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- 21 International Bodies Ask CJI For Early Resolution Of Adani Coal Imports Case
Mumbai6 hours ago
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Gautam Adani, Founder and Chairman of Adani Group.
21 International Organization has written a letter to Chief Justice of India (CJI) DY Chandrachud regarding Adani Coal Import case. In this letter, the organizations have requested the Supreme Court to expeditiously resolve the pending case of Adani Group filed by the Directorate of Revenue Intelligence. In this case, Adani Group firms are being investigated for overvaluation of coal imports from Indonesia.
Adani Group accused of selling low-grade coal as high-grade
This letter comes after a report by London based Financial Times. The report, citing documents from the George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alleges fraud by Adani Group in 2013 by selling low-grade coal as high-value coal.
The organizations argued that they stand firmly against the continued use of fossil fuels. The organizations also said that the Financial Times report has provided fresh and detailed evidence of Adani Group offering low-quality coal as a more expensive cleaner fuel in its transactions with Tamil Nadu’s Tangedco.
Adani Group denied all the allegations as false
Adani Group has termed all the allegations as false. Citing the news report, opposition leaders including former Congress chief Rahul Gandhi have demanded a Joint Parliamentary Committee inquiry into the wrongdoing.
Quality testing of coal was done at loading and discharge points
A spokesperson of the group said that the quality testing of the coal was done at the loading and discharge points. Quality testing was also done independently by customs authorities and officials of Tamil Nadu Generation and Distribution Company (TANGEDCO).
Quality testing is done at many points by coal agencies.
The spokesperson said, ‘Quality testing of the supplied coal is done multiple times at various points by the agencies. Accordingly, the allegation of supply of low quality coal is not only baseless and unfair, but also completely absurd.
Payment also depends on the quality of coal supplied
The spokesperson further said, ‘Besides, the payment also depends on the quality of the coal supplied, which is determined through the testing process.’
Adani Group also said that the ship cited in the report as carrying coal in December 2013 was not used for shipping coal from Indonesia before February 2014.
Investigation was started against some companies of Adani Group in March 2016.
In an affidavit to the Supreme Court, the Directorate of Revenue Intelligence had earlier reiterated its stand to re-open the investigation into Adani Group for overvaluation of coal imports. In March 2016, Revenue Intelligence started investigation against some Adani Group companies for overvaluation of coal imports from Indonesia between 2011 and 2015.
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Adani accused of selling low-grade coal as high-grade: The company called the allegations false, shares first fell and then recovered and closed.
Adani Group has termed as “false and baseless” the allegations made in the Financial Times report, which said that Adani Group bought low-grade coal and sold it at higher prices by calling it high grade. After this statement, recovery was seen in its shares. Read the full news…