CG Power draws up plan to work on operations recovery
MUMBAI: The troubles of CG Power & Industrial Solutions are due to malpractices of its promoter and former top executives who allegedly siphoned off funds from the company and not due to operational reasons, and the company will soon be on the path to recovery, the new management told shareholders in its annual report for 2018-19.
The management outlined its plans for “cleaning up” the company and putting in place strong corporate governance and risk management practices, and its strategy for improving and growing operations.
A recent investigation by the company revealed that nine wrongful transactions, allegedly undertaken by the promoter group led by Gautam Thapar, had caused it a loss of around Rs 3,000 crore.
