The Hindenburg report had mentioned the DRI report alleging overvaluation by the Adani Group of companies. The report has also caused a huge fall in Adani Group's shares. The companies' market ...
The DRI investigation, started in 2009 and is still continuing, alleges overinvoicing of imported coal and powerplant equipment cumulatively amounted to around Rs 50,000 crore prior to 2008.
"In 2016, 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 the ...
Adani Group said it was not aware of the 2014 DRI documents but added that the Supreme Court had "concluded in our favour" over the matter. FT said lawyers for 360 One said the company ...
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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 ...
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 ...
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 ...
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 ...
The FIR is also mentioned in the fineprint of the Draft Red Herring Prospectus filed by Adani Wilmar Limited on 3 August 2021 with the Securities and Exchange Board of India (SEBI), the regulator of the country's financial markets, in the runup to the listing of the company's shares in stock exchanges.(Adani Wilmar Limited is a joint venture between the Adani Group and Wilmar International ...
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.
Last modified on Wed 21 Feb 2018 EST. India's customs department has revived allegations of a US600m financial fraud against the Adani Group, challenging an order clearing the mining ...
By Parikshit Luthra Mar 13, 2023 3:04:51 PM IST (Published) The Finance Ministry on Monday informed Parliament that the Directorate of Revenue Intelligence (DRI) has concluded its investigations into the imports of Power Generation, Power Transmission, and Infrastructure (Port SEZ) equipment by Adani Group companies. The DRI has submitted its ...
DRI probe may affect Rs 800crore relief to Adani The DRI alleged at least 40 power generating firms imported Indonesian coal directly from ports in that country to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and British Virgin Islands to artificially inflate its value.
The 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 ...
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.
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 ...
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.
Overvaluation of Indonesian coal. From 2010 onwards, the DRI had initiated probe against at least 40 companies including five firms of Adani Group including Adani Power for alleged overvaluation ...
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 ...
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.
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 Virgin Islands to artificially inflate its price. The DRI's adjudicating dropped the ...
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