Team News Riveting
Mumbai, June 29
The CG Power and Industrial Solutions (CGPIS) had sought removing its name from the First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) in an alleged bank fraud case.
The FIR is based on a complaint dated 28th May 2021 filed by State Bank of India (SBI) on behalf of all the former lenders of the Company, with respect to certain transactions that took place in the past, details of which have already been furnished by the Company to the Stock Exchanges in August 2019.
“We wish to add that the Company, under its current management, is extending full support and co-operation to CBI and has provided all information and data sought by them. We further wish to inform you that the Company has represented to SBI raising objection to inclusion of the Company as one of the accused in the FIR, as the Company itself is a victim of the fraud committed by other accused named in the FIR and it is presently under a new Board / management,” CGPIS said in a regulatory filing.
The Company has sought removal of its name from the FIR, it added.
CG Power and Industrial Solutions Limited, previously known as Crompton Greaves Limited, is an Indian multinational company engaged in design, manufacturing, and marketing of products related to power generation, transmission, and distribution. It is based in Mumbai and a part of the Murugappa Group. The company was restructured in 2016 following the demerger of its consumer goods business.
The CBI on Thursday carried out searches at six locations after registering a fresh case of fraud of Rs 2,435 crore in Yes Bank and other consortium banks against former CG Power and Industrial Solutions chairman Gautam Thapar who is already under probe in more such cases, CBI officials said.
The searches took place at locations in Mumbai, Delhi and Gurgaon. This is a new case against Thapar, who was booked recently in Rs 466 crore fraud case in Yes Bank, the officials said.
Thapar faces multiple Central Bureau of Investigation (CBI) FIRs for alleged bank fraud and corruption, they said.
The present case is based on a complaint from the State Bank of India on behalf of the consortium of 11 other lender banks, including Yes Bank.
Besides Thapar, the CBI has also booked CG Power and Industrial Solutions, and the then executives, including chief executive officer and managing director K N Neelkanth, executive director and chief financial officer (CFO) Madhav Acharya, director B Hariharan, non-executive director Omkar Goswami and CFO Venkatesh Rammoorthy.
“It was alleged that the said accused had cheated SBI and other consortium member banks, including Bank of Maharashtra, Axis bank, Yes Bank, Corporation Bank, Barclays Bank, IndusInd Bank etc…,” the CBI said in a statement.
