UPA slaps 5500-cr notice on Adani as goodbye gesture

Last Updated: Sun, May 18, 2014 02:42 hrs

​The UPA government has slapped a Rs. 5,500-crore show cause notice to the Adani group, known for its close ties with PM-designate Narendra Modi, on its dying hours.

According to a report in Times of India, "the Congress-led UPA government gave a farewell shock to Ahmedabad-based Adani group by slapping Rs 5,500 crore show cause notice in a case of alleged 'over-valuation' of capital equipment for power projects."

The report says that on Thursday, that is a day before the landslide mandate swept the Congress to a miniscule minority in the Parliament, the Mumbai office of the Directorate Revenue of Intelligence sent the notice to the group. The development assumes greater significance when seen in the backdrop of Rahul Gandhi attacking Modi and Adani for conniving in promoting a toffee model of development.

TOI added, "DRI sources said the agency is investigating "gross over-valuation" of import of equipment and machinery by various entities of the Adani group from a UAE-based company.

In the run-up to the elections, the Adani group has been accused of procuring land in throwaway prices from the Modi government in Gujarat.

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