Page 3 - Cg Power And Industrial Solutions

High court quashes Rs 684 cr tax demand notice against co, says CG Power

CG Power and Industrial Solutions on Monday said that the Bombay High Court has quashed an assessment order of Rs 684.08 crore against the company issued by the I-T department.

Amansa sells shares of CG Power and Industrial Solutions worth Rs 351 cr

This took the total deal value to Rs 350.83 crore

This Murugappa Group stock has zoomed 100% in 11 weeks

CG Power and Industrial Solutions hit a multi-year high of Rs 157.65 today, and has zoomed 3,261 per cent from its March 2020 low of Rs 4.69 on the BSE

CG Power and Industrial Solutions reports standalone Q2 net at Rs 93.67 cr

CG Power and Industrial Solutions Ltd, part of the diversified conglomerate Murugappa Group has reported a standalone net profit at Rs 93.67 crore for the quarter ending September 30, 2021.

CG Power case delays Aditya Birla Sun Life's IPO by at least 3 months

Sebi has put initial offer in abeyance due to pending inquiry against group firm

YES Bank loan fraud: CBI books former CG chairman Gautam Thapar, others

The case has been registered on a complaint, dated May 27, 2021, from Chief Vigilance Officer of the bank Ashish Vinod Joshi

CG Power hits over 2-year high ahead of board meet for preferential issue

The board is scheduled to be held on Thursday, March 25, to consider issue of equity shares on preferential allotment basis to Standard Chartered Bank (Singapore)

Tube Investments increases stake in CG Power after preferential allotment

Initially, TII invested around Rs 700 crore to acquire 51% stake in the scam-hit CG Power and Industrial Solutions

CG Power up 5% on additional Rs 100 crore investment by Tube Investments

The proposed investment is in addition to Rs 700 crore approved for investment in the equity shares and share warrants of CG Power by TII

L&T Finance sells its remaining stake in CG Power and Industrial Solutions

Shares of CG Power were trading 4.98 per cent higher at Rs 15.39 per share on BSE

CG Power approves securities subscription agreement with Tube Invt; stk up

Tube Investments of India was trading nearly 5.5 per cent higher at Rs 537.20.

NCLT allows MCA's plea to reopen CG Power's accounts from FY15 to FY19

The National Company Law Tribunal (NCLT) on Thursday allowed a government petition seeking to reopen CG Power and Industrial Solutions accounts from 2014-15 to 2018-19. The corporate affairs ministry had filed an application in the NCLT seeking the appointment of an independent auditor to reopen the accounts of CG Power & Industrial Solution from 2014-15 to 2018-19. The ministry in its prayer had said the reopening of the books of accounts is needed to bring out the truth in the larger public interest. The Mumbai-bench -- comprising members Bhaskara Pantula Mohan and Rajesh Sharma -- in its order also directed the government not to rely on the report by Vaish Associates, and asked them to conduct a separate investigation. The tribunal also denied CG Power & Industrial Solution founder Gautam Thapar's plea to grant stay on the order. Earlier in January, the NCLT had quashed the audit report submitted by Vaish Associates, terming it bogus. Thapar was sacked based on this report,

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

CG Power's boardroom battle has destroyed value for shareholders: InGovern

According to Thapar, the events at CG Power have been orchestrated by the lenders

Rathin Roy among three new independent directors in CG Power board

The other two are former Tupperware MD Pradeep Mathur and former IAS officer Aditi Raja

CG Power consolidated loss widens to nearly Rs 1,600 cr in Sept quarter

Total income of the company fell to Rs 1,548.50 crore in the second quarter of this fiscal from Rs 2,115.27 crore year ago, according to a BSE filing

SFIO begins investigation into CG Power and its 15 group companies

MCA had previously asked its SFIO to probe the affairs of the company along with 15 other firms, including two subsidiaries CG Power Solutions Ltd and CG International BV

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 ...

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