Reliance Power Limited says ED attached assets, EOW filed chargesheet

Reliance Power Limited said the Enforcement Directorate provisionally attached its Sasan Power Limited share investment, certain bank balances and specified receivables during and after the half year ended September 30, 2026, while Delhi Economic Offences Wing filed a chargesheet in the Solar Energy Corporation of India matter. The filing says the outcome remains uncertain.

What assets did the ED attach at Reliance Power?

The Enforcement Directorate, or ED, attached Reliance Power’s investment in Sasan Power Limited, certain bank balances, receivables due to Reliance Power from Sasan Power Limited, and receivables due to Reliance CleanGen Limited from Reliance Power. The disclosure covers action during the half year ended September 30, 2026 and after the September quarter, but gives no value for any attached asset category.

The new attachments followed an ED search at Reliance Power’s premises in July 2025 under the Prevention of Money Laundering Act, 2002. The ED had already provisionally attached certain assets of Reliance Power and Reliance Natural Resources Limited, a wholly owned subsidiary; that earlier attachment was extended for 365 days or until proceedings before the Adjudicating Authority conclude.

The filing does not report an impairment, provision or other quantified accounting charge from the attachments in the September 2026 consolidated results. The auditor described the proceedings as an emphasis-of-matter disclosure, said their result cannot presently be determined, and did not modify its limited-review conclusion on this issue.

What does the EOW chargesheet cover in the SECI matter?

Delhi Economic Offences Wing, or EOW, filed a chargesheet during the half year ended September 30, 2026 against Reliance Power, Rosa Power Supply Company Limited, Reliance NU BESS Limited and certain individuals. The filing links the case to a fake bank guarantee submitted to the Solar Energy Corporation of India, or SECI, but does not disclose the guarantee value, the alleged offences or a timetable for proceedings.

The chargesheet follows ED action in the year ended March 31, 2026. Reliance Power said the ED initiated proceedings under the Prevention of Money Laundering Act and filed a Supplementary Prosecution Complaint against Reliance Power, Rosa Power Supply Company Limited, Reliance NU BESS Limited and certain individuals in the same SECI matter.

The ED and EOW have arrested Reliance Power’s former Executive Director and Chief Financial Officer, according to the filing. The company said the matter remains under investigation and sub judice, meaning before a court, and that its financial outcome cannot be determined at this stage; the auditor’s conclusion was not modified for this disclosure.

How do these proceedings differ from Reliance Power’s other investigations?

The ED and EOW actions represent different procedural stages in the disclosures accompanying the half-year results to September 30, 2026. The ED has provisionally attached specified asset categories, whereas the EOW has filed a chargesheet; neither disclosure places a rupee value on the potential financial consequence for Reliance Power.

The Central Bureau of Investigation, or CBI, also conducted search and seizure operations during the same half year at the registered-office premises of Reliance Power and Reliance CleanGen Limited. That investigation concerns transactions involving Reliance Commercial Finance Limited and Reliance Home Finance Limited, and the filing says its outcome remains uncertain.

Separately, the Securities and Exchange Board of India appointed a forensic auditor in the year ended March 31, 2026 over alleged violations of the Securities and Exchange Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956, and the Companies Act, 2013. Reliance Power said the forensic audit remained ongoing at September 30, 2026, without a determinable outcome.

What financial context did Reliance Power report at September 2026?

Reliance Power reported consolidated total assets of Rs 40,612.73 crore at September 30, 2026, down Rs 679.86 crore from Rs 41,292.59 crore at March 31, 2026. Total equity increased by Rs 98.91 crore to Rs 16,138.33 crore, while cash and cash equivalents declined by Rs 686.37 crore over the six-month period.

The figures below are consolidated balance-sheet amounts, not valuations of assets subject to ED attachment. Reliance Power did not identify how much of the Rs 1,055.73 crore of bank balances other than cash equivalents, or of any receivable balance, was included in the ED action.

Revenue from operations was Rs 3,786.36 crore for the half year ended September 30, 2026, compared with Rs 3,859.61 crore a year earlier, a decline of Rs 73.25 crore. Profit before tax was Rs 84.70 crore against Rs 180.50 crore in the prior-year half, while net cash generated from operating activities increased to Rs 1,550.26 crore from Rs 1,365.56 crore.

What other uncertainties did the auditor identify?

The auditor identified material uncertainty about the group’s ability to continue as a going concern, particularly in relation to Rajasthan Sun Technique Energy Private Limited and Samalkot Power Limited. Management prepared the September 2026 consolidated results on a going-concern basis, citing confidence that liabilities can be met in normal business and through time-bound monetisation of subsidiary assets.

Rajasthan Sun Technique Energy Private Limited recorded a Rs 119.52 crore net loss for the half year ended September 30, 2026, negative net worth of Rs 2,729.54 crore and borrowing defaults of Rs 2,335.47 crore. Its auditor said it could not obtain adequate evidence supporting management’s assessment that the company could continue as a going concern.

Samalkot Power Limited reported a Rs 62.31 crore half-year loss, negative net worth of Rs 2,894.15 crore and borrowing defaults of Rs 1,892.39 crore. Current liabilities exceeded current assets by Rs 4,629.89 crore, and management’s plan includes selling equipment from Modules 2 and 3, subject to lender approval.

The consolidated auditor issued a qualified conclusion in relation to Rajasthan Sun Technique Energy Private Limited, Samalkot Power Limited and Dhursar Solar Power Private Limited. At Dhursar Solar Power Private Limited, property, plant and equipment carried at Rs 321.54 crore represented 38.64% of total assets, and the auditor said it lacked sufficient evidence for assumptions used in the impairment assessment.

Conclusion

Reliance Power’s September 2026 filing records an escalation in the SECI-related disclosures: the ED has attached specified shares, balances and receivables, while the EOW has filed a chargesheet involving Reliance Power, two subsidiaries and certain individuals. The company has not disclosed the value of the attached assets or an associated accounting charge, and all stated investigative outcomes remain uncertain.

Next, readers should watch the ED proceedings before the Adjudicating Authority, including the 365-day extension of the earlier attachment, and developments in the EOW, CBI and Securities and Exchange Board of India matters. On the financial side, management’s disclosed plan for time-bound subsidiary asset monetisation, including Samalkot Power Limited’s proposed equipment sale subject to lender approval, remains relevant to its going-concern assessment.