Lawstreet Journal

CBI Probe Initiated Against Adani Enterprises For Illegally Obtaining Supply Order For 6 lakhs Tonnes Coal

Lawstreet Journal 19 Jan 2020 7:31pm

Image courtesy: Lawstreet Journal Business CBI Probe Initiated Against Adani Enterprises For Illegally Obtaining Supply Order For 6 lakhs Tonnes Coal

The Central Bureau of Investigation or CBI has initiated a case against Adani Enterprises for obtaining a deal in 2010 to supply six lakh tonnes of imported coal to Andhra Pradesh Power Generation Corporation (APGENCO) by using a proxy company. The enterprises did not have a tender as they couldn’t submit the margin on time. The CBI found that Vyom Trade Company was one of the bidding companies who got an unsecured loan from Adani Enterprises in 2008-09 and that the guarantee for the loan was secured by both the companies from the same bank at the same time. From this, the CBI concluded that, “It is prima facie apparent that Adani Enterprises Ltd presented Vyom Trade Links as a proxy company in this particular tender and it withdrew its offer on flimsy grounds.”

Three top officials of National Cooperative Consumer Federations (NCCF) i.e. the then Chairman Virender Singh, the then Managing Director G P Gupta and the then Senior Advisor S C Singhal, were also found involved in the deal. FIR says that the three officials gave “undue favour” to Adani Enterprises in giving them the tender despite their disqualification.

Inspite of their disqualification, Adani Enterprises were given the contract along with Maheshwari Brothers Coal Ltd (MBCL), another eligible bidder by submitting a letter that they agree to provide minimum service margin of 2.25% as quoted by MBCL.

An Adani spokesperson gave a statement where he said that, “subject matter is an old one and Adani Enterprises Ltd has "complied with the… Continue Reading...

Tagged: CBI   Central Bureau of Investigation  
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