The audit report alleging ₹3,000 crore scam by Gautam Thapar at CG Power has been junked — but now the serious fraud office is hot on the trail
- The NCLT on Thursday termed an
audit reportby Vaish Associates on the firm as "bogus", saying it will only rely on the report conducted independently or by a government agency.
- The shares of
CG Powerremained depressed on Friday morning after the Serious Fraud Investigation Office(SFIO) ordered an investigation.
- The stock has lost nearly 20% in the last 3 months and more than three-fourths of its value in the last one year.
However, the shares of CG Power remained depressed on Friday morning after the Serious Fraud Investigation Office (SFIO) ordered an investigation. The stock has lost nearly 20% in the last 3 months and more than three-fourths of its value in the last one year.
The Mumbai bench of the
Only the government's investigation will be taken on record, the bench comprising Bhaskara Pantula Mohan and Rajesh Sharma said.
The tribunal kept the matter on alleged financial irregularities at CG Power for further hearing on January 23.
Based on the Vaish's report, the corporate affairs ministry on November 25 sought to reopen the books of the company for the past five years ending March 2019. But, the NCLT had rejected this petition as well on the December 16.
Markets regulator Sebi banned Thapar and entities associated with him for three years, following which he moved the Securities Appellate Tribunal, which has asked the company to provide relevant documents to him.
In November, the SFIO began a probe against CG Power and 15 group entities.
CG Power imbroglio: Gautam Thapar cites board approvals, rejects fund misuse allegations
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