The troubles of Anil Ambani’s company Reliance Power seem to be increasing once again. Actually, Solar energy corporation of India limited (SECI) has issued a notice to Anil Ambani and Reliance Power and asked why criminal proceedings should not be initiated against the company. This notice has been issued at a time when the company’s subsidiary has been accused of submitting fake documents including foreign bank guarantee in the bid for clean energy project. Business Today Bazaar had informed you about this news.
According to news agency Reuters, in the notice of Solar Energy Corporation of India Limited, it has been emphasized that there was a deliberate attempt to weaken the tender process and take advantage illegally by repeatedly submitting fake documents.
Reliance Power’s answer
In a filing given to an exchange, Reliance Power said that it has been the victim of fraud, forgery and conspiracy to defraud. A criminal complaint in this regard has already been filed with the Economic Offenses Wing of Delhi Police on 16 October 2024, based on which a First Information Report (FIR) has been registered on 11 November 2024. The matter is under investigation and due process of law will be followed.
3 year ban
Let us tell you that Reliance Power and its subsidiary Reliance NU BESS Limited have been barred from participating in SECI tenders due to fake documents. This ban is for three years. The matter pertains to the Request for Selection issued for setting up of 1,000 MW/ 2,000 MWh single base BESS projects under competitive bidding conducted by SECI. SECI was forced to cancel the tender process after the irregularities were discovered after the e-reverse auction.
Meanwhile, the decline in the shares of Reliance Power continues. On Thursday, this share had fallen by more than 2 percent to the level of Rs 35. At the end of trading, the share price fell 1.53 percent to Rs 36.
Disclaimer: This information is for informational purposes only and should not be construed as investment advice. It is recommended to consult a financial advisor before making investment decisions.