MUMBAI: After a recent probe by the western regional director of the corporate affairs ministry concluded that the accounts of CG Power & Industrial Solutions needed a thorough investigation, the ministry is likely to approach the National Company Law Tribunal seeking permission to reopen the company’s books for the past five years.
The ministry has also sought details of the transactions entered into by lenders with CG Power and other Avantha Group companies, where the promoter and a few former key managerial members are facing allegations of irregularities, people in the know said. Lenders to CG Power include Aditya BirlaNSE 0.74 % Finance, Standard Chartered, IndusInd BankNSE 0.49 % and Yes Bank. Lenders are also considering whether the company needed emergency funding, and have appointed SBI Capital Markets for a resolution plan.
