The troubles of Anil Ambani, younger brother of Asia’s leading businessman Mukesh Ambani, are showing no signs of abating. Now, just a few days ago, good news had come about his company Reliance Power but Solar Energy Corporation of India increased his tension. Actually, SECI has sent a showcase notice to Anil Ambani’s Reliance Power. SECI has issued a notice asking why criminal proceedings should not be initiated against the company.
This notice has been sent at a time when the company’s subsidiary has been accused of submitting fake documents including foreign bank guarantee in the bid for clean energy project. After this news, the share of Reliance Power is continuing to fall, due to which the company and Anil Ambani are incurring huge losses.
What did SECI say in the notice?
According to news agency Reuters, SECI has emphasized in the notice that there was a deliberate attempt to weaken the tender process and gain unfair advantage by repeatedly submitting fake documents. However, Reliance Power has not responded to this. In the case of fake documents, Reliance Power and its subsidiary Reliance NU BESS Limited have been banned for 3 years from participating in SECI tenders.
The matter pertains to the Request for Selection (RFS) issued for setting up 1,000 MW/ 2,000 MWh single base BESS projects under competitive bidding conducted by SECI. SECI was forced to cancel the tender process after irregularities were found after the e-reverse auction.
Good news found in quarterly results
The profit of Reliance Power in the second quarter of the current financial year 2024-25 was Rs 2,878.15 crore. The company had suffered a loss of Rs 237.76 crore in the second quarter of 2023-24 last year. The company’s total income declined to Rs 1,962.77 crore in the quarter, which was Rs 2,116.37 crore in the same period a year ago.
