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The Solar Energy Corporation of India (SECI) has barred Reliance Power, along with its subsidiary Reliance NU BESS, from bidding on state tenders for three years due to alleged fraudulent submissions. This action stems from a SECI investigation into a June 2024 tender, where Reliance NU BESS was found to have submitted a fake foreign bank guarantee and an email from a fraudulent State Bank of India (SBI) address. Following this news, Reliance Power’s shares dropped to their 5% lower circuit at Rs. 41.47 on November 8, 2024.
Background of the Allegations
The June SECI tender included 1 GW of solar energy and 2 GW of battery storage, but it was canceled after SECI identified irregularities in Reliance NU BESS’s bid. SECI’s investigation revealed that the bank guarantee was invalid, with no legitimate third party involved as claimed by Reliance. This is the second recent regulatory setback for Anil Ambani’s companies, as SEBI previously banned him from securities markets for five years over unrelated issues with Reliance Capital.
Reliance Power’s Response
Reliance Power insists that it is the victim of fraud by an external party. In an official filing, the company stated it has lodged a complaint with the Economic Offences Wing of Delhi Police and intends to challenge SECI’s decision to protect shareholder interests.
Conclusion
This ban adds to the financial challenges faced by Anil Ambani’s Reliance Group, which has struggled with bankruptcies and regulatory actions in recent years. Reliance Power maintains it was misled by a third party and vows to pursue legal measures to clear its name and secure its shareholders’ interests.
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