Adani Group’s alleged irregularities on coal import again under question
DRI says, ‘The company has been failing (the step of sharing documents with the authorities) for years.
Adani Group has denied any wrongdoing and told Reuters it had ‘fully cooperated’ with authorities by providing details and documents sought more than four years ago and that ‘no deficiencies or objections were found’ by investigators thereafter. ‘ Was not presented.
Reuters says that ahead of the 2024 (Lok Sabha) elections in India, political opponents have increased pressure on Prime Minister Narendra Modi’s administration by accusing them of bias towards Adani in government decisions.
Reuters has written, ‘Modi and Adani, both of whom are from Gujarat, have denied inappropriate behavior.’
Showing higher import price = consumers paying more for electricity
The Financial Times reported last month, based on data obtained from customs records, that ‘Adani Group appears to have imported billions of dollars of coal at a price far above the market price.’
It said the data “supports long-standing allegations that Adani, the country’s largest private coal importer, is driving up fuel costs and causing millions of Indian consumers and businesses to pay more for power.” .’
An examination of data between 2019 and 2021 concluded that ‘Adani used offshore companies in Taiwan, Dubai and Singapore to import coal worth $5 billion, which was at times more than double the market price.’
News reports again draw attention to allegations of over-pricing of coal imports, which Adani continues to pursue despite denying them. Opposition Congress has alleged that the Adani Group ‘could be behind the biggest scam of modern India.’
Citing the latest revelations, he indicated that ‘over Rs 12,000 crore may have been sent out of the country in two years.’ Congress general secretary Jairam Ramesh claimed that this was from the pockets of crores of Indians, The Hindu reported. Have to steal.
He said the latest revelations by the Financial Times, which examined 30 coal shipments from Adani amounting to 3.1 million tonnes between 2019 and 2021, found that even in a low-margin business like coal trading, 52 per cent profit was made .
Gujarat Police summons journalists who reported on Adani’s alleged coal irregularities
The BJP has consistently denied allegations that the policies of Prime Minister Narendra Modi and his government, which in recent times have allowed the Adani Group to move at the fastest pace than any other group and control large infrastructure projects in India, Granted, there is no personal friendship or relationship between them.
However, the Gujarat Police’s attempt to ‘send summons’ to journalists reporting on allegations of irregularities in the functioning of the Adani Group tells a different story.
The Supreme Court of India on Friday (November 10) granted ‘interim protection from forceful action’ to two Financial Times journalists – Benjamin Nicholas Brook Parkin and Chloe Nina Cornish, who were arrested by Gujarat Police in connection with an article published in August against the Adani Group. I was summoned.
Earlier, the Supreme Court had to grant interim protection to two other journalists, Ravi Nair and Anand Manganale, in connection with the investigation into the Adani-Hindenburg dispute.
At the same time, the controversy related to Trinamool Congress MP Mahua Moitra for raising questions on Adani Group in Parliament has also been in the headlines, where she is facing the threat of losing her Parliament membership.
According to The Economist, India is one of the top ten countries in crony capitalism ranking. The World Press Freedom Index ranked India at 161st position out of 180 countries in May 2023.
