ALLEGED OVERVALUATION
ETMarkets Smart Talk: There might be a renewed focus on social expenditure in final Budget 2024: Arun Kumar Poddar
While we strive to reduce our reliance on FIIs, our Systematic Investment Plan (SIP) contributions are reaching record highs, reflecting growing confidence in the Indian markets.
21 international organisations write to CJI for speedy resolution of Adani coal imports case in SC
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
LIC cuts stake in 16 PSU stocks as portfolio soars to Rs 14 lakh crore
LIC cuts stakes in 16 PSUs, profit booking seen. Portfolio value surges to Rs 14 lakh crore in 2024, up by Rs 1.6 lakh crore. Market cap of PSU stocks rises to Rs 67 lakh crore.
View: Sebi & RBI's hyperactivity catches market by surprise; but it's for restoring credibility
Recent hyperactivity at India’s banking regulator and securities watchdog surprises the market. Commercial lenders are accused of concealing bad loans, while investment banks under scrutiny for pushing IPOs past the line using mule accounts. Fintech firms in Bengaluru and traditional finance industry in Mumbai are feeling the regulatory pressure.
Supreme Court rejects customs' review plea on imports overvaluation allegations against Adani companies
While the review petition was dismissed on November 23 last year, the order in this regard was uploaded on the court's website earlier this week. The customs department had sought review of the top court's March 27, 2023 judgment that rejected its allegations against the Adani firms and upheld the Customs Excise and Service Tax Appellate Tribunal's findings that there was no overvaluation in the import of capital goods by the firms and the allegations had not been established.
SC junks review plea by customs on alleged overvaluation in import of capital goods by Adani firms
The Supreme Court has dismissed a review plea filed by the customs department against Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL) and others in a case pertaining to alleged overvaluation of imported goods. A bench of Chief Justice D Y Chandrachud and Justice Sanjay Karol said there was no error apparent on the face of the record.
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HC keeps in abeyance order asking CBI, DRI to look into allegations of over-invoicing by Adani group
On December 19, 2023, the high court had directed the two federal probe agencies to meticulously and expeditiously look into the allegations of over-invoicing of imports by various power generating companies in India, including the Adani Group and the Essar Group, to ascertain the factual position and take appropriate action against the erring firms.
SC backs Sebi inquiry into Adani, rejects any other
The apex court also asked the Centre and Sebi to constructively consider suggestions of the six-member expert committee headed by former Supreme Court judge AM Sapre, and take further action to strengthen the regulatory framework, protect investors and ensure the orderly functioning of the securities market.
Hindenburg’s Adani, Icahn calls mark year of prominent bets
These successes mark a string of big hits dealt by the firm founded by Nate Anderson. A scorecard of 14 of the firm’s prominent bets since 2020 shows many of its targets decline once the short position is unveiled. Shares on average dropped about 9% on the first day, and were down 30% a year later, according to calculations by Bloomberg News.
Donald Trump's Courtroom Quip: 'Need to lose weight' amidst fraud trial
Donald Trump injected humor into his New York fraud trial, jesting about his appearance in a courtroom sketch, quipping, "I think I need to lose some weight." This lighthearted moment contrasted the serious allegations against the Trump Organization for inflating property values. As Trump actively participates in the trial's eighth day, his comment offered a rare moment of levity amid legal proceedings.
Coal imports case: SC to hear in February DRI's appeal against Bombay HC order quashing LRs
On October 17, 2019, the high court had quashed all the letters rogatory (LRs) sent by the DRI to Singapore and other countries in its ongoing investigation against the Adani Group firms for alleged overvaluation of Indonesian coal imports.
Former Congress leader in Kerala received proceeds of bank fraud through ginger farming business: ED
K K Abraham, former general secretary of the Kerala Pradesh Congress Committee, has been arrested in a loan fraud case involving a cooperative bank in Kerala. The case, which allegedly involved a Rs 5.62 crore loss, involved overvaluing properties offered as collateral for loans. The bank officials and governing body members sanctioned loans without the consent of the applicants, with the over and above amount given to Sajeevan Kollappallil, a private person.
Trump sues ex-British spy over dossier containing 'shocking and scandalous claims'
Donald Trump is suing the company founded by Christopher Steele, the former British spy who compiled a report containing unverified claims about Trump's ties to Russia. Trump's lawyer argued in court that the report was false and damaged his reputation. The lawsuit is taking place in London's High Court, where Steele's company, Orbis Business Intelligence, is seeking to have the case dismissed. Meanwhile, Trump is facing legal troubles in the US, including a civil fraud trial and multiple criminal cases. The report in question contained allegations of Trump's involvement with prostitutes and bribery of Russian officials.
Ahead of SC hearing, Adani Group says bid to tarnish reputation by foreign entities
Having failed earlier, a foreign publication is "making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of over-invoicing of coal imports," Adani Group said in a statement. It said the proposed story by the publication is based on the DRI's General Alert Circular dated March 30, 2016.
Adani Group rejects 'recycled allegations' made by George Soros-funded OCCRP
While short-seller Hindenburg's report, which also had similar allegations, came just ahead of Adani Enterprises' FPO, the OCCRP report comes ahead of the Supreme Court hearing on the allegations made in the Hindenburg report.
Startups and their new normal: Funding crunch, disgruntled employees and allegations of fraud
With the global liquidity situation changing, institutional investors were no longer interested in waiting patiently for startups to go hybrid. The pressure of meeting the promised targets and churning out profits even as ground reality turned hostile led several startup founders to cut corners in recognising revenues, reporting financials or painting an all-is-well picture.
CBI files fresh chargesheet against Choksi for pledging 'over-valued' lab-grown diamonds to get Rs 25-crore loan
Once the loan account turned a non-performing asset (NPA), the IFCI moved to realise the pledged jewellery, but came to a rude shock after fresh valuations showed that their value was 98 per cent less than what was projected at the time of applying for the loan, the officials said.
SC rejects custom's plea on alleged overvaluation in import of capital goods by Adani firms
The order was passed by the bench on Monday after it heard the detailed arguments of the lawyers representing the customs department and the Adani firms. According to a lawyer associated with the case, the court found that the project cost of APML and APRL was either similar or lower than the price of their competitors.
Congress's Jairam Ramesh urges RBI, SEBI to probe allegations against Adani Group
Ramesh called on the RBI to look into two aspects - what is the true Adani Group exposure of the Indian banking system and what are the explicit and implicit guarantees that the Adani Group has been given that it will be bailed out by Indian banks if foreign funding dries up.
SEBI okay with regulated short selling, probing Hindenburg allegations against Adani
US-based short-seller Hindenburg in a January 24 report alleged that the Adani Group pulled "the largest con in corporate history" using offshore tax havens and stock manipulation
Invesco wanted ZEE’s merger with a ‘large Indian group’, EGM call in retaliation, alleges Punit Goenka
Without naming the group, Goenka informed the board Tuesday that two representatives of Invesco - Aroon Balani and Bhavtosh Vajpayee – presented a merger deal to him involving ZEE and “certain entities” owned by the large Indian group (strategic group) on February 23, 2021.
Seized goods undervalued by ED, no report submitted, alleges Mehul Choksi
Choksi has alleged that the seized goods were “undervalued” by the ED and stated that these might have been changed with other goods.
Vijay Mallya’s guarantees for debt were overvalued, says CBI
UBHL on behalf of its subsidiaries & associate firms furnished corporate guarantees of Rs 6,036 cr in 2008.
Infosys denies allegations made in anonymous letter, says no executive gained from Panaya deal
The whistleblower is reported to have mailed the letter to the Indian market regulator Securities Exchange of India (Sebi) in Mumbai.
Lanco alleges overpayment of $382 million for Australian mine
When contacted, T Adi Babu, the Chief Operating Officer of Lanco Infratech, refused to comment on the subject saying that it is sub-judice.
Adani, Essar get DRI notice for overvaluing imports
According to DRI, some prominent public and private sector companies inflated the import value of coal beyond that prevailing in the international market.
DRI slaps Rs 2,601 crore notice on Essar for overvaluing imports
The total amount allegedly siphoned off by the entities is estimated at Rs 2,601 crore, inflating the value by over 90% in most of the imports.
Adani Power slips over 2% on reports of over-valuation of equipment imports
DRI has formally opened a case for alleged 'over-valuation' of capital equipment for power projects against the Gujarat-based group.
DRI, ED set to probe Adani Group for allegedly over-valuing power equipment imports
The Mumbai unit of the Directorate of Revenue Intelligence (DRI) has formally opened a case for alleged ‘over-valuation’ of capital equipment for power projects against the Gujarat-based group, widely regarded as close to Narendra Modi.
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