Anil Ambani's Reliance Power Banned From Bidding For Tenders For 3 Years

Solar Energy Corporation of India has barred Anil Ambani's Reliance Power and its subsidiaries from bidding in future tenders for three years after it was found to have submitted fake bank guarantees. The debarment is due to fake bank guarantees submitted in the last round of bidding, SECI said in a statement on Thursday. Based on the documents submitted by Reliance NU BESS, earlier known as Maharashtra Energy Generation, it was found that the endorsement of the bank guarantee against the earnest money deposit was fake, SECI said. The subsidiary of Reliance Power had "met the financial qualification requirements using the strength of its parent company."