Anil Ambani’s Company Faces Three-Year Ban, Accused of Submitting Fake Bank Guarantees
Anil Ambani’s troubles may escalate further as Reliance Power, part of the Anil Dhirubhai Ambani Group, faces a major setback. The company was preparing to reduce its debt and make a big move in the green energy sector. However, the Solar Energy Corporation of India (SECI) has banned Reliance Power and its subsidiaries from bidding for any contracts for the next three years, following accusations of submitting fraudulent bank guarantees.
According to SECI, Reliance NU BESS, a subsidiary of Reliance Power, had submitted fake bank guarantees as part of a bid for a 2,000 MW standalone battery energy storage system tender issued in June. As a result, SECI canceled the tender process.
SECI’s Investigation and Decision
In its statement, SECI confirmed that Reliance NU BESS had used its parent company’s financial strength to meet the financial eligibility requirements. After a detailed investigation, SECI concluded that all commercial decisions were primarily managed by the parent company, Reliance Power. Consequently, SECI has prohibited Reliance Power from participating in future tenders.
Reliance Power’s Response
In its stock exchange filing, Reliance Power called SECI’s action “unfair” and announced plans to challenge the decision. The company maintained that it and its subsidiaries acted in good faith and had become victims of fraud. Reliance Power further stated that it filed a criminal complaint on October 16 with the Economic Offences Wing of the Delhi Police against a third party that allegedly arranged the fake bank guarantees.
This controversy has thrown a shadow over Reliance Power’s future in the renewable energy sector, with SECI’s ban severely limiting its opportunities in upcoming projects.
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