Mumbai11 minutes ago
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Solar Energy Corporation of India (SECI) has banned Anil Ambani's Reliance Power and its subsidiary companies from bidding for any upcoming tender for 3 years. Anil Ambani's companies had submitted fake bank guarantees for the tender, due to which SECI, a company of the New and Renewable Energy Ministry, has taken this action.
SECI issued a statement saying – Fake bank guarantees were given by the company in the last round of bidding, after which these companies have been banned. Along with this, SECI had canceled the last round of bidding after finding irregularities in the bank guarantee from the subsidiary company of Reliance Power.
Strategic decisions were taken by the parent company
SECI said that the bank guarantee required for the tender given by Reliance NU BESS Limited (earlier bidder Maharashtra Energy Generation Limited) was fake. This irregularity was discovered after the e-reverse auction, hence SECI was forced to cancel the tender process.
As per the terms and conditions of the tender, the bidder cannot bid for future tenders of SECI due to submission of fake documents. The bidder company is a subsidiary of Reliance Power, it had fulfilled the financial eligibility requirement by using the powers of the parent company.
SECI found in the investigation that all the commercial and strategic decisions taken by the bidder company were taken by the parent company. Based on this, SECI took action.
2 months ago SEBI also took action against Anil Ambani
2 months ago, market regulator SEBI has banned industrialist Anil Ambani from the securities market (stock market, debt, derivatives) for 5 years in case of misappropriation of funds. A fine of Rs 25 crore was also imposed on Ambani. He was also banned from being a director in any listed company. Read the full news…
Anil joined Reliance in 1983, the split took place in June 2005.
- Mukesh Ambani joined Reliance in 1981 and Anil Ambani in 1983. Dhirubhai Ambani died in July 2002. He did not leave after writing his will. Mukesh Ambani became the chairman of Reliance Group and Anil Ambani became the managing director.
- For the first time in November 2004, the fight between brothers Mukesh Ambani and Anil Ambani came to light. Dhirubhai Ambani's wife Kokilaben was upset with the dispute going on in the family, after which the business was divided.
- This partition took place in June 2005, but the decision regarding which brother would get which company took till 2006. The then chairman of ICICI Bank, VK Kamat also had to intervene in this partition.
- After the partition, Mukesh Ambani got the petrochemicals business, companies like Reliance Industries, Indian Petrol Chemicals Corp Limited, Reliance Petroleum, Reliance Industrial Infrastructure Limited.
- Younger brother Anil owned companies like RCom, Reliance Capital, Reliance Energy, Reliance Natural Resources. After this, the companies under the leadership of Mukesh are continuously growing, while the condition of the companies owned by Anil kept worsening.
