CG Power asks Belgium Unit to prevent bankruptcy

By: |
Published: November 29, 2019 1:52:49 AM

To this effect, the parent board has directed the Board at Belgium — CG Power Sytems Belgium NV and CG Holdings Belgium NV and its management — to initiate appropriate action including any protection measures in discussion with various stakeholders including employees.

Such events could result in potential legal and regulatory proceedings for recovery of dues initiated by creditors, it noted.Such events could result in potential legal and regulatory proceedings for recovery of dues initiated by creditors, it noted.

The board of directors of CG Power and Industrial Solutions have directed the board of its Belgium business — CG Power Sytems Belgium NV — to take protective measures to prevent it from possible bankruptcy and liquidation as it suffered from paucity of funds and closure of bank accounts.

On November 12, in notes to the un-audited management compiled consolidated financial information, the company said that its subsidiaries in Belgium and Hungary have been severely affected due to paucity of funds, and in Belgium, certain bank accounts have been blocked. To this effect, the parent board has directed the Board at Belgium — CG Power Sytems Belgium NV and CG Holdings Belgium NV and its management — to initiate appropriate action including any protection measures in discussion with various stakeholders including employees.

CG Power board had said, “Should such events occur, the going concern of these businesses could be affected. Any such impact would also affect the company’s investments, advances and guarantees to such subsidiaries.” Such events could result in potential legal and regulatory proceedings for recovery of dues initiated by creditors, it noted.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1High fuel costs, forex rate variation led to Rs 4,685 crore loss for Air India in FY19: Govt
2Ariel, Tide, Gillette manufacturer hunts for ‘eco-friendly’ small businesses, startups; here’s what on offer
3Don’t kill Aircel’s spectrum, licence, NCLT tells govt