The Adani Group has strongly criticized the UK-based newspaper Financial Times for what it calls a “malicious campaign” to harm its reputation and market value. In a statement, the group accused the Financial Times of attempting to financially destabilize the company by bringing up old and baseless allegations of over-invoicing of coal imports. The group also pointed out that the Financial Times is working with the OCCRP, a group funded by George Soros who openly opposes the Adani Group.
The Adani Group firmly denied all allegations made against it, stating that they are false and baseless. The group condemned these deliberate and motivated attempts to destabilize it and affirmed that it is a law-abiding company that adheres to all rules and regulations. It also denounced the Financial Times’ campaign as an effort to advance vested interests under the guise of public interest.
The Adani Group revealed that the proposed story by the Financial Times is based on a circular from the Directorate of Revenue Intelligence (DRI) dated March 30, 2016. However, the group emphasized that the DRI’s circular mentions 40 importers, including other companies within the Adani Group, but the publication has chosen to solely focus on the Adani Group.
The statement from the Adani Group highlighted that the Customs, Excise and Services Tax Appellate Tribunal (CESTAT) has already dismissed the case, and even the Supreme Court rejected the DRI’s petition on appeal.
The group accused the Financial Times of selectively misrepresenting publicly available facts and information to reach a predetermined conclusion. It criticized the publication for disregarding India’s regulatory and judicial processes and authorities. The Adani Group also pointed out that coal procurement in India is done through an open, transparent, global bidding process, which eliminates any possibility of price manipulation.
The statement also mentioned that tariff fixation by the Central Electricity Regulatory Commission (CERC) is an independent and transparent process, taking into account various factors and consultations with stakeholders. The Adani Group stated that multiple opportunities exist for stakeholders to review and assess the import value of coal, making allegations of over-invoicing or price manipulation baseless.
The article ends with a disclaimer that New Delhi Television is a subsidiary of AMG Media Networks Limited, which is an Adani Group company.
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