents' release, court papers has denied wrongdoing, saying that Indian authorities assessed its coal shipments before releasing them from ports. In an Oct. 9 legal filing, which Reuters is reporting for the first time ...
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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," Adani Group said in a statement. It said the proposed story by the publication is based on the DRI's General Alert Circular dated March 30, 2016.
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Adani Power. Two power plants built by the Adani group in Tiroda, Maharashtra and in Kawai, Rajasthan are under the DRI's scrutiny for alleged over invoicing of capital equipment used in power plants. The show cause notices (SCNs) issued in these cases in May 2014 were dismissed by the DRI's adjudicating authority K V S Singh in ...
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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.
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Adani Group stocks tank on Sebi, DRI probe news. Accounts of three of the six Mauritiusbased funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.
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A recent report from the Financial Times claims that the Adani Group, India's largest private coal importer, imported coal at prices significantly higher than market rates, raising suspicion that the group has been inflating fuel costs and forcing consumers and businesses to overpay for electricity. The investigation, based on customs records since July 2021, claims that the group paid a ...
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The records show that over the past two years, Adani used offshore intermediaries in Taiwan, Dubai and Singapore to import 5bnworth of coal at prices that were at times more than double the ...
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Shares of Adani Enterprises slipped as much as per cent to Rs on the BSE on Wednesday after media reports suggested that the Supreme Court (SC) has set aside Bombay High Court's order giving relief to the firm in the coal import case.
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The Delhi High Court on Wednesday issued a notice to the Central Bureau of Investigation (CBI) to explain why it closed the Preliminary Enquiry in the,000 crore Coal Import scam during its tainted Chief Ranjit Sinha's tenure while the Department of Revenue Intelligence's (DRI) probe was going on. The Bench comprising Justices Ravindra Bhat and AK Chawla also directed the Union ...
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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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