MUMBAI: The National Company Law Tribunal (NCLT) has allowed the corporate affairs ministry to reopen the books of CG Power for the last five financial years so that it could probe the alleged fraud at the equipment manufacturer. The NCLT has also ordered the ministry to initiate action against company executives, past and present, if found guilty after the probe.
It added that the ministry and the Serious Fraud Investigation Office (SFIO) shouldn’t rely solely on the Vaish report commissioned by CG Power to conclude that a fraud has been committed. Instead, they should conduct their own investigations.
The NCLT further said that there is an internal fight between ousted CG Power chairman Gautam Thapar and the current management and it is in this context Thapar was removed from the chairman’s position. The reason for the internal fight, NCLT said, is yet to be established. But it added that the complainant in the whole episode is none other than the current management.
