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 importsbyadanipowerwouldaffect the compensation it received from distribution companies in Haryana.
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Indian investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show. The Directorate of Revenue Intelligence since 2016 has been trying to procure ...
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RBI today said exporters can be put on a "caution" list in case the trader is not making any efforts for realisation of export proceeds or on the recommendation of investigative agencies like ED ...
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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 ...
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April 28, 2022 04:30 IST. At its Raigarh unit in Chhattisgarh, JSPL will raise capacity to mtpa from mtpa now by 203031. Sanguine about the steel sector's prospects within and an ...
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SBI is in the process of issuing new cards at no cost to those card holders whose cards have been blocked. This is a cards industry incident (not only SBI)," SBI said. However, other banks are yet to make any announcement on the security breach. However, customers said SBI branches told them the issue of new debit cards can take up to three ...
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How to use YONO SBI NRI account opening service: State Bank of India (SBI) has introduced a digital facility for. Updated: September 18, 2023 20:36 IST IndusInd Bank launches 'NRI homecoming ...
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Pledge of 13 lakh more shares of Adani Transmission took the total to per cent, the filings showed. The additional pledges are part of a USD 300 million letter of credit issued by a bank to another bank as a guarantee for payments made provided by SBI for Adani Group's Carmichael coal mining project in Australia.
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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.
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Coal india News: Check here latest news and updates about Coal india in India. Read top headlines and breaking news today in India about Coal india on
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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 ...
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The documents that are being sought by the government include copies of invoices raised by the original supplier of coal, bills of lading, letter of credit covering the transactions and the contract signed by the firms with the original supplier. Watch Video: What's making news Advertisement
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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. According to the latest DRI notice, the agency has ...
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The case pertains to allegations of the DRI that a wholly owned subsidiary of Knowledge Infrastructure in Singapore first bought the coal from a Switzerlandbased firm and then the same consignment was sold to two intermediary firms, which then "dispatched the coal to the Indian firm". In these transactions, the price of coal sold by the ...
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Industrialist Gautam Adani in New Delhi (Express Photo by Anil Sharma) The Supreme Court on Wednesday stayed the Bombay High Court order that quashed the Letters Rogatory (LRs) sent by the Directorate of Revenue Intelligence (DRI) to foreign countries pertaining to alleged overvaluation of Indonesian coal imports from 2011 to 2015 by two Adani firms.
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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 ...
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The 52week high of Coal India Ltd. is ₹ and 52week low of Coal India Ltd. is ₹ as on Dec 04, 2023. Trending In Market IPO's Open and Upcoming
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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.
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New Delhi | Updated: November 18, 2023 11:43 IST Follow Us It was in November 2019 that the DRI had moved the apex court against a Bombay High Court order in favour of the Adani Group. The case has been heard five times in four years and is yet to reach the stage of final arguments. Listen to this article 00:00 1x
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The companies that got the relief are Sesa Sterlite, a part of the Londonlisted Vedanta Resources, Raipurheadquarterd Sarda Energy and Minerals, and Delhibased Usha Martin.
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Coal imports case: SC to hear in Feb Centre's appeal against Bombay HC Sensex ( %) + Nifty ( %) + Nifty Midcap (%) + Nifty Smallcap (%) + Nifty Bank ( %) +
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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 ...
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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 Islands to artificially inflate its value.
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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 ...
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New Delhi | Updated: October 14, 2023 07:34 IST Follow Us The Additional Solicitor General, representing DRI, drew the apex court's attention on October 10 to a recent order by a different bench in another case involving the agency.
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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 Islands to artificially inflate its price. The DRI's adjudicating dropped the ...
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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.
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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.
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