The Delhi High Court has stayed the decision of the clean energy agency Solar Energy Corporation of India (SECI), in which Anil Ambani group company Reliance Power Limited was banned from participating in the auction for three years. The company gave this information on Tuesday.
Earlier this month, SECI had barred Reliance Power and its subsidiaries from participating in auctions for three years. The ban was recently imposed due to allegations of submitting fake bank guarantees to support its bid for battery storage contracts.
Which companies were banned?
Delhi High Court, in its hearing today, stayed SECI’s sanctions against the company along with all its subsidiaries except Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited), the company told the stock exchange. Is.”
Reliance NU BESS had deposited the bank guarantee purportedly issued by FirstRand Bank through its entity located in Manila City, Manila, Philippines. After detailed investigation, the Indian unit of this bank said that no such branch of the bank exists in the Philippines, due to which SECI accepted that the bank guarantee was fake.
Anil Ambani’s company’s profit increased
According to the financial statement of Reliance Infrastructure, the company has settled its debt burden during this period. Also, he has received Rs 80.97 crore in an arbitration case. Due to this his profit has increased. Apart from this, the total income of the company has declined marginally during this period. It remained at Rs 7,345.96 crore, which was Rs 7,373.49 crore in the same quarter last year.
The company’s expenses have also decreased in July-September. It has come down to Rs 6,450.38 crore, which was Rs 7,100.66 crore in the same quarter a year ago. Anil Ambani’s company Reliance Infrastructure is in the business of providing engineering and construction (E&C) services for power, roads, metro rail and other infrastructure sectors.