official The region’s 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 entity for submitting false bank guarantees. The Solar Energy Corporation of India (SECI) had last week banned Reliance Power and its unit Reliance NU BESS from participating in its tenders for submitting false documents in their bids. Let us tell you that in the last 5 days Reliance Power stock has fallen by 13.40% to reach Rs 36.01.
The company has become the victim of a conspiracy.
Meanwhile, Reliance Power claimed in a statement to the stock market that it has been the victim of a “fraud and fraud” conspiracy. “A criminal complaint in this regard has already been filed with the Economic Crimes Wing of Delhi Police against a third party on October 16, 2024,” Reliance Power said. On this basis, an FIR was registered on November 11, 2024. The matter is under investigation and due process of law will be followed.” The SECI said in a notice issued on November 13 that a fake document in the form of a foreign bank guarantee was submitted as part of the bid submission. The bank guarantee provided by Reliance NU BESS Ltd. (known as Maharashtra Energy Generation Ltd.) as part of the bid submission was fake.
The bidder submitted a false bank guarantee
The bidder repeatedly submitted fake bank guarantees backed by fake documents, SECI said in the notice. It can be assumed that this work was done intentionally. Its objective was to distort the bidding process and obtain the project through fraud.” SECI has issued show cause notices to Reliance Power Ltd. and Reliance NU BESS Ltd. Through this, it has been asked for an explanation as to why it was not should initiate criminal proceedings against him in view of the fraud and fraudulent activities. According to the notice, Reliance NU BESS has reportedly deposited a bank guarantee issued by the Manila (Philippines) branch of First Rand Bank After 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, the SECI concluded that the bank guarantee presented was false.
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