Reliance Power Ltd. has received a debarment notice from the Solar Energy Corporation of India (SECI), preventing the company and its subsidiaries from participating in all future tenders issued by SECI for a period of three years, effective from November 6, 2024. The restriction stems from allegations that one of Reliance Power’s subsidiaries, Reliance NU BESS Limited, submitted a bid with a reportedly fake endorsement of a bank guarantee arranged by a third party.
In response, Reliance Power has issued a statement clarifying its stance and defending its actions:
- Victim of Fraud: The company asserted that it and its subsidiaries acted in good faith and have fallen victim to fraud, forgery, and a cheating conspiracy orchestrated by external parties.
- Legal Action Initiated: A criminal complaint has already been lodged with the Economic Offence Wing of the Delhi Police against the third-party entity involved, with the complaint filed on October 16, 2024. The matter is under legal investigation.
- Pledged Legal Defense: Reliance Power has stated its commitment to pursuing all necessary legal steps to challenge SECI’s decision. The company emphasized that it will act in the best interests of its over 40 lakh shareholders.
Reliance Power’s proactive response highlights its determination to clear its name and continue its operations in the renewable energy sector, despite the setback from SECI’s debarment directive.
