Fraud enmeshed CG Power and Industrial Solutions (CG Power) on Wednesday sank deeper into the red for the three months ended September 30, 2019, even as the management warned the numbers could be subject to significant revisions in the wake of a welter of investigations being conducted by the company itself as well as a number of government and regulatory agencies.
The company further said the financial statements for the year ended March 31, 2019 do not reflect true and fair view. It said “Phase 2 investigation” has been initiated which is expected to be completed by the fourth quarter of this fiscal.
