ED Freezes CG Power's New Bank Account, Company Assures No Financial Impact

The Enforcement Directorate (ED) has frozen a newly opened bank account of CG Power and Industrial Solutions Limited, linked to past transactions involving the company's former promoter group. The account, opened at the State Bank of India in Chennai, was intended to receive ₹6.31 crore from a subsidiary. Despite this action, CG Power confirmed that the freezing would not affect its current financial position and stated its full cooperation with the ongoing investigation. The company emphasized that it operates under new management and remains committed to transparency.

 

Source: Business Upturn.