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Adani Group News: Gautam Adani Group may once again face scrutiny over coal imports. For this, the investigating agencies have appealed to the Supreme Court to allow them to collect evidence from Singapore. The Revenue Intelligence Agency has asked India’s Supreme Court to overturn an earlier lower court order that allowed investigating officials to stop collecting evidence from Singapore, news agency Reuters reported. Let us tell you that the Adani Group is accused of increasing the price of coal imports and supplying electricity generated from coal at a higher price to the consumers.
Watch from 2016: In fact, since 2016, the Directorate of Revenue Intelligence has been trying to obtain documents related to the Adani Group’s dealings from the Singaporean authorities. The agency suspects that several shipments of coal imported from Adani Group’s Indonesian suppliers were billed at inflated prices on paper, first to its Singapore unit, Adani Global Pte., and then to its Indian branches. However, the Adani Group has completely denied these allegations. The Adani Group says Indian authorities assessed the billing before releasing the coal shipment from the port.
In a statement to Reuters, the Adani group said it had provided the requested details and documents to investigating authorities more than four years ago. No defects or objections were pointed out by the investigators. At the same time, the Indian Revenue Agency did not respond to questions from Reuters.
SEBI is investigating: Let us tell you that in the month of January Hindenburg The research accused the Adani Group of improper use of tax havens and stock manipulation. Despite Adani’s denials, the Hindenburg report caused the group’s shares to fall by $150 billion. Also, the matter is being investigated by SEBI. The Supreme Court is monitoring the investigation.