Page 3 - Cg Power

YES Bank board may take a call on Monday to raise Rs 10,000 cr via FPO

The bank is likely to file for its offer document soon after the board clears the fundraising plan.

YES Bank acquires 24.19% stake in Dish TV through pledged shares

The bank's move to pick up a stake in Dish TV comes following an invocation of pledged shares to the tune of 445.3 mn in the firm, the lender said in a filing to the stock exchanges late on Friday.

Sebi refuses to lift capital market ban on CG Power, Gautam Thapar

Besides Thapar, the other officials banned are CG Power's former Chief Financial Officer V R Venkatesh and former directors Madhav Acharya and B Hariharan

YES Bank stock crash and financial mess: How the crisis unfolded in 2 years

Companies that failed to repay their loans to YES Bank include Dewan Housing Finance, Essel group, CG Power, the Anil Ambani group companies, and Videocon

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

Coffee Day, CG Power hit 5% lower circuit as BSE, NSE to suspend trading

The exchanges said these firms have not submitted the financial results for June 2019 and September 2019 quarter and/or not paid the fine amount levied for the non-compliance.

BSE, NSE to suspend trading in Coffee Day Enterprises, CG Power from Feb 3

However, if companies comply with the provisions of listing norms on or before January 29, trading in its securities will not be suspended, BSE and NSE said in separate circulars

Fraud-hit CG Power appoints former CJI T S Thakur to head investigation

Justice Thakur was the Chief Justice of India from December 3, 2015 to January 4, 2017

Fraud-hit CG Power shareholders to raise Rs 5,000 cr debt to meet biz needs

As many as 99.99 per cent of shareholders voted in favour of a resolution moved for raising borrowing limit

CG Power fraud: Thapar cites board approvals, denies fund misuse charges

CG Power board sacked Thapar after an audit report by Vaish Associates, which itself is based on as many as 23 disclaimers, claimed that Thapar swindled Rs 3,000 crore from CG Power.

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

KKR puts off plan to float Rs 5,000-crore India-focused credit fund

KKR also saw a couple of major changes in its key management personnel recently

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 ...

MCA wants accounts of CG Power and Industrial Solutions to be restated

It wants chartered accountants to re-open the books of account and recast the financial statements of the company and its subsidiary firms.

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