New Delhi1 hour ago
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Gautam Adani, Founder and Chairman of Adani Group.
Adani Group has termed as “false and baseless” the allegations made in the Financial Times report that Adani Group bought low-grade coal and sold it at higher prices by passing it off as high grade. After this statement of Adani Group, there was recovery in its shares.
Shares of the group’s flagship company Adani Enterprises closed at Rs 3,137 with a gain of 0.63%. It had come down to Rs 3,073 in the day’s trading. Adani Port fell 0.53% and closed at Rs 1,378. During trading it had come up to Rs 1,364.
Coal worth $28 per ton was sold for $92.
The Financial Times, citing a report by the Organized Crime and Corruption Reporting Project (OCCRP), had claimed that in January 2014, Adani Group had purchased ‘low-grade’ coal from an Indonesian company at a reported price of $28 per tonne.
The report alleges that the shipment was sold to Tamil Nadu Generation and Distribution Company (TANGEDCO) as high-quality coal at an average price of $91.91 per tonne.
Adani Group had earlier also been accused of rigging the coal import bill…
- Financial Times alleged in one of its reports that Adani Group imported coal from Indonesia at a lower rate and showed higher prices by rigging the bills. Due to this, the group sold the electricity generated from coal to the customers at a higher price.
- The Financial Times examined 30 coal shipments imported by Adani Group from Indonesia to India over 32 months between 2019 and 2021. In the import records of all these shipments, prices were found to be higher than the export declaration. The amount was increased by about ₹582 crore.
TNEB was formed on July 1, 1957
Tamil Nadu Electricity Board (TNEB) was constituted on July 1, 1957 under Section 54 of the Electricity (Supply) Act 1948 for power generation, transmission, and distribution in the state of Tamil Nadu.
Then the electricity network was extended to all the villages of the state. TNEB was restructured into TNEB Limited, Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), and Tamil Nadu Transmission Corporation Limited (TANTRANSCO) on 1.11.2010.
