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Mumbai, Nov 12
CG Power and Industrial Solutions has announced the withdrawal of its amalgamation plans with its wholly-owned subsidiary CG Power Solutions.
The Board of the troubled power equipment manufacturer said in a filing to the exchanges that it has approved this withdrawal under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 which is pending before National Company Law Tribunal.
This decision was taken in the backdrop of findings of the Phase I Investigation Report, which was done by Delhi-based legal firm Vaish and Associates, which had alleged financial fraud by its former Chairman Gautam Thapar.
CG power also said that it has noted the execution of Inter Creditor Agreement by nine out of total fourteen lenders constituting 87.68 per cent of total outstanding credit by value based on the circular on Prudential Framework for Resolution of Stressed Assets dated June 7 this year. It also noted that the process of limited review of all group entities is yet to be completed as review of certain material subsidiaries is pending.
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