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The Board of troubled power equipment maker CG Power has approved the sale of its freehold land to Evie Real Estate Private Limited for Rs 280 crore.
In a filing to the exchanges, CG power said that as part of its asset optimisation initiative, it has entered into a definitive agreement with Evie. The land is in Kanjurmarg, a suburb in north-east Mumbai had been classified as “Asset held for Sale”, in accordance with the accounting standards.
Also read: CG Power withdraws merger plan with wholly-owned arm
These steps are being taken as the Board of CG Power found financial misappropriation of funds by former Chairman Gautam Thapar. It found out that advances to related and unrelated parties have been potentially understated by Rs 1,990.36 crore and Rs 2,663 crore, respectively, as on March 2018.
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