Tittle of the case study

“CG Power’s Fraud and the ramifications”

A case study submitted to

Balaji Institute of International Business (BIIB),

Sri Balaji University, Pune

On successful completion of the 2nd year of MBA

Submitted by

Bobba Sagar Sivakumar

IB2018337

MBA- Financial Management

Batch: 2020-22

1
 Declaration

I declare that the case study entitled “CG Power’s Fraud and the
ramifications” has been entirely prepared based on original research
conducted by me and does not involve plagiarism. It is my own work and
has not already been published or submitted elsewhere.

I further declare that the material obtained from other sources has been
duly acknowledged in the study.

Date: 30/03/2022

Place: Pune
(Signature of the student)

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 Acknowledgement

I would like to express my sincere gratitude to my Faculty Guide – “Dr.

Archana Singh ma’am” and Faculty Mentor – “Mrs. Paheli Nigam
ma’am”, for their never-ending encouragement and support.

My sincere thanks to “Sri Balaji University Pune”, for their

unconditional, proactive support and timely permissions for project work.
Finally, I thank God for making this journey an enriching experience for
me.

Date: 30/03/2022

Place: Pune

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 Table of Contents

1. Executive Summary:............................................................................5
2. Introduction:.........................................................................................6
3. Main Content:.......................................................................................9
4. Analysis:.............................................................................................12
5. Learnings:...........................................................................................17
6. Case Solution:....................................................................................18
7. Annexures:.........................................................................................19
8. References:.........................................................................................20

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 1. Executive Summary:
This case study is all about the fraud that had happened at CG Power & Industrial
Solutions Ltd, Mumbai based company. CG Power manufactures, distributes, installs
and services electrical and allied equipment. It is one of the major players in the
electrical equipment industry.

The buzz about the fraud in CG Power started on August 20, 2019 when the
company filled disclosed to the Bombay Stock Exchange and the National Stock
Exchange that its liabilities, advances to linked parties, and net worth had been
understated.

CG Power further stated that the company's and the group's advances to
connected and unrelated parties may have been underestimated by Rs 1,990.36 crore
and Rs 2,806.63 crore, respectively as on March 2018. The board of directors of CG
Power stated that certain assets were reportedly offered as collateral without due
authority, and that CG Power was constituted a co-borrower and/or guarantor for
allowing seemingly unrelated third parties to receive loans without due authority.

This case study summarizes what happened at CG Power, reasons for the fraud &
how it happened, outcome of the fraud and the steps taken by the company after the
fraud is identified. An in-depth analysis has been made by comparing various
financial ratios (liquidity, long-term solvency & other ratios), FCFF of the company
and Dupont analysis has been made between the original stated figures and the
restated figures of financials from the year 2015 to 2019.

The findings shown that many elements of the financials are understated or overstated
in the years 2017, 2018 & 2019. It is also identified that poor corporate governance
mechanism, inappropriate loan authorisation, improper auditing techniques could be
the reasons for not identifying the fraud in time. Finally, an attempt has been made to
provide suggestions or steps a company can take to avoid happening of these types of
frauds.

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 2. Introduction:
CG Power & Industrial Solutions Ltd is an Indian firm that provides goods, services,
and solutions for the management and application of sustainable electrical energy to
utilities, industries, and consumers. It is based in Mumbai and was part of Thapar
group which is one of the oldest family groups of India.

Electrical Equipment Industry Outlook:

There is a rising demand for electrical equipment in India. The total FDI equity inflow
in the electrical equipment industry from April 2000 to June 2021 stands at $10.4 Bn.
The Index of Industrial Production (IIP) for the electrical equipment industry stood at
129.2 in August 2021. The electrical equipment market share in India is expected to
increase by USD 33.74 billion from 2021 to 2025, and the market’s growth
momentum will accelerate at a CAGR of 9%. Electrical equipment market production
is estimated to touch USD 100 Bn by 2022.

Reasons for growing demand: The growth of the electrical equipment market in
India is being fuelled by an increase in the number of residential and commercial
construction projects. The expansion of India's residential and commercial sectors is
driven by the demand for power, which would in turn drive up demand for cables.
The country's rising middle-class population is causing an increase in demand for
more housing units. The availability of low-cost labour in this country has increased
the country's attractiveness to foreign corporations looking for new markets to enter.
This is incentivizing construction companies to invest in building and infrastructure
development projects.

The growth in cross-border electricity trading is another factor supporting the

electrical equipment market in India. Many people living in countries like
Bangladesh, Nepal, and Myanmar do not have access to electricity due to a lack of
power producing capacity. Electricity access is a significant barrier to poverty
reduction and economic development. As a result, cross-border electricity trading
contributes significantly to economic growth and development by lowering energy
prices, overcoming power shortages, mitigating power shocks, and facilitating
decarbonization for market expansion and integration. This will lead to increased
demand for power generation and distribution equipment in India. As a result, the rise
of cross-border electricity trade will contribute to the growth of the market in India.

6
Threats: A successful FDI attack on IT systems can result in a grid with an
imbalance between power use and generation. This can cause the grid's frequency to
deviate from its nominal value. An FDI attack causes a frequency shift over the entire
grid, triggering corrective procedures such as disconnecting consumer loads or
generators. Such acts may cause equipment damage, and cascading failures may result
in widespread power outages. As a result, the potential of cyberattacks on the power
industry could stifle the market's expansion throughout the projection period.

Major Electrical Equipment Market Vendors in India:

 ABB Ltd.
 Bharat Heavy Electricals Ltd.
 CG Power and Industrial Solutions Ltd.
 EMCO Ltd.
 Fuji Electric Co. Ltd.
 Larsen and Toubro Ltd.
 Schneider Electric SE
 Siemens AG
 TD Power Systems Pvt. Ltd.
 Toshiba Corp.

About CG Power: CG Power and Industrial Solutions Limited manufactures,

distributes, installs and services electrical and allied equipment. Power Systems and
Industrial Systems are the two main business segments in which CG Power provides
products, services, and solutions. For utilities, power generation, and industries, CG
Power offers electrical equipment, systems, and services. CG was established in India
in 1937 and has remained a pioneer in the management and application of electrical
energy ever since. CG provides end-to-end solutions, assisting businesses in
maximising industrial production while reducing environmental impact.

CG Power caters to two business segments – Power systems and Industrial

systems. The Power systems segment includes products and services such as
transformers, switchgear, and turnkey projects for ultra-high-voltage, high-voltage,
medium-voltage, and low-voltage systems, whereas the Industrial systems segment
includes rotating machines of various power and ratings, automated AC, DC, and
variable frequency drives and control systems such as electric motors, alternators,

7
drives, traction electronics, and SCADA. It is based in India and operates globally,
with the Industrial systems division accounting for the majority of its revenue within
India.

Product Portfolio

Power systems Industrial Systems

Transformers High and Low Tension rotating

Switchgear machines (motors and alternators)
Circuit Breakers Inverters & converters
Vacuum Interrupters Stampings
Network Protection & Control Gear Railway transportation and signaling
Design, Execution and Servicing of equipments
Turnkey T&D
Sub-Station Projects and Solutions

Natarajan Srinivasan - Managing Director

Susheel Todi - Chief Financial Officer

Leadership
Team P Varadarajan - Company Secretary

Ramesh Kumar N - President of Industrial Division & Business

Communications
Mukul Srivastava - President of Power Division

Source: Company Website

CG is a top ten transformer manufacturer in the world, and one of the few
companies that designs and manufactures a wide range of Power and Distribution
Transformers, as well as Reactors, from 160kVA to 600MVA, and 11kV to 765kV
Class, in accordance with IEC, ANSI, IS, BS, and other international standards. In
India, Industrial Systems of CG Power has a strong market presence and has the
market leadership position in the majority of segments. It also exports from India and

8
has operations in Hungary that serve to international markets. CG is India's largest
manufacturer of Low-Tension motors, delivering a range of motors in both standard
and customised configurations to meet the industry's rigorous specifications. Its
product portfolio includes motors ranging from 20W to 25MW and generators
ranging from 1KVA to 70MVA.

Target Market: CG offers a wide range of products, solutions, and services to fulfil
the needs of the energy, water, infrastructure, railways, telecom, pharmaceutical and
agriculture industries, as well as other industries.

Financial Overview:

Re p o r t e d Re ve n u e & N e t P Ro fi t fo r l as t 5 ye ar s
5355
5007
4356

3169

2525

688
146

86

2017 2018 2019 2020 2021

-1395

-1479

Revenue Net Profit

Share Price Performance over last 10 years

250

200 183.399994

150

100

45.523743
50

9
 3. Main Content:
About the Fraud: It all started when the company disclosed to the Bombay Stock
Exchange and the National Stock Exchange on August 19, 2019, that its liabilities,
advances to linked parties, and net worth had been understated.

The board of directors further noted that the business's assets were used as security to
allow 'apparently unrelated third parties' to obtain loans that were quickly routed out
of the company.

CG Power’s BSE filing claimed, “While working on one of its priority tasks of

seeking refinancing of certain facilities and as a part of conducting financial analysis
in this regard, the Operations Committee was made aware of some unauthorised
transactions by certain employees of the company.” The filing stated that the total
liabilities of the company and the group may have been potentially understated by
approximately Rs 1,053.54 crore and Rs 1,608.17 crore, respectively.

CG Power further stated that the company's and the group's advances to connected
and unrelated parties may have been underestimated by Rs 1,990.36 crore and Rs
2,806.63 crore, respectively as on March 2018. The board of directors of CG Power
stated that certain assets were reportedly offered as collateral without due authority,
and that CG Power was constituted a co-borrower and/or guarantor for allowing
seemingly unrelated third parties to receive loans without due authority.

The firm and the group could have under-reported liabilities to the tune of about Rs
3,600 crore in the preceding two financial years, according to the conclusions of the
company's risk and audit committee (RAC). The funds were essentially diverted out
of the company.

These transactions appear to have been carried out using a variety of methods,
including improper netting off, the use of ostensibly unrelated third parties, and
transaction routing through subsidiaries, promoter tied companies, and other
connected parties.

Fraudulent activities made:

 The company's industrial land in Nashik and Kanjurmarg was allegedly used
as collateral to allow unrelated parties to obtain loans without proper
authorization.

10
  On May 12, 2015, Aditya Birla Finance gave Blue Garden Estates Ltd a loan
of Rs 150 crore, along with an advance of the same amount to CG Power and
Industrial Solutions. Between May 13 and May 30, 2016, CG Power and
Industrial Solutions Ltd advanced Rs 145 crore to Avantha Holdings of
Thapar, which then advanced Rs 150 crore to BILT Graphics (a CG Power
group firm).

They also reportedly misrepresented and manipulated account books, entries,

vouchers, and financial statements by giving false, erroneous, or misleading
information in order to get credit that they then diverted to other businesses.

Steps taken after the fraud:

 When fraud was suspected, the Company's Board of Directors started an

investigation into the allegations.
 The National Company Law Tribunal (NCLT) granted the Ministry of
Corporate Affairs permission to reopen and recast the Company's and its
subsidiaries' books for five years through fiscal 2019, based on an application
filed under the Companies Act.
 After the insertion of enabling clauses in the Company Act, 2013, this was the
second instance, following ILFS, in which re-opening and recasting of
financial statements were permitted.
 For the recovery of money lost in fraud, notices had been issued to promoters
and suspected officials.
 Company decided to restructure the term debt. The Murgappa Group had
made a non-binding offer for an equity infusion of Rs 750 crore, which was
later enhanced to Rs 850 crore. The investment is conditional on CG Power's
lenders agreeing to a debt restructure.
 Investors sought a change in promoters and management, and CG Power's
chairman, Gautam Thapar, was dismissed from the board.
 The board had on 10 May 2019 sent CEO and managing director K.N.
Neelkanth on leave, pending an investigation into some “suspect, unauthorized
and undisclosed" transaction.
 The Securities and Exchange Board of India (Sebi) has restricted Thapar and
other former executives of CG Power from trading in the stock market.

11
  SBI, which had a 12.81 percent exposure in the default amount of Rs 2,435
crore, filed a complaint on behalf of a consortium of 11 other lending banks,
including Yes Bank, which had the second biggest exposure of 11.75 percent.
In addition to Thapar, the CBI has charged CG Power and Industrial Solutions,
as well as its former executives, including K N Neelkanth, executive director
and chief financial officer (CFO) Madhav Acharya, director B Hariharan, non-
executive director Omkar Goswami, and CFO Venkatesh VR.

Outcome of fraud:

 The market valuation of the company has dropped from over 6,000 crores in
January 2018 to 1,156 crores in August 2019.
 Sold the assets of the company that include the Kanjurmarg land in Mumbai
and its CG House headquarters
 Borrowed up to Rs 5,000 crore to meet working capital and other business
needs.
 Appointed Sudhir Mathur as whole-time executive director and Narayan K
Seshadri as independent director on the board of the company.

Reasons for Fraud:

 Irregularities in corporate governance of CG Power is the main reason for

this fraud.
 Endless greed of promoters to wring resources out of their company led
them to misuse their power and manipulate the control environment and
governance mechanisms.
 Lenders' lack of vigilance in monitoring the use of cash lent, as well as
improper lending procedures.
 Incompetency of statutory auditors in detecting red flags and alerting red
flags to persons in control of company governance, as required by auditing
standards and the Companies Act, and reporting in audit reports.
 Lack of responsibility among officers responsible with approval,
evaluation, monitoring etc. and involvement of promoters of dubious
character, their encompassing and centralised powers may lead to
fraudulent activities.

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 4. Analysis:
Comparison has been made between originally stated financials and restated financial
from 2015 to 2019 among the key ratios.

Liquidity 2015 2016 2017 2018 2019

Ratio’s Original Restated Original Restated Original Restated Original Restated Original Restated
Current 2.51 2.47 2.15 2.15 2.31 1.49 1.86 0.86 0.71 0.71

Quick 2.24 2.21 1.96 1.96 2.00 1.32 1.71 0.73 0.55 0.56

Liquidity R ati o's

3.00
2.50
2.00
1.50
1.00
0.50
0.00
Restated

Restated

Restated

Restated

Restated
Original

Original
Original

Original

Original
2015 2016 2017 2018 2019

Current ratio Linear (Current ratio)

Quick ratio Linear (Quick ratio)

Long-term 2015 2016 2017 2018 2019

Solvency Origin Restate Origin Restate Origin Restate Origin Restate Origin Restate
Ratios al d al d al d al d al d
D/E 188.7
67.4% 68.6% 60.0% 60.0% 76.0% 85.6% 93.1% 103.3% % 366.1%
Proprietar
y 59.7% 59.7% 62.5% 62.5% 56.8% 53.9% 51.8% 49.2% 34.6% 21.5%
Capital-
gearing 15.8% 15.8% 0.1% 0.1% 12.0% 12.0% 21.8% 20.6% 29.9% 52.5%
The above graph clearly shows the decline of both current and quick ratios from 2015
to 2019 which implies that the company’s liquidity position had become difficult.
Also, major differences can be found between the originally stated and restated in the
year 2017 & 2018.

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 400.0% Long-ter m Solvency R ati o's
350.0%
300.0%
250.0%
200.0%
150.0%
100.0%
50.0%
0.0% Restated

Restated

Restated

Restated

Restated
Original

Original

Original
Original

Original
2015 2016 2017 2018 2019

D/E Ratio Properitary Ratio Capital gearing

 Debt-Equity ratio & Capital-gearing ratio has been in an increasing trend over
the years. However, the capital-gearing ratio has been declined to a drastic
extent in the year 2016.
 Increase in D/E ratio clearly indicates a higher risk for the long-term lenders
as it may be difficult for the business to meet the obligation to outsiders.
Increase in capital gearing also indicates the company is majorly dependent on
debt or made more debt obligations.
 Proprietary ratio has declined over the years. Decline in proprietary ratio
shows that the lenders are unhappy and the firm is more dependent on external
sources of finance.
 Major differences can be seen in D/E ratio (increase) & Proprietary ratio
(decrease) in the year 2017, 2018 & 2019 among original stated & restated
figures.

Other 2015 2016 2017 2018 2019

Ratio's Origi Restat Origi Restat Origi Restat Origi Restat Origi Restat
nal ed nal ed nal ed nal ed nal ed
ROA - - - -
10.9 10.9 16.5 16.5 19.5 49.4
% % % % 1.7% 1.4% -4.4% -1.0% % %
ROCE - - - -
19.9 20.1 25.1 25.1 27.9 176.1
% % % % 6.4% 6.5% -0.3% 4.7% % %
Net 18.2 18.2 - - 3.0% 2.5% -8.5% -2.0% - -
% % 26.5 26.5 56.4 230.4

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 Profit % % % %
 Differences are found in year 2019 (increase) for Capital gearing ratio among
original stated & restated figures.

Other R ati o's

50.0%

0.0%
Restated

Restated

Restated

Restated

Restated
Original

Original

Original
Original

-50.0% Original
2015 2016 2017 2018 2019

-100.0%

-150.0%

-200.0%

-250.0%

ROA ROCE ROE Net Profit

 All the ratios here had shown a declining trend from 2015 to 2019.
 There are drastic differences in all the ratios for the year’s 2018 (increase) &
2019 (decrease).
 Decline in ROE, ROA, ROCE & NP clearly indicates that the company’s
profitability position had declined, business is losing efficiency, generating
less profits from shareholders’ investment.

Dupont 2015 2016 2017 2018 2019

Analysis Original Restated Original Restated Original Restated Original Restated Original Restated
Profitability:
PAT/Sales 9.12% 8.98% -24.19% -23.66% 2.51% 2.10% -6.15% -1.46% -25.17% -48.69%
Turnover:
Sales /Assets 119.42% 121.24% 68.33% 69.85% 67.13% 65.29% 71.18% 66.34% 77.62% 101.51%
Leverage:
Assets/Equity 167.42% 167.42% 160.03% 160.03% 176.01% 185.57% 193.07% 203.32% 288.68% 466.13%

ROE 18.23% 18.23% -26.45% -26.45% 2.96% 2.55% -8.45% -1.98% -56.40% -230.4%

15
From Dupont analysis:
 There is decline in Profit after tax to sales ratio over the years which indicates
that profitability is decreased.
 The Sales to assets ratio also declined over the years which indicates the assets
where not used to the extent.
 From leverage point of view, we can say that the company has increased its
assets and reduced the share capital by not using the leverage benefit.

FCFF 2015 2016 2017 2018 2019

Original Restated Original Restated Original Restated Original Restated Original

1. CF from Operations -625.76 -625.76 -920.76 -920.76 -733.21 -705.19 446.02 771.15 982.65

2. CF from Investing -8.59 -8.59 735.61 735.61 189.54 -500.46 -592.76 -1052.72 -641.51

3. Deferred tax -44.29 -44.29 -60.13 -60.13 -25.50 -29.22 46.51 -21.75 -39.17

4. Tax Shield on Interest -0.19 -0.19 -1.34 -1.34 -0.73 -15.43 -44.00 170.90 -2.69

(1+2-3-4) FCFF -589.87 -589.87 -123.68 -123.68 -517.44 -1161.00 -149.25 -430.72 383.00

 The decline in all the above parameters led to the decline in ROE over the
years. Also, there is drastic difference in original figures & restated figures in
the years 2018 & 2019.

FCFF
1500.00

1000.00

500.00

0.00
Recasted

Recasted

Recasted

Recasted

Recasted
Original

Original
Original

Original

Original

-500.00
2015 2016 2017 2018 2019 2020 2021
-1000.00

-1500.00

 Differences in cash flow from operations, investing activities can be seen in

the year 2017 & 2018 between original & restated figures.

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  FCFF of the firm has improved from 2015 to 2019.
 Differences in FCFF among originally stated & restated figures can be seen in
the years 2017, 2018 & 2019.

Last 2 year’s Performance:

Particulars 2020 2021

1. CF from Operations 635.34 -334.85
2. CF from Investing -141.73 -4.41
3. Deferred tax -67.96 134.59
4. Tax Shield on Interest 10.89 27.17
(1+2-3-4) FCFF 550.68 -501.02

 FCFF has again declined from 2019 to 2021

Dupont Analysis Mar-20 Mar 21

1.Profitability: PAT/Sales -45.87% 26.83%
2.Turnover: 96.30% 66.21%
Sales/Assets
3.Leverage: Assets/Equity -1057.89% 375.19%
(1*2*3) ROE 467.28% 66.64%

 ROE has drastically increased from 2019 to 2021.

5. Learnings:
The case educated me about the essential aspects of corporate governance as well as
the consequences of poor corporate governance. This case study has provided me 

 an overview of corporate governance structure

 an idea about the important roles of the board of directors, audit committee,
and external auditors
 inputs about the rationale behind mandatory auditor rotation
 an understanding on the consequences of poor corporate structure

17
 experience in investigating the transparency of a company’s financial
statements
 an idea about how companies manage and govern their subsidiaries, as well as
how they handle crisis situations.

6. Case Solution:
 Company should have established solid systems, processes, corporate
governance standards to detect these kinds of frauds in right time.
 It is also critical to raise employee awareness of areas vulnerable to fraud
through rigorous training processes, and to ensure that frauds are impartially
investigated and fraudsters are penalised in a timely manner.
 Decision-making power should not be concentrated in the hands of promoters
or a few top management officials.
 Effective internal controls and systems, including IT control and an internal &
statutory audit system.
 Having a culture where fraudsters are promptly penalised and a zero-tolerance
policy is in place. Even little deceptions should not be condoned since they
inspire larger deceptions in the future.
 Data analytics, artificial intelligence, and other similar tools can be used
extensively to detect early signs of fraud and minimise damage.

Companies can use fraud risk assessment to determine which sectors are
vulnerable to fraud and where gaps exist. After identifying the gaps, firms can
focus on tightening or establishing controls to close the gaps, as well as
implementing a continuous review mechanism to deal with weaknesses, emerging
new risks, and closing gaps. Companies should maintain ongoing surveillance and
a reporting mechanism to top management, such as the CEO, CFO, and others, in
order to detect and respond to these types of frauds immediately.

18
 7. Annexures:

Particulars 2015 2016 2017 2018 2019

Original Restated Original Restated Original Restated Original Restated Original Restated

Current Assets 4,896.14 4944.95 4,685.76 4,685.76 5,578.52 4183.19 4,981.17 2717.22 2,473.77 2545.7

Current Liabilities 1,949.88 1998.69 2,179.77 2,179.77 2,412.62 2802.34 2,671.18 3158.92 3,505.70 3587.27

Inventory 523.77 523.77 407.17 407.17 750.76 493.08 414.05 414.05 531.16 531.16

Total Debt 2,703.18 2751.99 2,478.08 2478.08 3,191.84 3,577.84 3,574.73 4,202.18 4,741.77 4,258.85

Shareholder funds 4,009.63 4009.63 4,128.05 4,128.05 4,199.29 4181.27 3,840.71 4067.05 2,513.17 1163.22

Non- current 753.3 753.3 298.31 298.31 779.22 775.5 903.55 1043.26 1,236.07 671.58
liabilities
Long-term 634.26 634.26 4.15 4.15 503.6 503.6 836.55 836.55 751.16 611.16
borrowings
Fixed assets 788.49 788.49 1,386.52 1,386.52 1,315.25 1,315.25 1,377.25 1278.29 1,041.69 953.45

PAT 731.14 731.14 -1,091.97 -1,091.97 124.46 106.43 -324.72 -80.36 -1,417.39 -2679.95

Total Assets 6,712.81 6712.81 6,606.13 6,606.13 7,391.13 7,759.11 7,415.44 8269.23 7,254.94 5,422.08

EBT 899.49 899.49 -1,149.58 -1,149.58 157.03 129.3 -226.18 -35.24 -1,384.41 -3544.18

EBIT 948.86 948.86 -1109.52 -1109.52 320.86 321.16 -12.2 241.66 -1,047.39 -3,231.33

Finance costs 49.37 49.37 40.06 40.06 163.83 191.86 213.98 276.9 337.02 312.85

Capital Employed 4,762.93 4,714.12 4,426.36 4,426.36 4,978.51 4,956.77 4,744.26 5,110.31 3,749.24 1,834.81

Sales 8,016.32 8138.94 4,513.73 4614.49 4,961.84 5066.21 5,278.18 5485.58 5,631.60 5503.79

19
 8. References:

https://www.ibef.org/industry/manufacturing-sector-india/infographic
https://www.technavio.com/report/electrical-equipment-market-in-india-industry-analysis
https://www.thehindubusinessline.com/companies/cg-power-reports-huge-financial-fraud/
article29184226.ece
https://www.thehindubusinessline.com/companies/cg-power-fraud-icai-asks-cbi-for-case-
details-on-signing-partners-of-auditors/article35498152.ece
https://www.businessworld.in/article/Yes-Bank-Case-CBI-Books-Former-CG-Power-And-
Industrial-Solutions-Chairman-Gautam-Thapar-Others/25-06-2021-394349/
https://www.livemint.com/companies/news/cg-power-hit-by-fraud-fires-chairman-gautam-
thapar-1567102754258.html
https://www.businessinsider.in/business/news/nclt-terms-vaish-report-on-cg-power-as-
bogus/articleshow/73178198.cms
https://www.moneycontrol.com/news/podcast/digging-deeper-the-cg-power-fraud-
4363341.html
https://paranjoy.in/article/gautam-thapar-victim-or-villain
https://www.business-standard.com/article/current-affairs/bank-fraud-case-cbi-books-former-
crompton-greaves-chairman-gautam-thapar-121062401189_1.html
http://www.lawstreetindia.com/experts/column?sid=513
https://www.cnbctv18.com/business/cg-power-revival-plan-on-track-board-assures-investors-
lenders-of-management-change-say-sources-4242811.htm

Annual Reports:
https://www.cgglobal.com/others/restate/CGPISL/Standalone_Financials_2014_15.pdf
https://www.cgglobal.com/others/restate/CGPISL/Standalone_Financials_2015_16.pdf
https://www.cgglobal.com/others/restate/CGPISL/Standalone_Financials_2016_17.pdf
https://www.cgglobal.com/others/restate/CGPISL/Standalone_Financials_2017_18.pdf
https://www.cgglobal.com/others/restate/CGPISL/Standalone_Financials_2018_19.pdf
https://www.bseindia.com/bseplus/AnnualReport/500093/67239500093.pdf
https://www.bseindia.com/bseplus/AnnualReport/500093/72908500093.pdf

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