State Bank of India (SBI) on Monday said the fresh pledge of shares of three Adani Group companies was on account of the requirement to topup the collateral for its coal mine project in Australia.
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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 Directorate of Revenue Intelligence (DRI) has asked the Central Bureau of Investigation (CBI) to probe two Reliance ADAG firms — Reliance Infrastructure Ltd and Rosa Power Supply Co Ltd — in connection with the alleged overvaluation of imported Indonesian coal between 2010 and 2015, sources told The Indian Express. Sources said the DRI ...
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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 ...
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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 import 'overvaluation case': DRI's showcause notice upheld | India News The Indian Express Elections 2023 Advertisement News India Coal import 'overvaluation case': DRI's showcause notice upheld Premium Coal import 'overvaluation case': DRI's showcause notice upheld
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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 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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Black Money Corruption DRI show cause notices to Adani, Reliance Infra Essar on coal import scams as PSU Banks hide details Are SBI, BoB UCO Banks trying to hushup an alleged,000 crore ( billion) Coal Import scam? By Team PGurus September 15, 2016
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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 ...
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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.
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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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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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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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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 ...
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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.
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"The FT's proposed story is based on the DRI's General Alert Circular /2016/CI dated 30 March 2016. ... the fact that coal procurement in India on longterm supply basis is done through ...
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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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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
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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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Coal India News Updates: Get Latest Breaking News, Photos and Video News on Coal India. ... Find Coal India news headlines, photos, videos, comments, blog posts and opinion at The Indian Express. Sections. English; ... Strong case to hike coal prices, could happen soon: Coal India chairman. March 20, 2023 1:01 pm.
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For safe and simple remittances to India, the nation's largest lender, State Bank of India (SBI), has collaborated with Remitly. The US Department of Treasury has certified Remitly as money ...
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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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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
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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 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.
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Coal blocks allocation cases Explained: The allegations, investigation, and what next The coal blocks allocation cases are among the CBI's longest running probes, with the agency last registering a fresh FIR in the case in January 2020. It has since 2012 filed multiple chargesheets and even closed many cases for lack of evidence or culpability.
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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...
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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 ...
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A material supplier from Belgium would like to produce limestone powder for his custome...
India is rich in various mineral resources and it is an important mineral processing market
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