homelegal NewsCG Power Fraud: Auditors' role needs to be scrutinised, says Amit Tandon of IiAS

CG Power Fraud: Auditors' role needs to be scrutinised, says Amit Tandon of IiAS

CG Power shares extended fall for a second day, down 20 percent at Rs 11.80 on Wednesday following shocking revelation that liabilities and advances worth Rs 4,400 crore were understated by the company - a move which prompted the Ministry of Corporate Affairs to order a probe right away. Amit Tandon, founder and managing director of proxy advisory firm IiAS, spoke about the development.

By Latha Venkatesh   | Sonia Shenoy  Aug 21, 2019 11:43:58 AM IST (Published)

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CG Power shares extended fall for a second day, down 20 percent at Rs 11.80 on Wednesday following shocking revelation that liabilities and advances worth Rs 4,400 crore were understated by the company - a move which prompted the Ministry of Corporate Affairs to order a probe right away. Amit Tandon, founder and managing director of proxy advisory firm IiAS, spoke about the development.
“We are in the part of the market where the flow of the money has stopped between various entities and once the music stops then some of the people are going to find themselves without any chair to sit on,” Tandon said on Wednesday.
“My sense at the moment is that they have taken a first look at what it is, they have pieced together what makes sense to them at this stage but once you start digging in, you are going to find something more,” he added.