The Reliance Power’s Executive Director and Chief Financial Officer, Ashok Kumar Pal, was arrested by the Enforcement Directorate late on October 10. The arrest was made under the Prevention of Money Laundering Act (PMLA) and Pal was produced before a court on Saturday morning. The court later granted ED Pal’s custody for two days.

Following the arrest, the company said in an exchange filing that Pal has stepped down from his position as Executive Director and CFO with immediate effect. A formal letter will follow and the requisite disclosure will be made, RPower further said.

According to reports, the case involves the issuance of a Rs 68.2 crore bank guarantee allegedly submitted to the Solar Energy Corporation of India (SECI) on behalf of Reliance NU BESS, a subsidiary of Reliance Pow

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