Letter by ex MD and CEO of C G Power, Mr. K N Neelkant

Posted: 25 February 2020, 12:45 PM

We received a letter  from the former MD and CEO of CG Power & Industrial Solutions, Mr. K N Neelkant, on Feb 19th, 2020. The letter and the attachments are: Letter of MD-CEO Neelkant KN_190220 and SEBI Interim Order_170919 and 543 BM-Sept 30 2019_Attendance

Our response to both the points raised are:

  1. We point out that his name does find mention on five occasions on Pages 3 and 4 of the SEBI order dated September 17, 2019. If anything, the letter by Mr. Neelkant reinforces our points in our report that the issues at CG Power need to be examined in a holistic manner, and roles of all, including the former MD and CEO, be examined.
  2. In the stock exchange announcement put out by the company on September 30, 2019, no mention is made of the physical presence of Mr. Neelkant at the board meeting. The link to the stock exchange announcement is https://www.bseindia.com/xml-data/corpfiling/AttachHis/884a7474-9b4a-4354-afc7-afef871ec7a3.pdf

We stand by our report.