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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On February 27, 2016, the DRI arrested Manoj Kumar Garg, a Hong Kongbased Indian national who had allegedly opened a front company in Dubai responsible for overvaluing imported coal to the tune ...
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The DRI told the SC that the preliminary scrutiny of the import data/documents during October 2010 to March 2016 revealed that the Adani group of companies had imported about 1,300 consignments of ...
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New Delhi: The Directorate of Revenue Intelligence (DRI) has accused the Adani Enterprises Ltd (AEL), in its June 13 affidavit to the Bombay High Court, of trying to "impede" its probe against...
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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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In January 2020, the Supreme Court paved the way for DRI to investigate allegations of overvaluation of coal imports from Indonesia by the Adani group. The apex court through the January 9, 2020, order stayed an October 17, 2019 judgment of the Bombay High Court which granted relief to Adani group by quashing LRs sent to various countries including Singapore, seeking details of the group's ...
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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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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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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 FT's story was said to be based on a General Alert Circular /2016/CI dated March 30, 2016, issued by the Directorate of Revenue Intelligence (DRI). The Adani Group pointed out that the circular mentioned as many as 40 importers, including Adani Group companies. ... Regarding coal procurement, the Adani Group pointed out that it is ...
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On October 10, hearing a case regarding the alleged overinvoicing 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.
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the brother of Gautam Adani, who is known to be close to Prime Minister Narendra Modi. On 31 March 2016, a "general alert" was issued by the dri to some 50 customs establishments across the country, directing them to investigate all imports of coal from Indonesia. Why was this done? The alert document mentions that imported coal was being ...
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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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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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In 2016, the DRI investigation suspected that the value extracted from illicit overinvoicing of coal was Rs300bn, then worth about 5bn. In August this year, opposition politicians in Gujarat accused the state government of making almost 500mn in excess payments to Adani Power over five years under a power purchase agreement linked to the ...
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2016 NL REAL ESTATE IN ASSOCIATION WITH KNIGHT FRANK. 2 FIGURE 2 Availability rates by district, % of the total stock. yearend 2015 % FIGURE 1 Availability versus takeup 000's sq m Source: Bak Property Research / Knight Frank Source: Bak Property Research / Knight Frank 0 5 10 15 20 25 30 35
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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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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 DRI had initially filed a case against the Adani Group in 2019, alleging that the company had inflated the value of imported coal by around 4 billion over a period of five years. This resulted in a loss of customs duty to the government. However, the Adani Group had challenged the DRI's findings in court, and the case was put on hold.
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Adani Group in the statement said the DRI's show cause notice alleging overvaluation in the import of coal was quashed by the appellate tribunal (CESTAT). "Further, the DRI's appeal was dismissed as withdrawn by the Supreme Court of India on January 24, 2023 with the observation that "we appreciate the stand taken by the government in not ...
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A bench headed by Chief Justice Bobde issued notices to Adani Enterprises on the appeal filed by DRI in the DRI had initiated investigations in March 2016 against a few Adani group ...
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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 government is seeking to restart a probe into Adani Group coal imports ... The DRI won a magistrate court's approval in 2016 whereby that court agreed to send letters of request to the ...
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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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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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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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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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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 inflated cost of ...
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On November 1, the Directorate of Revenue Intelligence (DRI), the investigative arm of India's customs authorities, filed an affidavit before the Delhi High Court clarifying the status of its investigations into alleged overinvoicing of imports by a number of companies.
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The DRI case against the Adani Group assumes significance as the Central Electricity Regulatory Commission (CERC) had in November 2017 pointed out that findings of the probe into alleged overinvoicing of Indonesian coal imports by Adani Power would affect the compensation it received from distribution companies in Haryana.
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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. The DRI had issued 14 letters rogatory (LRs ...
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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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