Irregular deals by brass may have led to Rs 3000 crore loss for CG Power: Report
A report by a law firm has revealed financial irregularities at CG Power and Industrial SolutionsNSE 4.68 % (CG) that may have led the company to lose as much as Rs 3,000 crore, sources close to the development told ET. “Most of these transactions were to help parent company Avantha Holdings; the scary part was that some were routed through third parties,” a source close to the development told ET.
The company had mandated law firm Vaish Associates for an investigation that revealed that at least nine such transactions were allegedly carried out by CG’s brass without following due procedure, or being approved by the board. ET has a copy of the summary of this report.
