The mystery of the Adani coal imports that quietly doubled in value
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 ...
dri coal invoice adani
Secret paper trail reveals hidden Adani investors Financial Times
His letter was accompanied by a CD of evidence from a DRI probe into alleged inflated invoices at Adani power projects, and said "there are indications that a part of the siphoned off money may ...
Adani group, Reliance ADAG, Essar, accused of cheating in Rs 290 ...
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 ...
Adani Imported "Billions" In Coal At Inflated Costs, Overcharging ...
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 ...
Imported Coal 'Overvaluation' by Adani Firms Pits DRI ... NewsClick
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 ...
Adani Group overpaid for coal imports, then charged Indians extra for ...
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 ...
Customs Tribunal Rejects Revenue Intelligence Over ... NewsClick
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 ...
![Penalty can't be levied on Retrospective Amendment: ITAT [Read Order]](/yt3sdqe/35.jpg)
Penalty can't be levied on Retrospective Amendment: ITAT [Read Order]
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 ...
DRI investigation into Adani Group coal import cases halted
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 at Rs 29,000 crore between 2011 and 2015. In March 2016, DRI issued a general alert to its field formations across ...
Adani Group faces fresh allegations, now on overinvoicing of coal imports
Five Adani companies were among 40 importers named by the DRI in a notice of an investigation that they were "artificially inflating" the value of Indonesian coal to siphon off money abroad and overcharge Indian power companies.
India's Government Seeks to Revive Probe Into Adani Coal Imports
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 ...
The mystery of the Adani coal imports that quietly doubled in value
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...
Indian opposition calls for investigation into Adani over financial ...
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 ...
CESTAT Upholds Quashing of Penalty on Confiscation of Seized Gold Bar ...
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 ...
Government seeks to revive probe into Adani coal imports
The Indian government is seeking to reopen an investigation into Adani Group's coal imports from Indonesia, focusing on alleged overinvoicing. The Directorate of Revenue Intelligence (DRI) has ...
Ahead of SC hearing, Adani Group says bid to tarnish reputation by ...
However, the publication has "singled out the Adani Group, while the DRI's circular mentions as many as 40 importers including the Adani Group companies," the statement said. ... It also deliberately ignores the fact that coal procurement in India on longterm supply basis is done through an open, transparent, global bidding process ...
Adani coal case in SC: DRI wants to resume probe PressReader
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 ...
Adani stock manipulation exposed: Offshore trail points to two ...
In at least two cases representing Adani stock holdings that at one point reached 430 million the mysterious investors turn out to have widely reported ties to the group's majority shareholders, the Adani family. The two men, Nasser Ali Shaban Ahli and Chang ChungLing, have longtime business connections with the family and have also ...
Delhi high court takes up lawsuit into Adani Group fraud allegations ...
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 ...
DRI notices to ADAG, Essar, Adani for alleged violation of norms
The DRI is also investigating six Adani Group firms and two Essar Group firms for alleged overvaluation of coal imports from Indonesia. ... The DRI alleged that Indonesian coal was directly imported from ports there to India while import invoices were routed through one or more intermediaries based in Singapore, Hong Kong, Dubai and British ...
Adani firm moves Singapore court in attempt to block information to DRI ...
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 ...
Congress asks Modi: Why is DRI so tardy on Adani? Telegraph India
"In 2016, 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 'siphoning off money abroad' and 'to avail higher power tariff compensation based on artificially inflated cost of the imported coal'.
Modi Government Says It Will Appeal Dismissal of DRI's Charges Against ...
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 ...
Adani Group: CESTAT starts hearing DRI case against relief to Adani ...
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.
MMTC among two state firms inflating coal imports: DRI
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.
Dental International Dun Bradstreet
Dental International Company Profile | Nieuwegein, Utrecht, Netherlands | Competitors, Financials Contacts Dun Bradstreet
The mystery of the Adani coal imports that quietly doubled in value
The importer was primarily Adani Enterprises. For the 42mn tonnes of coal supplied by its own operations in that time, the Adani group declared an average price of 130 per tonne. For the 31mn tonnes of coal supplied by its three middlemen, however, the average price declared per tonne was 155, a 20 per cent premium worth almost 800mn.
DRI SlideShare
DRI Coal by . ... who raised invoices with inflated value (inflating several times the value of original invoices of OEMs) on the Indian companies, against which money is remitted to Dubai. ... 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 ...
DRI probe into alleged overvaluation illegal, invalid: Adani ...
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 Virgin Islands to artificially inflate its value.
Caldic Ingredients Benelux Dun Bradstreet
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 ...
Adani Group Caught Overinflating Coal Prices | the deep dive
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 ...
Coal import scam: Adani group gets interim relief from DRI Moneycontrol
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.
Customs Department Challenges DRI Authority's Clean Chit to Adani 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 ...
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