CG Power and Industrial withdraws amalgamation plan with subsidiary
CG Power and Industrial Solutions has announced the withdrawal of its amalgamation plans with its wholly-owned subsidiary CG Power Solutions.
The Board of the troubled power equipment manufacturer said in a filing to the exchanges that it has approved this withdrawal under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 which is pending before National Company Law Tribunal.
This decision was taken in the backdrop of findings of the Phase I Investigation Report, which was done by Delhi-based legal firm Vaish and Associates, which had alleged financial fraud by its former Chairman Gautam Thapar.
