Fraud-hit CG Power gets nod for raising Rs 5,000 crore debt
Fraud-hit CG Power and Industrial Solutions has got shareholders’ nod to borrow up to Rs 5,000 crore to meet working capital and other business needs as it looks to spring back from the worst crisis in its history. As many as 99.99 per cent of shareholders, at the company’s annual general meeting in Mumbai on December 14, voted in favour of a resolution moved for raising borrowing limit, CG Power said in a regulatory filing on Tuesday.
They also approved appointment of Sudhir Mathur as whole time executive director of the company with an overwhelming 99.99 per cent voting in favour of the resolution.
