State Bank of India, ICICI Securities and Reliance Capital Asset Management have been selected to manage the provident fund corpus of the workers of coal industry, amounting to around Rs 75,000 crore. The Coal Mines Provident Fund Organisation (CMPFO) gave the mandate to the three fund managers and allotted equal corpus to the three of them.
New Delhi: The Central Bureau of Investigation (CBI) on Thursday filed two more first information reports (FIRs) in the case related to the irregular allocation of coal mines.
The Indian Express had reported on June 20, 2016 that three stateowned banks declined to provide to the DRI information lying with their overseas branches regarding transactions by leading power companies in connection with the coal imports case.. The banks had cited confidentiality norms which prompted Revenue Secretary Hasmukh Adhia to write to these lenders to cooperate with the ongoing ...
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 ...
The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 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 ...
The New Indian Express. Adani coal imports case: Supreme Court to hear DRI's appeal against Bombay High Court order. Posted: 18 November 2023 | Last updated: 18 November 2023
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. According to the latest DRI notice, the agency has ...
A Kerala court on Tuesday issued a nonbailable arrest warrant against Prashant J Mehta, managing director of Rajesh Exports, in connection with a case registered against him for allegedly ...
Gautam Adani, Chairman Adani Group. (Source: Indian Express) In what could be one of the largest credit facilities extended by an Indian bank for an overseas project, the State Bank of India (SBI) will provide a loan of 1 billion (over Rs 6,000 crore) to Adani Mining, the Australian subsidiary of Adani Enterprises, for its mine project in Queensland.
In the new fiscal year that began April 1, Indian power plants are expected to burn about 8% more coal. The rapid acceleration in India's coalfired output to address a spike in power demand underscores challenges faced by the world's third largest greenhouse gasemitter in weaning its economy off carbon, as it attempts to ensure energy security to around billion Indians.
The Securities and Exchange Board of India (SEBI) will say for the first time that India's customs authority alerted it to an alleged misuse of offshore funds by Adani Group companies in 2014 ...
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...
The agency, according to sources, found that inflated invoices received in India were issued by intermediaries, allegedly subsidiary companies of Indian importers or their fronts. The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which ...
SBI Washington DC Branch, Representative Office. Following is the address of SBI Representative Office in Washington DC: Branch. Representative Office, Washington DC. Address. 1200, 17th Street, NW, Suite 205, Washington 20036, Washington DCUNITED STATES OF AMERICA . Timings. MonFri, 9:00 AM 4:00 PM. SatSun, Closed.
The high court 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 at Rs 29,000 crore between 2011 and 2015.
According to the Indian Express, the DRI found that the inflated import invoices received in India were issued by intermediaries, that were purportedly fronts of subsidiary companies of Indian ...
Finance Minister Nirmala Sitharaman appreciates SBI for successfully launching direct LankanIndian Rupee trade; India 'bright spot' amid despondency and churn in geopolitical landscape: Army ...
The agency, according to sources, found that inflated invoices received in India were issued by intermediaries, allegedly subsidiary companies of Indian importers or their fronts. The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which ...
The DRI has alleged that several traders are directly importing Indonesian coal but the invoices are "routed through one or more related /associated intermediary firms based abroad" after artificially inflating its value. To justify the inflated price, "manipulated test reports" of the quality of coal is submitted to PSUs and Customs.
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...
Coal imports case: SC to hear in Feb Centre's appeal against Bombay HC Sensex ( %) + Nifty ( %) + Nifty Midcap (%) + Nifty Smallcap (%) + Nifty Bank ( %) +
DRI, Indian Coast Guard seize over 32 kg gold worth ₹ crore in two cases in Tamil Nadu. 1 min read 01 Jun 2023, 09:20 PM IST Join us. Staff Writer.
The Directorate of Revenue Intelligence has accused Adani Enterprises Limited of trying to obstruct its investigation into the overvaluation of coal imports by some group firms, The Indian Express ...
According to Indian Express, one Gautam Kumar, who had recently cleared the Bihar Public Service Commission exam, was kidnapped from the school he teaches in, and forced to marry kidnappers daughter.
The Directorate of Revenue Intelligence (DRI) has decided to get strict with SBI and Bank of Baroda for hiding evidence against corporate entities involved in the Rs 29,000 crore coal import scam and not cooperating in the investigation against them. Listen to Story Share Advertisement Picture for representational purpose only.
In case of any rebound, the index would face stiff resistance around 15,55015,700 levels," Ajit Mishra, VP Research, Religare Broking, said. Stocks to watch
It needs bouquets rather than brickbats. This column first appeared in the print edition on October 18, 2021 under the title 'The fall guy'. The writer is former chairman, Coal India Ltd. Partha Bhattacharyya writes: Coal India has been meeting the demand for coal, helping generate power at affordable tariffs.
The Indian Express reported on June 20, 2016 that three stateowned banks declined to provide to the DRI information lying with their overseas branches regarding transactions by leading power companies in connection with the coal imports case. The banks had cited confidentiality norms which prompted Revenue Secretary Hasmukh Adhia to write to these lenders to cooperate with the ongoing ...
NEW DELHI: 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 ...
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