Govt looking to restart probe into Adani Group's coal imports case: Report
Adani Group for alleged overvaluation of coal imports, according to a report published by the news agency Reuters. The Directorate of Revenue Intelligence has been attempting to obtain Singaporean authority's transaction documents pertaining to Adani's business dealings since 2016.
The agency believes a large portion of the group's coal imports from Indonesian suppliers were initially billed to its Singaporean subsidiary, Adani Global Pte, at a higher price on paper, and subsequently to its Indian arms. The court documents reveal that Adani Enterprises and its subsidiaries, led by billionaire Gautam Adani, have successfully mounted several legal challenges in Singapore and India to prevent the release of the documents.
However, Adani, who says that Indian authorities evaluated its coal shipments before releasing them from ports, has denied any wrongdoing, Reuters reported. In an October 9 legal filing, which Reuters is reporting for the first time, the revenue intelligence agency asked India's Supreme Court to quash a previous lower court order that allowed Adani to block authorities from collecting evidence from Singapore.
The Indian officials refute Adani's claims that the agency did not adhere to "due process," stating in the filing that it was authorized by a mutual legal assistance treaty to request information from the Southeast Asian city-state. Adani Group, in a statement to Reuters, said that it had ‘fully co-operated’ with the authorities by providing details and documents sought more than four years ago and that "no deficiency or objection" was communicated by investigators thereafter.
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