Page 4 - Cg Power

CG Power may raise funds through equity route, sell non-core assets

The revival plan includes an equity-based fund raising, seeking lender support and sale of non-core assets

CG Power investors, lenders seek tycoon Gautam Thapar's removal as chairman

Investors and lenders of power equipment maker CG Power & Industrial Solutions Ltd want tycoon Gautam Thapar to be removed as chairman of the company after an investigation unearthed a multi-crore financial scam in the firm, sources privy to the development said. The company had in a regulatory filing on August 20 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." Also, some liabilities and advances to related and unrelated parties had been understated. While the board had on May 10 sent CEO and Managing Director K N Neelkant on leave pending an investigation into some "suspect, unauthorised and undisclosed" transaction, Thapar has continued as the company Chairman. The sources said some investors, at whose behest the probe was launched, now

Fraud-hit CG Power to sell properties by FY21, use proceeds to repay debt

The proceeds from the sale (land and CG House) are likely to be used for repaying part of its debt and meeting its working capital requirements

Governance failures

Ratul Puri, CG Power, Manpasand are just the latest in a series of corporate frauds

Top 10 business headlines: GDP estimates for Q1FY20, CG Power fiasco & more

From a probe at CG Power finding fraudulent related-party transactions to the IL&FS board seeking NCLT approval to sell 7 wind assets to Orix Corp, here are the top business headlines for Wednesday

MCA orders probe against CG Power, inspection report to be ready soon

The office of the MCA's regional director, western region, is in charge of the probe

CG Power stock crashes 20% after probe reveals fraudulent transactions

Such deals were executed by senior personnel: Audit report

Avantha Group Company CG bags $12.5 mn contract from Saudi wind farm

The company would set up high-voltage substations that will connect the Dumat Al Jandal wind farm to the Saudi Arabian electricity transmission grid, a statement said

Shares of CG Power and Industrial Solutions slump 30% after Q3 net loss

Operational revenue during the quarter under review grew 12 per cent to Rs 1,720 crore, as against Rs 1,537 crore in the corresponding quarter of the previous fiscal