Bad news for Reliance Industries–
For three years, Anil Ambani’s Reliance Power Ltd. and its affiliates are not permitted to bid in any upcoming bids by Solar Energy Corporation of India Ltd.
After it was discovered that Anil Ambani’s Reliance Power Ltd. and its subsidiaries had submitted phony bank guarantees, Solar Energy Corporation of India Ltd. banned them from participating in any more tenders for three years. In a statement released on Thursday, SECI stated that the debarment was caused by fraudulent bank guarantees that were filed during the final round of bidding. Reliance Industries latest News today
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The Government of India enterprise came to the reasonable conclusion that the parent firm was essentially responsible for all strategic and commercial choices. “Thus, it became imperative to debar Reliance Power from participating in the future tenders issued by SECI.”
Bad news for reliance today
“Unwarranted action” is how Reliance Power described the decision made by SECI, which it plans to formally contest later that day. The business claimed to have reported fraud, forgery, and criminal conspiracy to the Delhi Police in October.
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Reliance power news today in english
According to sources, the Reliance Power subsidiary used the email address’sbi.17313@s-bi.co.in’ to submit a foreign bank guarantee in June of this year, along with a supporting email from State Bank of India.
After determining that the email was suspicious, SECI opened an inquiry. SBI then explained that the email was sent from a phony email account and that they never provided any such support.
Back in June, SECI issued a call for bids for a single gigawatt solar power and two gigawatts of standalone battery energy storage. Due to inconsistencies in the bid made by Reliance NU BESS Ltd, a division of Reliance Power, the bidding process was subsequently terminated at an early stage.
The Business Standard newspaper said that Reliance NU BESS had accused a third-party arranger of being responsible for the fraudulent bank guarantee. However, during SECI’s whole examination, no mention of such a third party is made. This prompted SECI to take action against Reliance NU BESS and Reliance Power and resulted in the cancellation of the bidding procedure.
One of the numerous problems facing Anil Ambani’s Reliance Group is the debarment by SECI.
The Securities and Exchanges Board of India fined Ambani, the owner of Reliance Power, Rs 25 crore in August and banned him from the securities market for five years. Although SEBI was prevented from collecting the penalty by the Securities Appellate Tribunal in October, the securities market ban
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Reliance Home Finance, a division of Reliance Capital, made general purpose loans in the case that resulted in the SEBI order.
In 2016, the Anil Ambani company made a significant investment in the acquisition of the troubled Pipavav Shipyard, which was later renamed Reliance Naval & Engineering. The group was unable to turn things around, though, and the shipyard was subsequently sold by the lenders in accordance with the Insolvency & Bankruptcy Code.
In addition, the group’s financial prospects were significantly harmed by the insolvencies of Reliance Capital and Reliance Communications.
