Debt resolution of SKS Power Generation (Chhattisgarh), currently in administration, is likely to be stalled after the Allahabad High Court directed the Central Bureau of Investigation to probe charges of misappropriation and other financial irregularities against the company and its linked entities.
In an order dated March 19, the Allahabad High Court directed an investigation against SKS Power Generation (SKSPGL) and its affiliates for the illicit transfer of funds to two British Overseas Territories — the British Virgin Islands and Bermuda — through fictitious companies. The order said these funds were allegedly used to purchase SKSPGL’s assets in collaboration with bank officials, violating central bank guidelines.
