Law 21/Jun/2019 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"...
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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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Email, phone calls and text message to the official spokesperson of Adani Group remained unanswered. The HC 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 ...
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November 17, 2023 at 1:37 AM PST. Listen. 2:59. India's government is seeking to restart a probe into Adani Group coal imports from Indonesia, a potential setback for the sprawling conglomerate ...
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The allegations have been made by the Ministry of Finance's Directorate of Revenue Intelligence (DRI), the intelligence wing of the Ministry. They are outlined in a showcause notice sent by the DRI to various Adani Group companies and to Vinod Adani, older brother of Gautam Adani. It alleges that an entity named Electrogen Infra FZE (EIF ...
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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 ...
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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.
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DRI has restarted its investigation into the Adani Group over allegations of overinvoicing of imported coal November 17, 2023 by Koushik Gope 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.
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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 ...
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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 ...
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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.
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Hindenburg alleged that entities controlled by associates of Vinod Adani manipulated the share prices of some of the group's 10 listed entities, sparking a furore that has knocked more than 90bn...
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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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The request is part of an investigation by India's Directorate of Revenue Intelligence (DRI) into a alleged fraud by 40 power companies including six Adani subsidiaries.
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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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"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 ...
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FT says that Adani has been using offshore intermediaries in Taiwan, Dubai and Singapore to import 5 billion worth of coal at prices that were "at times more than double" the market price. A Taiwanese entrepreneur, recently identified by the Financial Times as a significant concealed stakeholder in Adani firms, owns one of these companies.. FT further scrutinized 30 coal shipments from ...
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AEL in its petition in the Bombay High Court claimed the LRs were issued by DRI without cognizance of any offence or registering of First information Report against the Adani firms in the coal also said that the LRs were issued without any notice and hearing the companies.. The DRI probe against Adani and other companies began after the agency issued a general alert to its field ...
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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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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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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 ...
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The FT identified 2,000 shipments totaling 73 million tonnes of coal declared as Indian imports by Adani companies between September 2021 and July 2023. For the 42 million tonnes supplied by Adani's own operations in that time, the declared average price per tonne was 130. However, for the 31 million tonnes supplied by the three ...
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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.
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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.
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In 2014, DRI had issued a showcause notice to a few firms of the Adani Group alleging overvaluation of imported power equipment and "siphoning off of money abroad", The Indian Express ...
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On August 21, 2017, the DRI adjudicating authority, Singh, summarily dropped all proceedings against the Adani group. He also dropped penal proceedings against various persons including ...
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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 ...
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الهند غنية بالموارد المعدنية المختلفة وهي سوق مهم لمعالجة المعادن
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