SECI weighs criminal proceedings against Reliance Power
POWER & RENEWABLE ENERGY

SECI weighs criminal proceedings against Reliance Power

India's top renewable energy agency has sent a notice to Anil Ambani-run Reliance Power, asking why it should not initiate criminal proceedings after a subsidiary of the power producer submitted fake documents for a bid, according to a notice dated Wednesday. Last week, Solar Energy Corporation of India Ltd (SECI) barred the power firm from participating in its clean energy project tenders for three years after it found that a unit of the company had submitted a fake endorsement of a foreign bank guarantee. SECI said that the bank guarantee submitted by the unit, Reliance NU BESS, was also fake. "The repeated submission of a fake bank guarantee along with its counterfeit endorsement has been deemed a deliberate act by the bidder, intended to vitiate the tendering process and to secure the project capacity through fraudulent means," SECI said. Reliance Power did not immediately respond to a Reuters request seeking comment on the notice. Last week, the company said that it would legally challenge SECI's ban and had lodged a police complaint against the third party that arranged the bank guarantee. The notice and ban come as Reliance Power, a coal power generator, is looking to expand into the domestic and overseas renewable energy sector. Indian companies are increasingly looking to set up clean energy projects as the country targets 500 GW of renewable energy by 2030 as part of its 2070 net-zero goal, up from the current installed capacity of about 154 GW. In August, Anil Ambani was banned from the securities market for five years and fined about $3 million by the Indian markets regulator on charges of fund diversion.

India's top renewable energy agency has sent a notice to Anil Ambani-run Reliance Power, asking why it should not initiate criminal proceedings after a subsidiary of the power producer submitted fake documents for a bid, according to a notice dated Wednesday. Last week, Solar Energy Corporation of India Ltd (SECI) barred the power firm from participating in its clean energy project tenders for three years after it found that a unit of the company had submitted a fake endorsement of a foreign bank guarantee. SECI said that the bank guarantee submitted by the unit, Reliance NU BESS, was also fake. The repeated submission of a fake bank guarantee along with its counterfeit endorsement has been deemed a deliberate act by the bidder, intended to vitiate the tendering process and to secure the project capacity through fraudulent means, SECI said. Reliance Power did not immediately respond to a Reuters request seeking comment on the notice. Last week, the company said that it would legally challenge SECI's ban and had lodged a police complaint against the third party that arranged the bank guarantee. The notice and ban come as Reliance Power, a coal power generator, is looking to expand into the domestic and overseas renewable energy sector. Indian companies are increasingly looking to set up clean energy projects as the country targets 500 GW of renewable energy by 2030 as part of its 2070 net-zero goal, up from the current installed capacity of about 154 GW. In August, Anil Ambani was banned from the securities market for five years and fined about $3 million by the Indian markets regulator on charges of fund diversion.

Next Story
Real Estate

Rethinking Slum Development

In July 2024, the Supreme Court directed the Bombay High Court to initiate suo motu proceedings to evaluate the implementation of the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act.During the ensuing proceedings, the Division Bench of Justices expressed concern about the plight of slum dwellers, saying, “Merely because you are a slum dweller doesn’t mean that you are left to the discretion of developers. They end up with a pittance.” The Bench also noted that the buildings allocated to slum dwellers were akin to “vertical slums”. “The buildings are congested. ..

Next Story
Real Estate

Ring in the New!

Lighting:OLED (organic light emitting diode) panels such as those by Philips are the latest option in soft lighting fixtures that can be embedded into walls, ceilings or furniture, says Nilesh Sawant, Principal Architect, Nilesh Sawant Architect. “Being thin and flexible, they lend themselves well to different applications while delivering the energy-efficiency associated with LED technology.”And Sapna Aggarwal, Founder, ANSA Architecture & Interiors, says “Embedded light-emitting diodes can create a dreamy illumination, while dimmable LEDs are useful for allowing..

Next Story
Infrastructure Urban

Jhansi Library

The Jhansi Library, commissioned by the Jhansi Development Authority (JDA) under the Jhansi Smart City initiative and built by Bootes Impex, a net-zero construction-tech company. It is the first library in Asia to achieve EDGE (Excellence in Design for Greater Efficiencies) certification from the International Finance Corporation (IFC), a member of the World Bank Group. This milestone marks the library as India’s first and only net-zero library, aligning  with India’s Net-Zero Vision 2070.Sustainable designDeepak Rai, Managing Director, Bootes Impex, explains, “The project's vision ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000