 "CG Power stock crashes 20% after probe reveals fraudulent transactions")
An internal probe initiated at CG Power and Industrial Solutions (CG Power), a company promoted by Gautam Thapar’s Avantha group, has unearthed multiple fraudulent related-party transactions, the company informed the exchanges. CG Power said it would start a detailed forensic investigation into the matter. The company’s stock crashed close to 20 per cent to Rs 14.80 soon after the revelations.
At a 12-hour-long board meeting, which started on Monday afternoon and ended in the early hours of Tuesday morning, members of the company’s board discussed a risk and audit committee (RAC) report, which listed various irregularities. These included understated liabilities
