CG Power's board battle led to value destruction for shareholders: Report

The research also said that KKR India may have had a role in the unfolding of events at CG Power, since the private equity investor had debt exposure to the holding company Avantha Holdings

A detailed research into the corporate governance issue in CG Power and Industrial Solutions has revealed that a battle for the boardroom and for corporate control has led to value destruction for minority shareholders of the company.

CG Power is under investigation by the Serious Fraud Investigation Office and Enforcement Directorate for use of funds and land assets from the company by promoter-connected entities and borrowings against assets of the company for the benefit of other group companies.

A report by InGovern Research Services has raised several questions on the role of the board, banks, and private equity firm KKR