There will be a forensic investigation of CG Power and Industrial Solutions Limited under the supervision of former Supreme Court Chief Justice (CJI) TS Thakur. CG Power, which is facing a crisis due to fraud, gave this information to the stock markets. Justice Thakur has been a CJI from December 3, 2015, to January 4, 2017.
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In its statement, the company has said that the supervision of a law expert like Justice Thakur will help a lot in the process of investigation. The company said in August that it had received indications of serious irregularities in the course of an internal investigation. During this time it was said that in many cases the funds of the loan have been transferred to the employees of the company. Some non-executive directors of the company were also involved in such activities.
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The company board on August 29 removed its non-executive chairman Gautam Thapar from the post after preliminary investigation. CG Power lost Rs 652.38 crore in the last financial year. Significantly, the company's debt has exceeded its total assets.
