Looks like Adani Group is again getting involved in problems. The case which was stalled is most likely to get reopened. According to the reports, Indian investigators appealed to the Supreme Court to permit them to restart the probe of the coal import case of Adani Group. Investigators asked to allow them to visit Singapore so that they could collect evidence related to the case. It is noteworthy that Adani Group is facing a legal issue in which they are alleged to have overvaluation of coal imports. However, this case is not new but due to some reason, it went on stalled. Now the government is again restarting it and investigators have asked for permission to perform the necessary action which will help to solve the case.
It is noteworthy that Adani Group is facing a legal issue in which they are alleged to have overvaluation of coal imports. However, this case is not new but due to some reason, it went on stalled. Now the government is again restarting it and investigators have asked for permission to perform the necessary action which will help to solve the case. The reports further added that the Directorate of Revenue Intelligence has been trying to get the transaction documents from the Singapore authority pertaining to the business dealing with Adani since 2016. Besides this, the agency also believes that several of the coal shipments of the group imported from suppliers in Indonesia were first billed at quite high prices on paper to its Singapore unit, then to Adani Global Pte and finally to its Indian arms.
Furthermore, the documents of the court also disclosed that Adani Enterprises along with its subsidiaries which are directed by Gautam Adani have successfully mounted many legal challenges in India and Singapore to put the release of the documents to a halt. Ever since this case came into the news, Adani Group has faced a lot of backlash but they denied all the accusations made against them. As per the news agency, Adani Group, the authorities of India evaluated its coal shipments prior to its releasing them from ports and they denied performing any kind of wrongdoing. Reuters reported this news and legal filing for the first time on 9th October, the revenue intelligence agency asked the Supreme Court of India to cancel a previous lower court order that permitted Adani to block authorities who were working on this legal case.
It is noted that Adani Group earlier got the order from the lower court to block the investigation of the authorities who want to collect evidence from Singapore and now Investigators want the permission to collect evidence from Singapore. The Indian officials disproved the claims of Adani that the agency did not adhere to “due process” mentioning in the filing that it was authorized by a mutual legal assistance treaty to request information from the Southeast Asian city-state. After learning the news, the news agency Reuters talked to Adani Group who shared a statement in which they stated that it had “entirely cooperated” with the authorities and the Group even provided the documents and details which they asked. They have shared the documents and details sought more than 4 years ago and that “no objection and deficiency” was communicated by authorities thereafter.