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CG Power Fails To Get Rs 200-Crore Working Capital

Banks are reluctant to give working capital loans to cash-starved CG Power as authorities businesses step up investigation into alleged wrongdoings which have led to the sacking of its chairman Gautam Thapar.Three individuals conscious of the event instructed ET that the CG Power board, which had sought almost Rs 200 crore of loans, has drawn a clean to this point.“We have already burnt our fingers with the company. And now, its top management is being investigated by the ministry of corporate affairs. With earlier loans turning bad, it doesn’t make sense to take on additional exposure,” stated an official conscious of the event.Corporate governance violations surfaced at CG Power and Industrial Solutions over the previous month, with a boa.....

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