Monday, September 09, 2019

CG Power's former CFO detained at Mumbai airport, prevented from leaving country

VR Venkatesh, the Chief Financial Officer of CG Power who was sacked by the company citing misconduct and breach of trust, was on September 6 prevented from leaving the country by officials at Mumbai International Airport.

A Lookout Notice was issued against Venkatesh by the Ministry of External Affairs (MEA) at the behest of the Ministry of Corporate Affairs (MCA).

Venkatesh was detained by authorities at night on September 6 at the Airport, as he was allegedly trying to flee the country. He is said to be holding a Belgium passport.

Officials have held him for more than 11 hours, as the MCA took a statement at the Airport during deposition.

Venkatesh was under MCA scanner after an internal investigation launched by the board of CG Power unearthed several multi-crore transactions that pointed at alleged fund diversion, mismanagement, unauthorised advances and corporate guarantees to promoter affiliated companies and connected parties.

Earlier, the board had sacked Gautam Thapar, Chairman and promoter of the company.

A source close to the development told Moneycontrol that Venkatesh who was grilled at the MCA office till the evening of September 6, has not said anything about his travel plan to Belgium.
8/09/19 Tarun Sharma/Moneycontrol/CNBC TV18
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