Editorial

Adani Group says malign their name and reputation by repeating old and baseless allegations.

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New Delhi : Adani Group says that a new attempt is being made by the UK-based newspaper ‘Financial Times’ and its associates to malign their name and reputation by repeating old and baseless allegations. This is part of their extended campaign to deliberately advance vested interests in the guise of public interest.

A statement in this regard has also been issued by ‘Adani’ group. In this statement, the ‘Adani’ group says, ‘As part of its campaign, the next attack is being carried out by Financial Times journalist ‘Dan McCrum’, who worked with the Organized Crime and Corruption Reporting Project (OCCRP). Together presented a false story against Adani Group on 31 August 2023. ‘OCCRP’ is funded by George Soros, who has openly declared his hostility against the Adani Group.

The statement also said, ‘After failing earlier, ‘Financial Times’ is making another attempt to financially destabilize the Adani Group by raising old and baseless allegations of overbilling of coal imports. The Financial Times’ proposed story is based on DRI’s General Alert Circular No. 11/2016/CI dated March 30, 2016. The agenda of the Financial Times is exposed by the fact that they have singled out the Adani Group, while this DRI circular mentions more than 40 importers, including Adani Group companies. The list not only includes some of India’s leading private power generators like Reliance Infra, JSW Steels and Essar, but also state power generating companies from Karnataka, Gujarat, Haryana, Tamil Nadu, etc. and NTPC and MSTC.’

The statement said, ‘In the case of Knowledge Infrastructure, one of the 40 importers mentioned in the General Alert Circular, the show cause notice of DRI alleging overvaluation in coal imports has been quashed by the Appellate Tribunal (CESTAT). I went. Further, DRI’s appeal was dismissed by the Honorable Supreme Court of India on 24 January 2023 with the comment that we appreciate the Government’s stance of not getting involved in unnecessary litigation. It is clear that the issue of overvaluation in coal imports was resolved decisively by the Supreme Court.

The proposed story of ‘Financial Times’ is clever presentation and selective misrepresentation of publicly available facts and information along with deliberate and mischievous suppression of judicial decisions to reach a predetermined conclusion. This shows little respect for India’s regulatory and judicial processes and authorities. The story also deliberately ignores the fact that coal is procured in India through an open, transparent and global bidding process based on long-term supply, eliminating any possibility of price manipulation. Tariff determination by the Central Electricity Regulatory Commission (CERC) is an open, transparent, independent process where tariffs are decided after careful evaluation of all variables and consultation with distributors and retail consumers. In such a situation, there are clearly many opportunities for all the shareholders to look at all aspects of determining the tariff including the import price of coal. Therefore, the question of over invoicing or price manipulation does not arise.

According to the statement issued in this regard, ‘It is unfortunate that some foreign entities like OCCRP, supported by a section of foreign media, short-sellers and domestic associates, have launched a series of attacks against Adani Group with the intention of reducing its market value. Has started. In fact, these individuals and groups have hatched a plan with the aim of causing harm to the Adani Group, which is being executed by an efficient and professional machinery working in coordination both in India and abroad. It is no coincidence that such stories emerge just before the hearing dates of important cases in the courts of India.

This statement also says, ‘We deny all such allegations, which are false and baseless. We also condemn such attempts to destabilize the Adani Group. We are a law-abiding company, fully complying with all rules, regulations and disclosure requirements with full respect for the rule of law.’

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