CG Power lenders hire audit company BDO to monitor fund flows

MUMBAI: Lenders to CG Power & Industrial Solutions have appointed Belgium-headquartered auditing firm BDO to track the daily fund flows of the company and the transactions made by its management, three people familiar with the matter said.

Lenders are reluctant to give fresh loans to the company hit by allegations of corporate governance violations and fraud. They are nervous about the way the cash flows are managed and want to monitor the daily expenses, and hence all expenditures will be approved through BDO, which has been hired as an agency for specialised monitoring (ASM), one of the people said.