MCA wants accounts of CG Power and Industrial Solutions to be restated
The Ministry of Corporate Affairs (MCA) wants fraud-hit CG Power and Industrial Solutions to restate accounts of the past five fiscal years reflecting the actual financial position of the company, including receivables from companies linked to erstwhile promoter Gautam Thapar, sources said.
The new management of the company, soon after the fraud came to light, had on August 30 expressed desire to restate financial accounts for last five years and it will now expedite the process.
Sources said MCA has filed a petition before the Mumbai-bench of the National Company Law Tribunal (NCLT) seeking permission to re-open the books of account and recast the financial statements of CG Power and its subsidiary companies for the past five financial years beginning 2014-15.
