CG Power shares slump after ‘suspect’ transactions found
5 years, 7 months ago

CG Power shares slump after ‘suspect’ transactions found

Live Mint  

Mumbai: Shares of the Gautam Thapar-promoted CG Power and Industrial Solutions Ltd crashed almost 20% on Tuesday after its board cited major governance and financial lapses. "The total liabilities of the Company and the Group may have been potentially understated by approximately ₹1,053.54 crore and ₹1,608.17 crore, respectively, as at 31 March 2018," the exchange filing said. The company added that advances to related and unrelated parties of the company and the group may have been potentially understated by ₹1,990.36 crore and ₹2,806.63 crore, respectively, as on March 31, 2018. The board also noted that certain assets of the company were purportedly provided as collateral without due authority and that the company was made a co-borrower and/or guarantor for enabling ostensibly unrelated third parties to obtain loans without due authorisation. These transactions appear to have been carried out by various means including inappropriate netting off, using ostensibly unrelated third parties, routing transactions through subsidiaries, promoter affiliate companies and other connected parties," the board said.

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History of this topic

CG Power sets board meeting date on March 18 to consider first interim dividend in FY25; details here
2 weeks, 4 days ago

CG Power sets board meeting date on March 18 to consider first interim dividend in FY25; details here

Live Mint  

CG Power announced during market hours on Tuesday, March 11, that its board of directors will meet next week to consider an interim dividend for the financial year 2024-25. "We wish to inform you that a meeting of the board of directors of the company is scheduled to be held on Tuesday, 18 March 2025, to consider the declaration of …

CG Power & Solutions shares down 12%, continues to decline for fifth session straight; What’s behind the plunge?
2 months ago

CG Power & Solutions shares down 12%, continues to decline for fifth session straight; What’s behind the plunge?

Live Mint  

CG Power & Solutions share price continued the downward trend for fifth session straight, fell over 12 per cent on Tuesday on National Stock Exchange. CG Power shares experienced substantial selling pressure on the NSE, with a total trading volume of 121.75 lakh shares and a traded value of ₹666.34 crore as of 12:30 PM today. However, year-to-date, the stock …

All you need to know about CG Power’s chip facility approved by govt
1 year ago

All you need to know about CG Power’s chip facility approved by govt

Live Mint  

CG Power said it has partnered with Japan's Renesas Electronics and Thailand's Stars Microelectronics for a ₹7,600 crore semiconductor facility in Sanand, Gujarat, as part of India's chip push. All You Need to Know About CG Power's New Planned Chip Plant CG Power and Industrial Solutions will form a joint venture with an arm of chip specialist Renesas Electronics Corp, …

Private Equity firm KKR cuts down stake in CG Power
4 years, 7 months ago

Private Equity firm KKR cuts down stake in CG Power

Live Mint  

Private Equity giant KKR on Friday further divested 18.07 million or 2.88% stake in troubled firm CG Power & Industrial Solutions Ltd for ₹30.54 crore through an open market transaction. As per the block deal data available on the exchange, KKR India Debt Opportunities Fund II sold 34,64,021 equity shares in company at ₹16.95 per share on the BSE, while …

After KKR, L&T Finance, now Yes Bank sells CG Power shares worth ₹76 crore
4 years, 7 months ago

After KKR, L&T Finance, now Yes Bank sells CG Power shares worth ₹76 crore

Live Mint  

Mumbai: Private sector lender Yes Bank Ltd on Tuesday, offloaded 5.18 crore shares or 8.27% equity stake in CG Power & Industrial Solutions Ltd for ₹76 crore, via open market transactions, joining other institutional investors such as private equity firm KKR and L&T Finance, who have sold shares in past two days. Yes Bank sold 2.38 crore equity shares in …

Relief for Gautam Thapar: NCLT terms Vaish report on CG Power as 'bogus', says it will rely on independent or govt agency report
5 years, 2 months ago

Relief for Gautam Thapar: NCLT terms Vaish report on CG Power as 'bogus', says it will rely on independent or govt agency report

Firstpost  

CG Power’s board sacked Thapar after Vaish Associates’ audit report, which itself is based on as many as 23 disclaimers, claimed that Thapar swindled Rs 3,000 crore from CG Power Mumbai: In a relief to CG Power’s sacked chairman Gautam Thapar, the NCLT on Thursday termed an audit report by Vaish Associates on the firm as “bogus”, saying it will …

CG Power imbroglio: Gautam Thapar cites board approvals; rejects allegations of fund misuse amid governance lapses
5 years, 3 months ago

CG Power imbroglio: Gautam Thapar cites board approvals; rejects allegations of fund misuse amid governance lapses

Firstpost  

Currently, Thapar owns just 8,574 shares in CG Power. Mumbai: Citing regular board approvals for various inter-corporate loans, former CG Power Industrial Solutions’ non-executive chairman Gautam Thapar has refuted allegations of fund misuse amid alleged governance lapses coming under the regulatory scanner, according to documents submitted by him to the government. On the allegations that CG Power made out-of-turn advances …

PE firm KKR acquires 10% stake in CG Power
5 years, 6 months ago

PE firm KKR acquires 10% stake in CG Power

Live Mint  

Private equity firm KKR on Monday acquired a 10% stake in CG Power and Industrial Solutions Ltd by invoking the pledge on shares provided as collateral for credit facilities extended to entities related to promoter Gautam Thapar. According to stock exchange data, KKR India Debt Opportunities Fund II and KKR India Financial Services have acquired over 62.6 million shares in …

CG Power CEO resigns from all subsidiaries
5 years, 6 months ago

CG Power CEO resigns from all subsidiaries

Live Mint  

Fraud-hit CG Power Chief Executive Officer K.N. Neelkant confirmed resigning from the subsidiaries but said he believed that investors and lenders would not want him to step down from CG Power in the "best interest" of the company. Late last month, the board of CG Power & Industrial Solutions removed its founder Gautam Thapar as chairman following an investigation unearthing …

CG Power board sacks Gautam Thapar as chairman; investigation unearths multi-crore financial scam; bizman denies wrongdoing
5 years, 7 months ago

CG Power board sacks Gautam Thapar as chairman; investigation unearths multi-crore financial scam; bizman denies wrongdoing

Firstpost  

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 New Delhi: A week after its board-instituted investigation unearthed a multi-crore financial fraud, CG Power & Industrial Solutions on Thursday removed its founder Gautam Thapar as chairman of …

CG Power board sacks Gautam Thapar as chairman with immediate effect
5 years, 7 months ago

CG Power board sacks Gautam Thapar as chairman with immediate effect

Live Mint  

New Delhi: CG Power & Industrial Solutions on Thursday said its board has sacked Gautam Thapar as its chairman with immediate effect after an investigation unearthed a multi-crore financial scam in the firm. 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. On …

CG Power to sell non-core assets, raise fresh equity
5 years, 7 months ago

CG Power to sell non-core assets, raise fresh equity

Live Mint  

Mumbai: The board of Gautam Thapar-promoted CG Power and Industrial Solutions Ltd is considering selling non-core assets and exploring various fundraising avenues to deleverage the company and optimize its operations, the company said in a filing to stock exchanges on Tuesday. CG Power’s stock crashed 20%, the maximum permissible daily limit for the stock, on 20 August after its board …

CG Power plans management rejig, ouster of company founder Gautam Thapar on the cards
5 years, 7 months ago

CG Power plans management rejig, ouster of company founder Gautam Thapar on the cards

Firstpost  

Last week, investors and lenders of CG Power demanded the removal of tycoon Thapar as the chairman of the company after an investigation unearthed a multi-crore financial scam in the firm. In this regard, some of the board members reportedly assured the lenders and investors that there are plans for a major reshuffle in the top deck of the management …

Investors, lenders want tycoon Gautam Thapar removed as Chairman of CG Power
5 years, 7 months ago

Investors, lenders want tycoon Gautam Thapar removed as Chairman of CG Power

Live Mint  

New Delhi: 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 …

For CG Power, the trouble started long before it reported serious lapses
5 years, 7 months ago

For CG Power, the trouble started long before it reported serious lapses

Live Mint  

Shares of CG Power and Industrial Solutions Ltd have tumbled 36% in the last two trading sessions on news of serious accounting lapses at the company. The company’s market capitalization has fallen from around ₹6,000 crore in January 2018 to ₹1,156 crore earlier this week, even before it reported the unauthorized transactions by certain employees on Tuesday. CG Power’s market …

Yes Bank shares slip to 5-year low, tumble over 8%
5 years, 7 months ago

Yes Bank shares slip to 5-year low, tumble over 8%

Live Mint  

New Delhi: Shares of Yes Bank continued to slip for the third straight session as investors remain cautious amid concerns over the bank's exposure to CG Power and Industrial Solutions which has been hit by alleged financial irregularities and unauthorised transactions. Yes Bank holds 12.8% stake in CG Power and Industrial Solutions as of June 2019. Net realisable value from …

Yes Bank acquires eight crore pledged shares of CG Power
5 years, 10 months ago

Yes Bank acquires eight crore pledged shares of CG Power

Live Mint  

Private sector lender Yes Bank on Tuesday said it has acquired eight crore shares in electric equipment maker CG Power and Industrial Solutions which were pledged to it by a borrower. The shares have been acquired on "invocation of pledge subsequent to default/breach of terms of loan to Oyster Buildwell Private Limited", the bank said in a regulatory filing. A …

Promoters of 3 ADAG firms pledge shares worth Rs 3,700 cr
10 years, 3 months ago

Promoters of 3 ADAG firms pledge shares worth Rs 3,700 cr

Firstpost  

New Delhi: Promoter entities of three companies of Anil Ambani-led Reliance Group – RCOM, R-Infra and R-Power – have pledged shares that are worth about Rs 3,700 crore at the current market value. As per Reliance Communications, its promoter entity, Reliance Communications Enterprises Private Limited, pledged 13.5 crore shares on December 22 with Axis Trustee Services, while 6 crore shares …

No money to buy power, discom tells L-G
11 years, 1 month ago

No money to buy power, discom tells L-G

The Hindu  

The threat of power cuts up to 10 hours a day looms large as one of the city’s power distribution companies, BYPL, has written to the Delhi Lieutenant-Governor and the Union Power Ministry saying that it has no funds to procure electricity starting February 1. The discom, supplying power in East and Central Delhi, has said its cash flow position …

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