MUMBAI: After a marathon board meeting that stretched from 3 pm on Monday to 4 am on Tuesday, CG Power informed stock exchanges at 4.10 am about unauthorised transactions and potential misrepresentation of financial statements unearthed by the independent legal firm. CG Power shares crashed by close to 20 per cent to Rs 14.80 post this. It also took down Yes Bank shares by 7 per cent due to its 13 per cent stake in it.
The unauthorised transactions prima facie are prejudicial to the interests of the company, and purportedly carried out by past and current employees including certain non-executive directors and others, the company said.
