Gautam Thapar, ousted chairman of CG Power, has sought re-election to the board at the annual general meeting (AGM). His term as director comes to an end this month. The board, on the other hand, is seeking to reconstitute itself with more independent members, and “quickly get the company back on its feet,” an executive close to the board told ET.
CG Power is starved of funds and it’s estimated that the balance sheet will take a hit of Rs 3,000 crore in the form of understated loans and advances that may have to be written off. “We are taking urgent measures and looking at multiple options so it (the company) does not have to” undergo resolution under Insolvency and Bankruptcy Code (IBC), said people with knowledge of the matter.
Thapar, ousted by the board over alleged diversion of assets without approval, has denied all accusations of wrongdoing and plans legal action against the move. Read more
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