In a recent statement, the Adani Group has strongly criticized the Financial Times and its associates for their continuous efforts to revive unfounded accusations against the group. They argue that these attempts are part of a broader agenda to promote vested interests under the guise of public interest.
The latest allegations, fronted by Dan McCrum of the Financial Times and in collaboration with the OCCRP, accuse the Adani Group of over-invoicing coal imports. However, the Adani Group asserts that these claims are based on a circular from the Directorate of Revenue Intelligence (DRI) dating back to 2016. The circular mentions around 40 importers, including several prominent private and state-owned companies, not just the Adani Group.
The statement highlights that one of the mentioned importers, Knowledge Infrastructure, had its DRI Show Cause Notice alleging over-valuation in coal imports quashed by the appellate tribunal (CESTAT). Additionally, the DRI’s appeal was withdrawn by the Indian Supreme Court in January 2023, further confirming that the issue of overvaluation in coal imports had been conclusively resolved.
The Adani Group contends that the Financial Times’ proposed narrative recycles and selectively misrepresents publicly available facts, while deliberately ignoring judicial decisions, to reach a predetermined conclusion. They argue that this approach demonstrates a lack of respect for India’s regulatory and judicial processes.
Furthermore, the Adani Group points out that coal procurement in India is conducted through an open, transparent, global bidding process, making price manipulation unlikely. Tariff fixation, overseen by the Central Electricity Regulatory Commission (CERC), is also characterized by openness and transparency, involving careful evaluation of all variables and consultations with multiple stakeholders.
The Adani Group believes that foreign entities, supported by sections of the foreign media, short-sellers, and domestic collaborators, are orchestrating a series of attacks with the primary aim of undermining the group’s market value. They argue that these individuals and groups have developed a playbook that is executed strategically both within India and abroad.
The timing of these stories, just before important court hearings in India, is viewed by the Adani Group as more than mere coincidence.
In conclusion, the Adani Group categorically denies all allegations, emphasizing their compliance with rules, regulations, and disclosure requirements while upholding the rule of law.
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