Page 3 - Cg Power

Govt moves NCLT to reopen financial statements of CG Power for FY15-19

The corporate affairs ministry on Monday moved NCLT seeking to reopen and restate the financial statements of CG Power & Industrial Solutions under Section 130 of the Companies Act for financial years 2015 to 2019. Alleging financial irregularities, the CG Power board had on August 30, 2019 in a mid-night drama removed the company promoter Gautam Thapar as the non-executive chairman, a position he had held since July 2006. 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. The company said 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

After sacking Thapar as chairman, CG Power eyes his removal as promoter

After sacking founder Gautam Thapar as the chairman of the company, fraud-hit CG Power & Industrial Solutions has moved to declassify him as promoter, as any association with him will be prejudicial to the interests of the company, according to the firm's annual report. The company 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." Thapar, who was non-executive chairman of the company, was removed by its board on August 29. Its new chairman Ashish Kumar Guha in the firm's latest annual report said CG Power has been impacted by several irregular transactions and a detailed investigation concluded that there were "large and significant malfeasances." "The board acted swiftly once it received the Phase 1 (investigation) report ...

MCA wants accounts of CG Power and Industrial Solutions to be restated

It wants chartered accountants to re-open the books of account and recast the financial statements of the company and its subsidiary firms.

PE firm KKR looks to steady ship, focus on controlling debt structures

Didn't expect promoters to 'hollow out' firms, says India head Sanjay Nayar

Any association with promoters will be prejudicial, says CG Power

Chairman made the observation related to several irregular transactions that the company revealed in a findings report in August this year

CG Power enters into inter-creditor pact, calls off merger with subsidiary

CG Power has asked firms linked to promoter Gautam Thapar to return Rs 3,300 crore

CG Power asks firms linked to promoter Thapar to return Rs 3,300 crore

CG Power reported narrowing of consolidated net loss in July-September to Rs 61.47 crore

L&T Finance transfers 9.9% CG Power stake, valued Rs 87.5 cr, to itself

The shares were transferred from Vistra ITCL, which was earlier acting as the trustee for L&T Finance stake in CG Power

Second wave of NPAs? SBI, BoB, YES Bank could be hit, says Jefferies

YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks most prune to "high risk" emanating from Anil Dhirubhai Ambani Group (ADAG), Cox & Kings, CG Power, and DHFL

Fraud-hit CG Power's chief executive officer K N Neelkant resigns

The company's board had on May 10 sent Neelkant on leave pending an investigation into some "suspect, unauthorised and undisclosed" transactions

How the cookie crumbled for CG Power, once the cash-cow of Avantha group

The electrical machinery major is fighting to keep the business going amidst scrutiny of allegations of cash-stripping by the promoter group

CG Power case: Avantha Group's Gautam Thapar moves SAT against Sebi order

BS Reporter Avantha Group's Gautam Thapar has moved the Securities Appellate Tribunal (SAT) against the order passed by the Securities and Exchange Board of India (Sebi), which barred him from the c

CG Power case: Look out circular issued against ex-chairman Gautam Thapar

The case could be referred to the Serious Fraud Investigation Office (SFIO) if the preliminary inspection report points to a fraud and gaping holes in the books of the firm

Sebi bans Gautam Thapar, three others from markets over CG Power fraud

Sebi restrained three entities belonging to Thapar-led Avantha Group from diverting their money or disposing of their assets

CG Power hits 5% upper circuit after KKR India picks up 10% stake

The scrips were bought at an average price of Rs 14.25 apiece, amounting to a total of Rs 89.31 crore.

KKR India picks up nearly 10% stake in CG Power by enforcing pledge

KKR India Debt Opportunities Fund II and KKR India Financial Services Ltd acquired a total number of over 6.26 crore shares or around 10 per cent stake in CG Power

After Thapar, fraud-hit CG Power sacks CFO Venkatesh for alleged misconduct

The board at its meeting on Friday "terminated the employment of V R Venkatesh as the Chief Financial Officer of the company, for cause, with immediate effect," CG Power said in a regulatory filing

CG Power board removes Gautam Thapar as chairman with immediate effect

The statement said the decision was in cognizance of the current situation being faced by CG Power and the recent developments

CG Power plans Rs 500-cr equity-based funding, new debt repayment schedule

Rs 1,000 crore worth of debt is up for repayment in the next one year's time

Top 10 biz headlines: Realty, exports boost this week, DDT may go & more

From govt readying a package to help boost exports and real estate to the Direct Taxes Code panel recommending abolishing of dividend distribution tax, here are the top business headlines on Wednesday