Reliance Power Limited has issued a formal clarification stating that it has been named in a Supplementary Prosecution Complaint filed by the Enforcement Directorate (ED) in the ongoing SECI bank guarantee case, but emphasised that the company and its subsidiaries are victims of a fraud committed by third parties.
In the disclosure filed with BSE and NSE on December 6, the company said the ED’s allegations have not yet undergone judicial scrutiny, and Reliance Power has not been held guilty of any wrongdoing. The company noted that, as per Supreme Court guidelines, it will have the opportunity to present its position before any cognizance is taken.
Reliance Power reiterated that it, along with Reliance NU BESS Limited and Rosa Power Supply Company Limited, had itself lodged a criminal complaint on October 16, 2024, with the Economic Offences Wing of Delhi Police against the third parties who arranged the disputed bank guarantee. The FIR in this matter was registered on November 11, 2024. ED’s investigation began subsequent to this.
The company stressed that it acted bona fide at all times, and the fraud involves forgery, cheating and conspiracy carried out by external entities. It added that the filing of the complaint by ED does not impact the company’s operations in any manner.
Reliance Power further stated that it will take all legally advised steps to safeguard the interests of the company and its stakeholders while maintaining its and its officials’ innocence. The company assured that business operations continue normally and remains committed to growth and value creation for its 43 lakh shareholders.
