India Court Revives Overseas Probe Against Tycoon Adani’s Firms
- Adani group companies under probe for overvaluation of imports
- India’s top court seeks Adani’s stand on agency’s petition
Gautam Adani
Photographer: Tomohiro Ohsumi/Bloomberg
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India’s Supreme Court revived the nation’s revenue department’s bid to investigate billionaire Gautam Adani’s companies, which the agency claims got undue tax benefits by overvaluing coal imports.
A three-judge bench headed by Chief Justice S.A. Bobde on Wednesday put on hold a lower court’s ruling, effectively allowing the revenue office to seek information on the case from overseas. The Supreme Court also asked Adani Enterprises Ltd. and Adani Power Ltd. to submit their stance.