According to the allegations in the file, the effect of these transactions was that Adani Group spent an average 400% more for the materials. Adani Group and Vinod Adani fully deny the accusations, which they say are awaiting adjudication before an Indian financial crime authority. It said the Adani Group case had been “languishing in protracted legal proceedings since the Bharatiya Janata party came to power in the centre and the state”. Adani Group has said in a statement to the Guardian on behalf of itself, its subsidiaries and Vinod Adani that it “strongly denies the allegations of overvaluation”. “Adani Group is aware of the investigations being conducted by the DRI, and has fully cooperated, and shall continue to cooperate with the investigating agencies.”

Source: The Guardian August 20, 2017 02:26 UTC