Anil Ambani: Anil Ambani got a shock just 24 hours after getting the good news, Reliance Power was banned for 3 years

Reliance Power Share Price: Reliance Power and Reliance NU BESS Ltd have been barred for three years from participating in tenders of state-owned solar company SECI for allegedly submitting 'fake documents'.

Reliance Power Fake Tender Document: It has been happening with Anil Ambani for the last few days that whenever good news comes for him, bad news also follows. A day ago, the news came that Reliance Power's subsidiary Rosa Power has become debt free. A day after this, the news also came that Reliance Power and Reliance NU BESS Limited have been barred for three years from participating in the tenders of government solar company SECI for allegedly submitting 'fake documents'. Earlier also, SEBI had banned Anil Ambani from the security market for five years.

During investigation, the bank guarantee was found to be fake

Solar Energy Corporation of India Limited (SECI) said in a note, "Maharashtra Energy Generation, known as Reliance NU BESS (for a project). On investigation of the documents submitted by the company, it was found that the bank guarantee against EMD (issued by a foreign bank) submitted by the bidder as per the tender conditions was fake. The matter relates to the selection reference (RFS) issued for setting up a single base BESS project of 1,000 MW / 2,000 MWh under competitive bidding conducted by SECI.

Tender process had to be cancelled after irregularities were found

The above irregularities found after the e-reverse auction forced SECI to cancel the tender process. SECI said that it has barred Reliance Power and Reliance NU BESS from participating in tenders to be issued in a period of three years. As per the tender conditions, the bidder may be debarred from participating in future tenders due to submission of fake documents.

The bidding entity, being a subsidiary of Reliance Power Limited, had fulfilled the financial eligibility conditions by using the strength of its parent company. But the subsequent investigation found that all the commercial and strategic decisions taken by the bidder were actually driven by the parent company. In such a situation, it became necessary to stop Reliance Power from participating in future tenders.