Fraud-hit CG Power appoints T S Thakur as head of investigation

Fraud-hit CG Power and Industrial Solutions Ltd on Friday said it has appointed former Chief Justice of India T S Thakur as head of investigation to monitor the ongoing forensic investigation.

“The proposal of the Company to appoint Hon’ble Justice T S Thakur (Retd) as Head of Investigation to monitor the ongoing forensic investigation commenced by the company was accepted by Justice Thakur (Retd),” the company said in a regulatory filing.

Justice Thakur was the Chief Justice of India from December 3, 2015 to January 4, 2017.

“The forensic investigation will be greatly benefited from the oversight, guidance and opinion of a legal illuminary like Justice Thakur,” the filing said.

The company had in August said that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by “identified company personnel, both current and past, including certain non-executive directors“.

Gautam Thapar, who was non-executive chairman of the company, was removed by its board on August 29.

CG Group incurred a net loss of ₹652.38 crore during the year ended March 31, 2019. Its current liability exceeds its current assets by ₹2,115.98 crore.