Mumbai: The board of CG Power & Industrial Solutions (CG) has initiated the process to remove the Gautam Thapar-led Avantha Holdings, now owning an insignificant stake, as the company’s promoter in the wake of its alleged role in financial irregularities at the power-equipment maker. MUMBAI: The battle between Avantha Group promoter Gautam Thapar and the board of CG Power and Industrial Solutions Ltd over alleged financial wrongdoing may shift to the investigative agencies. Avantha Group Company, CG Power and Industrial Solutions Limited (CG) through its wholly-owned subsidiary at Belgium - Jul 06, 2018 CG bags a large order of INR 3190 million from Indian Railways: CG has bagged a large order from the Indian Railways valued at INR 3190 million to supply Under Slung Electrics for Diesel Electric Tower Car (DETC). Avantha Group operates in 90 countries with over 25,000 employees worldwide. CG Power counts some of India’s biggest mutual funds, including With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers. “Funds were routed through a maze of overseas subsidiaries without any board approval of CG Power,” said another person who is involved with the discussions. The inability of Thapar’s Avantha Group to meet debt obligations has meant that group companies had to cede control of CG Power to lenders, although they are still listed as the promoter group. Avantha Group also runs India’s second-largest paper mill, as well as power transmission and chemical businesses. The filing to the exchanges saw CGPIS shares slumping to a six month low at Rs 14.75 on Tuesday hitting the lower circuit Yes Bank, which holds 12.77% in CG Power, fell 7.11% at Rs 71.25 a … With lenders invoking pledged shares, Thapar’s Avantha Group has a negligible stake in CG Power as on 30 June, while private sector lender Yes Bank held a 12.79% stake. Avantha Group Company CG is a global pioneering leader in the management and application of electrical energy. CG bags a large order of INR 3190 million from Indian Railways. New Delhi: Gautam Thapar-promoted CG Power and Industrial Solutions Ltd on Tuesday said an investigation by its board found major governance and financial lapses, including advances to related and unrelated parties as well as liabilities of the company and the group potentially being understated by hundreds of crores of rupees. CG Power is part of the Thapar-led Avantha Group but the promoters hold a negligible stake in the company after the lenders invoked the pledged shares. CG Power may move Enforcement Directorate against Avantha Group promoter Gautam Thapar. PTI . The Group has business interests in diverse areas, including pulp and paper, power transmission and distribution equipment and services, food processing, farm forestry, chemicals, energy, infrastructure, information technology (IT) and IT-enabled services. Avantha Group Company CG Power and Industrial Solutions Limited (Formerly Crompton Greaves Limited) is a global pioneering leader in the management and application of electrical energy. SBM Holdings’ stake in CG Power stood at 8.3% as on June 30, 2019.
First established in Cavan, Ireland in 1977 CG Power Systems Ireland Limited has grown through major expansions, an entrepreneurial spirit and a strong customer focus to become a market leader in manufacturing bespoke, quality solutions at its 17,500sqm facility
About CG. CG Power’s directors may approach the Enforcement Directorate (ED) in a bid to stop Thapar from leaving the country, two people aware of the development said. CG Power and Industrial Solution (CGPL) has scrapped its Rs 411.2-crore royalty agreement with Avantha Holdings (AHL) that was partially … Mumbai, March 07, 2017: Avantha Group Company, CG Power and Industrial Solutions Limited (Formerly Crompton Greaves Limited) announces the sale of its B2B Automation business to Alfanar (the Buyer).. Read More . CG Power and Industrial Solutions has rescinded its royalty agreement with Avantha Holdings (AHL), the company said in an exchange filing.. The company's current and past employees, including … “First and foremost, it provides the business with stability, following a period of uncertainty with difficulties in the Avantha / CG Group.
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