Adani Enterprises in fresh troubles

In a time when PSU banks are under the scanner for bank frauds and ever growing NPAs, PILs alleged that Adani Enterprises indulged in inflating the value of power generation and power transmission machineries imported from various vendors in South Korea, China for Adani Group's plants. The excess finances enabled the company to siphon off funds abroad and also avail higher power tariff compensation. The purchase of the equipment was routed through Adani Group's UAE-based company Electrogen Infra FZE, Dubai.

CBI closed the preliminary investigations against Adani for this Rs. 5,000 crore scam citing that it was beyond its jurisdiction as it concerned the state of Maharashtra.

The six PSU banks involved in this alleged scam are Canara Bank, Oriental Bank of Commerce, Punjab National Bank, State Bank of India, State Bank of Mysore and Vijaya Bank.

The company is also in news for winning an infrastructure project in Chhattisgarh from NHAI.

Meanwhile, at 10:56 hours, the stock of Adani Enterprises was trading at Rs. 128.40 per share, down by 0.66 per cent on Thursday, when the benchmark index BSE Sensex was at 35,083.58, down 92.84 points or 0.26 per cent.