CG Power’s boardroom battle has destroyed value for shareholders: InGovern

The investigative authorities are looking into allegations on (i) usage of funds and land assets from the company by promoter-connected entities, (ii) borrowings against the assets of the company for the benefit of other group companies, (iii) vendor transactions with promoter-connected entities,” InGovern said in a statement.

It said an analysis of the issues at the firm reveals that “a battle for the boardroom and battle for corporate control has led to value destruction for minority shareholders of the company.”