The Mumbai bench of the National Company Law Tribunal (NCLT) Thursday allowed the Ministry of Corporate Affairs (MCA) to recast the financial statements of CG Power and Industrial Solutions Ltd for the past five years.
The MCA had submitted before the NCLT that the CG Power group had understated advances to related and unrelated parties of the firm by Rs 1,990 crore and Rs 2,807 crore, respectively, as of March 2018, based on disclosures by the firm’s board of directors. The MCA approached the NCLT last November after CG Power, in regulatory filings, said it had Rs 3,019 crore of receivables from “various promoter-affiliated companies and connected parties”.
“We are of the considered view, after hearing all the parties concerned, that the permission is hereby accorded to the applicant for reopening of the books of accounts and recasting the financial statements of Respondent No. 1 Company (CG Power) and its subsidiary companies for the past five years” ordered a two-member bench of NCLT.
via MCA gets NCLT nod to recast financial statements of CG Power | Business News,The Indian Express
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