GUVNL realised it made an excess payment of Rs 3,900 crore to Adani Power only after US-based Hindenburg Research exposed alleged wrongdoings of Adani Group, Gohil claimed. In the letter, the GUVNL stated that the rate at which coal was being purchased by Adani Power Mundra was significantly higher than the actual market rate at which coal was being traded in Indonesia. "Adani Power has been continuously procuring coal at premium price from a few selected spot suppliers which is not reflecting the actual market value of Indonesian coal from time to time and not submitting the supporting documents," stated the letter. Responding to the allegations, minister Rushikesh Patel said a settlement deed was executed on January 2, 2022, for resolution of outstanding issues between GUVNL and APMuL, and the former requested the Central Electricity Regulatory Commission (CERC) to fix the base rate for the above contract after verification, keeping in view the market price as of 15.10.2018.