Fri Nov 08 03:00:00 UTC 2024: ## Reliance Power Banned from SECI Tenders for Three Years Over Fake Bank Guarantee
The Solar Energy Corporation of India Ltd. (SECI) has banned Reliance Power Ltd., owned by Anil Ambani, and its subsidiaries from participating in SECI tenders for the next three years.
This decision comes after SECI discovered that Reliance Power submitted fake bank guarantees during a recent bidding process. According to SECI’s statement, Reliance NU BESS Ltd., a subsidiary of Reliance Power, provided false bank guarantees as part of its bid, including a forged endorsement for an earnest money deposit.
SECI concluded that Reliance Power, as the parent company, was responsible for its subsidiary’s actions and therefore barred the entire group from future tenders. This decision highlights SECI’s commitment to ensuring fair and transparent bidding processes in the renewable energy sector.
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