CG Power and Industrial Solutions has got shareholders’ approval to borrow up to Rs 5,000 crore to meet working capital.
In a filing to the exchanges, the fraud-hit company said that 99.99 per cent of shareholders, on December 14, voted in favour of a resolution moved for raising borrowing limit. This decision was taken at the company’s annual general meeting in Mumbai.
The Board also approved appointment of Sudhir Mathur as whole time executive director of the company.
Mathur takes over from ousted chairman Gautam Thapar who is under the SFIO lens for misappropriation of advances to related and unrelated parties to the tune of ₹1,990.36 crore and ₹2,663 crore, respectively, as on March 2018. An investigation is on currently over the whereabouts of the finances.
