teresa coal sale

IMO Adani has always been the door stop to purchase the Teresa coal mine.Adani controls the coal terminal at Abbots Point.
Essentially Adani holds the joker in the pack.
Any buyer of teressa needs to have an agreement with Adani to use the Abbots point terminal.
Adani shares offices in the same building as LNC energy in Brisbane.
Mr G Adani is a very busy man with coal projects in Indonesia and a heap of projects on the go all around India.




http://www.ahmedabadmirror.com/article/3/201107302011073002473529924d4a61e/Lokayukta-indicts-Adani-shares-plunge.html

Lokayukta indicts Adani, shares plunge
K?taka Lokayukta exposes company?s illegal iron ore mining racket, recommends blacklisting of company from any tender process in state



Ahmedabad Mirror Bureau

Posted On Saturday, July 30, 2011 at 02:47:06 AM



Gautam Adani, Gujarat?s richest man and top industrialist, saw a 23 per cent fall in share prices of his flagship company, Adani Enterprises, following his indictment in the Karnataka Lokayukta report which has exposed Adani Enterprises? illegal iron ore mining and export racket. The Karnataka Lokayukta in its 464-page report has recommended blacklisting of Adani for any future contract or tender process in the state, besides cancelling of his mining lease.

Though there are other companies like NMDC and JSW steel also mentioned in the same context in the Lokayukta Santosh Hegde?s report which has led to the resignation of Chief Minister Yeddyurrapa, the focus is on Adani Enterprises, which ran an organised illegal iron ore export racket. Following this disclosure, share prices of all the three companies fell with Adani falling the most.

The Lokayukta report led to a 23 per cent fall in share price of Adani Enterprises, which came crashing from Rs 744.55, its closing on Thursday, to a low of Rs 548 on Friday. The crash has wiped off a mind-numbing Rs 2,155 crore in market capitalisation for Adani. Since the report is in public domain, Adani has plunged from a high of Rs 760, losing Rs 2,330 crore in market capitalisation.

?Similar allegations of unfair and unethical business practices have been levied against Gautam Adani and his group in Gujarat too where his proximity with the Narendra Modi government has been questioned but in the absence of a Lokayukta in Gujarat, all the charges remain either on paper or cases have been dragging in various courts,? says Gujarat Congress president Arjun Modhvadia.

Adani Enterprises has a port in Karnataka, Belekeri Port, from where it is alleged to have illegally exported iron ore. The stock has been the worst performer because Lokayukta has recommended the harshest action of blacklisting the company and barring it from bidding from any government contract or tender.

According to the report, Lokayukta police raided Adani offices and seized computers and other digital data. Information seized from Pravin Bajpai of Adani Enterprises gave a clear picture of regular bribes paid by Adani to ensure his illegal iron ore export business ran smoothly.

The Lokayukta lists the bribe and categories of bribes that Adani paid regularly to police, politicians, bureacurats and Customs and ports officials and has demanded that all this money should be recovered and deposited in the government exchequer.

The report says Adani Enterprises has flouted rules and has indulged in heavy scale bribing of officials of all levels.

The Lokayukta interestingly has given a detailed chapter highling the amount and types of bribes paid by Adani Enterprises. The Lokayukta has noted, ?Something significant that is noticed is that 44 companies/firms were supplying iron ore exclusive to Adani port of Belekeri port...?

The Lokayukta report also highlights that many shipments were also sent to a company in Karachi in Pakistan.




Other controversies

? Gujarat HC has stayed state government from handing over management of Bhuj?s GK General Hospital and its medical college to the Adanis.

? Around 1 lakh litres of diesel was spilled off Mundra coast in Kutch when a consignment of Hindustan Petroleum Corporation Limited. (HPCL) was being off-loaded.

? Adani?s Mundra port came under scanner after 1 lakh litres of high-speed diesel leaked at jetty number six, owned by HPCL while being off-loaded from Ushma ship in Kutch.

? In late 1990s, Gautam Adani was under scrutiny for alleged irregularities in invoices and money laundering. He was also charged for possible complicity with rogue trader Ketan Parekh.

? Mahesh Puj filed a PIL in HC alleged that Adani Power and Mundra SEZ had been drawing sea water illegally through an intake channel for their power project.

? Kutch farmers moved HC after a project undertaken by Adani Group at Mundra allegedly caused serious damage to mangroves and coastal ecology.

? In a set of PILs, Zarapara villager in Kutch challenged allocation of 1,000 acres of gauchar (grazing) land to Adani for setting up of SEZ.