Delhi High Court Lifts Ban on Reliance Power's Participation in SECI Auctions

The Delhi High Court has stayed the Solar Energy Corporation of India's (SECI) decision to bar Reliance Power Limited, an Anil Ambani Group company, from participating in the auction for three years, the company said on Tuesday. Earlier this month, SECI had barred Reliance Power and its subsidiaries from participating in the auction for three years. The ban was imposed due to allegations of submitting fake bank guarantees in the bid for battery storage.

Reliance Power said in an exchange filing on Tuesday that the Delhi High Court has stayed the SECI ban, but Reliance NU BESS Limited has been exempted from this ban. Reliance NU BESS had deposited a bank guarantee allegedly issued by FirstRand Bank through its unit based in Manila, Philippines. Investigation revealed that the bank had no branch in the Philippines, after which SECI considered it fake and imposed the ban.

Reliance Power shares surge Reliance Power shares witnessed a massive surge on Tuesday and finally, the company's shares hit an upper circuit. Reliance Power shares closed at Rs 36.46 with a gain of Rs 1.73 (4.98%). This is after a long time that the company's shares have hit an upper circuit. The company's shares have risen by 2.04% in the last week, while it has fallen by 5.25% in the last two weeks and 15.52% in one month. It has seen a rise of 11.40% in the last three months and 36.86% in six months.