Govt moves NCLT to reopen financial statements of CG Power for FY15-19
The corporate affairs ministry on Monday moved NCLT seeking to reopen and restate the financial statements of CG Power & Industrial Solutions under Section 130 of the Companies Act for financial years 2015 to 2019.
Alleging financial irregularities, the CG Power board had on August 30, 2019 in a mid-night drama removed the company promoter Gautam Thapar as the non-executive chairman, a position he had held since July 2006.
The National Company Law Tribunal (NCLT) directed the ministry to issue notices to market regulator Sebi, the income tax department and Thapar to file reply within a week and also asked the ministry to file the rejoinder a week later.
