SFIO begins probe against CG Power and Industrial Solutions, 15 group firms
The company had in August said that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors".
MCA plea to reopen CG Power books likely
According to a person in the know, the MCA’s probe has indicated a suspicious diversion of more than...
CG Power seeks shareholders' nod to borrow up to Rs 5,000 crore to revive business
The company is also seeking external advice on mode and so...
CG Power: Mails show deliberate attempt to deny Thapar info
A mail seen by IANS, shows that Omkar Goswami, an independent Director of the company suggested his colleagues to desist from sharing the minutes of meetings from Aprl 1, 2015 at "one go" to ousted Chairman Gautam Thapar. Thapar and other accused have blamed the current management of not providing the required documents sought by them to defend themselves.
CG Power lenders hire audit company BDO to monitor fund flows
Lenders are reluctant to give fresh loans to the company hit by allegations of corporate governance violations and fraud. They are nervous about the way the cash flows are managed and want to monitor the daily expenses, and hence all expenditures will be approved through Belgium-headquartered auditing firm BDO.
Sebi asks CG Power to provide Thapar, others documents sought on fraud in firm
SEBI in its order to CG Power's company secretary Shikha Kapadia stated that the next date of hearing that was scheduled for December 6 has been postponed.
After sacking Gautam Thapar as chairman, CG Power seeks to remove him as promoter
Any association with Thapar will harm the interests of the company, says firm's annual report.
Corporate affairs ministry moves NCLT to reopen CG Power books for FY15-19
The National Company Law Tribunal (NCLT) directed the ministry to issue notices to market regulator Sebi, the income tax department and Thapar to file reply within a week and also asked the ministry to file the rejoinder a week later. The tribunal has posted the matter for more hearing to December 16.
MCA wants accounts of fraud-hit CG Power to be restated
Sources said MCA has filed a petition before the Mumbai-bench of the National Company Law Tribunal (NCLT) seeking permission to re-open the books of account and recast the financial statements of CG Power and its subsidiary companies for the past five financial years beginning 2014-15.
CG Power draws up plan to work on operations recovery
A recent investigation by the company revealed that nine wrongful transactions, allegedly undertaken by the promoter group led by Gautam Thapar, had caused it a loss of around Rs 3,000 crore. The company is doing a deeper investigation under what it calls ‘Phase 2’, even as the Ministry of Corporate Affairs has referred the case to the SFIO.
CG Power fraud: Ex-CFO says Nashik property not sold yet
V.R. Venkatesh, the former CFO, CG Power has denied any sale of property in Nashik in connection to the CG Power fraud he is primarily accused of. In its investor presentation in August, CG Power had listed several alleged discrepancies or fraudulent transactions including two instances of sale of company properties in Nashik and Kanjurmarg.
CG Power plans to re-examine accounts of previous three years
CG Power had in August stated that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors."
Cash-starved CG Power wants to tap markets, said to seek Sebi exemption
The company has sought an exemption on tapping the markets from the Sebi.
Gautam Thapar may not be able to regain CG Power control
Lenders including KKR and Yes Bank have converted the pledged shares into equity.
SAT rejects Gautam Thapar's appeal against Sebi order
It has directed Thapar and others to approach the Securities and Exchange Board of India(Sebi) to obtain all the documents they would require to defend their case.
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