CG Power may move Enforcement Directorate against Avantha Group promoter Gautam Thapar

MUMBAI: The battle between Avantha Group promoter Gautam Thapar and the board of CG Power and Industrial Solutions LtdNSE 5.00 % over alleged financial wrongdoing may shift to the investigative agencies.

CG Power’s directors may approach the Enforcement Directorate (ED) in a bid to stop Thapar from leaving the country, two people aware of the development said.

The board is considering a complaint under the Prevention of Money Laundering Act and expects that a so-called lookout notice will be issued against the ousted promoter, one of the people said.

Thapar has rejected allegations of wrongdoing. CG Power fired Thapar as chairman of the company on Thursday.