{"id":288001,"date":"2019-08-21T05:02:30","date_gmt":"2019-08-21T05:02:30","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=288001"},"modified":"2019-08-21T05:18:24","modified_gmt":"2019-08-21T05:18:24","slug":"cg-power-stock-crashes-20-after-probe-reveals-fraudulent-transactions","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/cg-power-stock-crashes-20-after-probe-reveals-fraudulent-transactions\/","title":{"rendered":"CG Power stock crashes 20% after probe reveals fraudulent transactions"},"content":{"rendered":"<p>An internal probe initiated at CG Power and Industrial Solutions (CG Power), a company promoted by Gautam Thapar\u2019s Avantha group, has unearthed multiple fraudulent related-party transactions, the company informed the exchanges. CG Power said it would start a detailed forensic investigation into the matter. The company\u2019s stock crashed close to 20 per cent to Rs 14.80 soon after the revelations. <\/p>\n<p>At a 12-hour-long board meeting, which started on Monday afternoon and ended in the early hours of Tuesday morning, members of the company\u2019s board discussed a risk and audit committee (RAC) report, which listed various irregularities. These included understated liabilities and advances at both the company and the group level. The report also said the net worth of the company had also been understated owing to unauthorised write-offs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An internal probe initiated at CG Power and Industrial Solutions (CG Power), a company promoted by Gautam Thapar\u2019s Avantha group, has unearthed multiple fraudulent related-party transactions, the company informed the exchanges. CG Power said it would start a detailed forensic investigation into the matter. The company\u2019s stock crashed close to 20 per cent to Rs 14.80 soon after the revelations. At a 12-hour-long board meeting, which started on Monday afternoon and ended in the early hours of Tuesday morning, members of the company\u2019s board discussed a risk and audit committee (RAC) report, which listed various irregularities. These included understated liabilities [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,232],"tags":[],"class_list":["post-288001","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-power-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/288001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=288001"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/288001\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=288001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=288001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=288001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}