Before the court hearing, Adani Group raised questions on the intentions of foreign units.
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Adani Group on Monday said that some foreign entities are carrying out a systematic attack by making baseless allegations to reduce its market value and tarnish its reputation. Adani Group said this before the hearing in the Supreme Court. The group has denied all the allegations made against it. The court will this week hear the investigation conducted by market regulator SEBI on allegations of financial fraud and share price manipulation against Adani Group. Adani Group said in its statement that after failing earlier, a foreign publication is once again making another attempt to destabilize the group financially by raising baseless allegations of over-invoicing of coal imports.
According to the statement, the story prepared by this publication is based on the General Alert Circular of the Directorate of Revenue Intelligence (DRI) dated March 30, 2016. The statement said the publication mentioned only Adani, while the DRI circular mentioned 40 importers, including Adani group companies. According to the statement, the list not only includes some of India’s leading private power producers like Reliance Infra, JSW Steel and Essar but also state power generating companies of Karnataka, Gujarat, Haryana, Tamil Nadu and NTPC and MSTC. In its circular, DRI had accused Adani group companies of paying higher prices for imported equipment and machinery to the United Arab Emirates (UAE)-based entity.
It was reportedly suspected that some of the funds used in this transaction were reinvested back into listed companies of the Adani Group. However, the case was quashed by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT). After this the DRI appealed to the Supreme Court but its petition was rejected. Adani Group said in its statement that the allegation of overcharging in coal imports has been rejected by the Appellate Tribunal (CESTAT). The group said the foreign publication is trying to reach pre-determined conclusions by manipulating and selectively misrepresenting publicly available facts and information. “Doing so shows little respect for India’s regulatory and judicial processes and authorities,” the statement said.It also deliberately ignored the fact that coal is procured in India through an open, transparent, global bidding process based on long-term supply. This eliminates any scope for price manipulation.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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