• Source:JND
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Reliance Power Share Price surged over 3% in morning trade on Wednesday after the Delhi High Court upheld the Solar Energy Corporation's order, banning Anil Ambani's Reliance Power and its subsidiaries from bidding for solar projects for three years. At around 10:28 am, the stock was trading at Rs 37.50, up 3.28% or 1.19 rupees against the previous day's closing price.

The Delhi High Court on Tuesday stayed the SECI decision banning Anil Reliance Power Ltd from participating in auctions for three years, the company said on Tuesday.

Earlier this month, the Solar Energy Corporation of India (SECI) banned Reliance Power and its units from participating in auctions for three years over allegations of submitting a fake bank guarantee to support its bid for a recent battery storage tender.

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Reliance NU BESS had submitted a bank guarantee purportedly issued by FirstRand Bank through its branch located in Manila City, Manila, Philippines. Following a thorough investigation, the Indian branch of the said bank confirmed that there is no such branch of the bank in the Philippines, leading the SECI to conclude that the submitted bank guarantee was a fraudulent document.

On November 6, the SECI declared a ban on Reliance Power and Reliance NU BESS from participating in SECI tenders for three years for submitting forged or falsified documents. Reliance Power subsequently contested the SECI ban notice in the Delhi High Court.

The SECI assertion early this month said that the ban was imposed owing to the supposed submission of fraudulent documents by Anil Ambani-owned firms. These papers were filed for the tenders floated by the SECC in June for establishing 1,000 MW/2,000 MWh stand-alone base projects. The bidding process was subsequently cancelled.

After reviewing the documents filed by Reliance NU Base Ltd, previously known as Maharashtra Energy Generation Ltd, the body said it found that a bank guarantee backed by a foreign bank against the security deposit had been forged.

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