The victory of the Australian Labour Party – which has promised to veto a prospective Federal government to the Adani group – is bad news for the company.
The matter pertains to the alleged over-invoicing of imports and the sum involved is Rs 5,500 crore.
While investors have given a thumbs-down to the deals as they would add to the PSUs’ loan burden, they will likely help the heavily-indebted Adani group secure bank loans and make future investments.
While support for the controversial mine exists in rural areas – where the narrative of jobs finds resonance – it is opposed in metropolitan centres where a more definitive acceptance of the threats from climate change defines attitudes.
The DRI had accused Essar of using offshore entities to siphon Rs 2,900 crore through inflated invoices. So why has the directorate been kept out of the multi-agency group tasked with acting on the latest disclosures?
Even as China has swooped in to save the day, critics claim that the project is financially unsustainable and will only work if the risk is shifted onto Australian taxpayers.
An environment ministry committee, which had earlier found large-scale violations, has now been asked to look specifically at the allegation of sand dune levelling.
With the DRI’s adjudicating authority latest order, two show-cause notices issued by the customs intelligence agency in 2014 for alleged over-valuation of imports by Adani Group firms to the tune of Rs 5,467 crore have been dropped.
From environmentalists to politicians to indigenous groups, there is strong local opposition to the Adani project in Queensland. The Wire examines the factors at play and how the Adani Group is responding.
While the group has informed Australian authorities that Atulya Resources is the holding firm for the company’s operations, ABC alleges that it is actually a holding firm in the British Virgin Islands controlled by Vinod Adani.
The adjudicating authority in the Directorate of Revenue Intelligence case on alleged over-invoicing of power equipment has evidently been sympathetic to the Adani group. But this is just one instance.
Directorate of Revenue Intelligence report shows how an Adani subsidiary allegedly used a Dubai-based front company to over-invoice imports and then move Rs 1,500 crore to a Mauritius-based firm controlled by Gautam Adani’s brother.
The former editor of EPW has been accused of undermining the review process at the journal, promising higher payments to his close associates, and making inappropriate and sexist comments at the workplace.
The Sameeksha Trust has not explained its specific issues with the Adani article, while Paranjoy Guha Thakurta has said he has evidence for all allegations made in it.
The government has quietly tweaked rules relating to special economic zones – and the new rules specifically favour the Adani Group.
The CBI’s decision to go after NDTV and its founders – while ignoring cases against the Adanis, Ambanis and other powerful businesses despite serious evidence – doesn’t bode well for the agency.
Crucial events over the last month, which will decide the fate of the beleaguered $16-billion mining project, have sparked a surprising amount of pro-Adani tweets.
Despite the DRI’s allegations, the government seems strangely reticent about filing a review petition in the Supreme Court that could protect its revenue interests.
The biggest black money case that has come up so far is that of the Adani group, promoted by Gautam Adani, one of Modi’s closest associates, writes Josy Joseph in his book A Feast of Vultures: The Hidden Business of Democracy in India. Here’s an excerpt.
Reports state that the environment ministry has also withdrawn several stringent conditions earlier issued on the Adani group.
The RBI governor’s no-nonsense attitude in dealing with debt default did not go down well with the big business interests, leaving the political class feeling uncomfortable and insecure.
The scam is conservatively estimated by government officials at no less than Rs 29,000 crore, a third of which is in the form of higher power tariffs.