Page 4 - Cg Power And Industrial Solutions

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 fraud case: Ousted CFO calls Vaish report 'biased and concocted'

He was interviewed on May 24 and July 29 by a partner of Vaish Associates, which was not at all mentioned in the law firm's interim investigation report on the alleged fraud at CG Power.

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 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.

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 sacks Gautam Thapar as its chairman with immediate effect

CG Power & Industrial Solutions on Thursday said its board has sacked Gautam Thapar as its chairman with immediate effect after an investigation that unearthed a multi-crore financial scam in the firm. "In cognizance of the current situation being faced by the company and the recent developments, including disclosures dated August 19, 2019, made by the company, the board of directors... passed by majority consent, have resolved to remove Gautam Thapar as the chairman of the board with immediate effect," CG Power said in a regulatory filing. CG Power said this decision has been taken in the interests of the company and its stakeholders in discharge of the fiduciary responsibilities of the board. On August 20, the company had 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 .

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

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

Best of BS Opinion: When times are tough and there's no good news in sight

We seem to be regressing in various respects. Sometimes to the extent that seemingly good steps are being viewed with suspicion, says Uddalok Bhattacharya

Governance failures

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

CG Power financial fraud: A tale of 4 entities, 2 deals & high-value loans

CG Power has informed the exchanges of a Risk and Audit Committee report, which detailed multiple dubious transactions at the company

CG Power locked in lower circuit for second straight day on financial fraud

The Ministry of Corporate Affairs (MCA) has ordered an inspection into the affairs of the company

CG Power stock crashes 20% after probe reveals fraudulent transactions

Such deals were executed by senior personnel: Audit report

CG Power financial fraud stumps mutual funds, poses risks for industry

Fund managers seek clarity from new management on potential recovery

CG Power tanks 20% after Co recognises 'unauthorized transactions' by staff

In the past three months, the market price of CG Power has tanked 62 per cent as compared to a 5 per cent decline in the S&P BSE Sensex.

Better prospects turn analysts positive on CG Power & Industrial Solutions

Global businesses continue to be a drag on consolidated financials