Delhi High Court has put on hold the decision of the clean energy agency Solar Energy Corporation of India (SECI), according to which the Anil Ambani group company, Reliance Power Limited, was banned from participating in the auction for three years. The company provided this information on Tuesday. Earlier this month, SECI had banned Reliance Power and its subsidiaries from participating in auctions for three years. The ban was recently imposed due to accusations of submitting false bank guarantees to support its bid for battery storage contracts.
Why did the SECI impose the ban?
“The Delhi High Court, in its hearing today, has directed the SECI against the company along with all its subsidiaries except Reliance NU BESS Limited (earlier known as Maharashtra Energy Generation Limited),” Reliance Power said in an exchange filing on Tuesday. NU BESS had deposited the bank guarantee purportedly issued by FirstRand Bank through its unit located in Manila City, Manila, Philippines. After a detailed investigation, the Indian unit of this bank said that there is no branch of the bank in the Philippines, so SECI considered the bank guarantee to be fake.
Reliance Power shares hit the upper circuit on Tuesday
Let us tell you that today there was a tremendous rise in the shares of Reliance Power and finally the shares of the company reached the upper circuit. Reliance Power shares closed today at Rs 36.46 up by Rs 1.73 (4.98%). Let us tell you that after a long time, Reliance Power stock has reached the upper circuit. The company’s shares have risen 2.04 percent in the past week. The company’s shares have fallen 5.25 percent in the last two weeks and 15.52 percent in the last month. It has seen a jump of 11.40 percent in the last 3 months and 36.86 percent in the last 6 months.
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