Solar Energy Corporation of India (SECI) has banned Anil Ambani's Reliance Power and its subsidiary companies from bidding for any upcoming tender for 3 years. Anil Ambani's companies had submitted fake bank guarantees for the tender, due to which SECI, a company of the New and Renewable Energy Ministry, has taken this action.
SECI issued a statement saying – Fake bank guarantees were given by the company in the last round of bidding, after which these companies have been banned. Along with this, SECI had canceled the last round of bidding after finding irregularities in the bank guarantee from the subsidiary company of Reliance Power.
Strategic decisions were taken by the parent company
SECI said that the bank guarantee required for the tender given by Reliance NU BESS Limited (earlier bidder Maharashtra Energy Generation Limited) was fake. This irregularity was discovered after the e-reverse auction, hence SECI was forced to cancel the tender process.
As per the terms and conditions of the tender, the bidder cannot bid for future tenders of SECI due to submission of fake documents. The bidder company is a subsidiary of Reliance Power, it had fulfilled the financial eligibility requirement by using the powers of the parent company.
SECI found in the investigation that all the commercial and strategic decisions taken by the bidder company were taken by the parent company. Based on this, SECI took action.
2 months ago SEBI also took action against Anil Ambani
Anil joined Reliance in 1983, the split took place in June 2005.
Graphics Source: NavJivanIndia | VaskarAssets
