A recent investigation by the company revealed that nine wrongful transactions, allegedly undertaken by the promoter group led by Gautam Thapar, had caused it a loss of around Rs 3,000 crore. The company is doing a deeper investigation under what it calls ‘Phase 2’, even as the Ministry of Corporate Affairs has referred the case to the SFIO.
ONGC launched a $2 billion medium-term note programme in August.
The outstanding amount has since come down to Rs 2,341 crore.
The company, which is dealing with muted cash flows and huge debt, will monetise assets like head office building ‘CG House’ and is also working with lenders to resolve its debt issues after nine of its fourteen lenders, constituting 88% of total outstanding credit facilities of the company by value, signed an Inter Creditor Agreement (ICA).
From Jharkhand government, L&T bagged and engineering, procurement and construction order from the Jharkhand Urban Infrastructure Development Company. In West Bengal, the company got an order from State Project Management Unit for flood protection works and embankment strengthening of Damodar river in East Bardhhaman and Hooghly districts.
The company has sought an exemption on tapping the markets from the Sebi.
“The probe had found certain instances of funds being transferred to the promoter's company. When Thapar was confronted with the same, he refused to give satisfactory replies,” added one of the officials cited above. There was no response from Thapar or the company to a query on this matter from ET.
CG is faced with alleged financial irregularities that may have led to the company losing Rs 3,000 crore.
The orders include railway jobs worth business Rs 1,303 crore for overhead electrification of railway lines and associated civil works, construction of road over bridges, roadbeds, major and minor bridges. Its arm SAE Towers have also bagged orders worth Rs 283 crore for power transmission and distribution projects in India, East Asia Pacific and the Americas.
The next phase of expansion that will take the company to 20 GW will be driven by renewable energy.
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