After Solar Energy Corporation of India decided to ban Anil Ambani-controlled Reliance Power Ltd and its subsidiaries from competing in any tender for 3 years, the company said it will take up the matter in the courts. Solar Energy Corporation of India’s decision was based on the allegation that the bank guarantees the company furnished turned out to be fake.
On Thursday, November 7, Anil Ambani’s company filed a response with the exchanges and said it has become a victim of “fraud, forgery and cheating”.
Reliance Power share price
On Thursday, November 7, 2024, at the close of trading the share price of Reliance Power stood at Rs 44.20 after registering a rise of Re 0.61 or 1.40%. On Thursday, it attained a high of Rs 45.76 and touched a low of Rs 43.25. Trading opened for the scrip at Rs 44.70 on November 8. One has to keep a watch on how investors react to the development on Friday, November 8. The 52-week high price of this stock is Rs 53.64 while the 52-week low is Rs 19.35.
Reliance Power allegation “against third party”
The company has also communicated that it has already filed a criminal complaint with the economic offences wing of the Delhi Police. It was labelled “against the third party” and the date of the complaint was on October 16.
According to Reliance Power, the action was unwarranted. It also vowed to legally challenge the decision “in the interest of its more than 40 lakh shareholders.”
What is the controversy about?
SECI is the government’s agency to implement renewable energy projects. In June this year, it had floated tenders for erecting at 1 gigawatt solar power plant and a battery energy storage system. It was alleged that a subsidiary of Reliance Power, Reliance NU BESS Ltd, had furnished documents that had discrepancies.
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Reliance Power, the company controlled by Anil Ambani, has said that it will challenge a decision by the Solar Energy Corporation of India in the courts. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
