The clarification issued by Tata Power stated that no one would be involved in the bribery case after the CBI made arrests for alleged illegal gratification involving a senior official of Power Grid Corporation of India (POWERGRID).

“Tata Power clarifies that no officials of Tata Power are involved in the alleged bribery case involving Power Grid Corporation of India, being investigated by CBI. Some media reports have wrongly mentioned Tata Power’s name in the alleged case,” they said in a tweet.

• Max Healthcare to Set Up 450-Bed Pune Hospital; Shares Jump 2.75%
• KPI Green Energy Signs $4-Billion Botswana MoU; Shares Surge 3.25%
• Sun Pharmaceutical Shares Slump 3% as USFDA Highlights Facility 
• Mahindra Lifespace Launches Rs 1,900-Crore Bengaluru Project; Shares Fall 1.25%
• Stocks Under F&O Ban: Bandhan Bank

The Central Bureau of Investigation arrested the Executive Director of Power Grid Corporation of India, B S Jha and five officials yesterday. People who are arrested are named as Bimlendu Shekhar Jha, Executive Director, Power Grid Corporation of India, Itanagar, Desh Raj Pathak, Executive Vice President & Head (Transmission & Distribution), Tata Projects Limited, R.N. Singh, Assistant Vice President & Business Head- Distribution, Tata Projects, Nafeej Hussain Khan, RPM, M/s. Officials said Tata Projects and two other employees of Tata Projects, Randheer Kumar Singh and Sandeep Kumar Dubey.

The arrests were made after searches were conducted at eleven premises of the accused officials in Gurugram, Noida, and Ghaziabad, which led to the recovery of numerous incriminating documents, materials, digital devices and others.

Around 93 lakhs of cash was recovered from Jha’s residence as per the investigating agency.
Tata Power has a capital expenditure project worth Rs 75,000 crore in the renewable energy space.