In a case of alleged overvaluation of Indonesian coal imports, the Supreme Court reinvigorated on Wednesday the probe against an Adani group firm by staying the decision of the Bombay High Court to quash all letters of rogatory (LRs) sent to Singapore and other countries by the Directorate of Revenue Intelligence (DRI).
Letters rogatory will be sent to investigative or judicial agencies in other countries when certain information is needed during an off-shore company investigation.
“We are staying the order of the High Court,” the bench comprising Chief Justice S A Bobde, Justice B R Gavai and Justice Surya Kant said, while refusing the plea of the Adani Enterprises Ltd (AEL) that the matter be heard on a short notice without staying the October 18, 2019 High Court order.
The top court issued notice to Adani Enterprises and ordered that it respond within two weeks to an appeal lodged by DRI.Solicitor General Tushar Mehta submitted that if the high court order is not stayed, it would be used as a law governing all DRI investigations.
Revenue Intelligence Directorate Letters Ignored by Supreme Court
“Kindly stay the order as this law laid down (by high court) prevents me from collecting evidence,” Mehta said opposing the plea of senior advocate Vikram Nankani and advocate Mahesh Agarwala, appearing for Adani, who were seeking a week’s time to give short reply to DRI’s plea.
The high court quashed all letters of rogatory (LRs) sent by the Revenue Intelligence Directorate (DRI) to Singapore and other countries in its investigation of Adani group firms for alleged overvaluation of Indonesian coal imports. The court states it did not go into the validity of LRs issue by a metropolitan judge, but due process is not follow when issuing them.
Also, AEL, released in 2016, approached the high court in September seeking to quash the LRs. So, In March 2016, the DRI initiated an investigation of suspected overvaluation of coal imports. Thus, it is from Indonesia between 2011 and 2015 against a few Adani group firms.
So, LRs is to Singapore, Dubai, and Hong Kong. Also, it seeks assistance in accessing documents. Thus, it is with three state banks. further, that also overseas branches relevant to transactions under the investigation.
CLICK HERE FOR MORE BUSINESS NEWS
CLICK HERE FOR BUSINESS UPDATE