Reliance Power received notice in this matter, shares fell more than 13% in 5 days

State-run renewable energy agency SECI has issued a show cause notice to Reliance Power. The notice asks why criminal action should not be taken against the company and its unit for submitting fake bank guarantees. Solar Energy Corporation of India (SECI) last week barred Reliance Power and its unit Reliance NU BESS from participating in its tenders for submitting fake documents in their bids. Let us tell you that in the last 5 days, the stock of Reliance Power has fallen by 13.40% to Rs 36.01. 

The company has become a victim of conspiracy. 

Meanwhile, Reliance Power said in a notice to the stock exchange that it has been a victim of a conspiracy of “fraud and forgery”. Reliance Power said, “In this regard, a criminal complaint has already been lodged with the Economic Offenses Wing of Delhi Police against a third party on October 16, 2024. Based on this, an FIR has been registered on November 11, 2024. The matter is under investigation and due process of law will be followed. “Seki said in a notice issued on November 13 that a fake document was submitted as a foreign bank guarantee under the bid submission. The bank guarantee deposited under the bid submission given by Reliance NU BESS Ltd. (known as Maharashtra Energy Generation Ltd.) was fake. 

The bidder submitted a fake bank guarantee. 

SECI said in the notice, “The bidder repeatedly submitted fake bank guarantees supported by fake documents. It can be assumed that this work was done deliberately. Its purpose was to spoil the tender process and obtain the project through fraud.” SECI has issued a show cause notice to Reliance Power Ltd. and Reliance NU BESS Ltd. Through this, they have been asked to explain why criminal proceedings should not be initiated against them given the fraud and fake actions. According to the notice, Reliance NU BESS allegedly submitted a bank guarantee issued by the Manila (Philippines) branch of First Rand Bank. On investigating the matter in detail, the Indian branch of the said bank confirmed that there is no such branch of the bank in the Philippines. On this basis, SECI concluded that the bank guarantee submitted was fake.