In a financial update statement, CG Power said it has issued recovery notices to seven entities demanding repayment Rs 1,314.78 crore owed by them. “Three notices sent by the company for the recovery amount of Rs 452.12 crore have been returned undelivered,” the statement noted.
One of the seven notices sent was also returned with a counter-claim of Rs 525.21 crore with interest at 15.70 per cent per annum, the company said. Besides, the firm has initiated the process for recovering dues from promoter company Avantha Holding and Acton Global (AGPL) by sending it a recovery notice. Part of the statement, CG Power said the company generated earnings before interest, depreciation and taxes, including other income, of Rs 201.97 crore for the six months ended September 30.
The company further said that on November 8 it invoked a power of attorney (POA), which was issued in an unauthorised manner in favour of Blue Garden Estates (BGEPL) concerning the property at Nashik in the event of default of the conditions of assignment by the company.
Confirming a summon from the enforcement directorate (ED), it said a summon dated August 21, 2019, addressed to the director of CG Power Solutions, was received in connection with a proceeding before it relating to an unknown entity seeking certain information from CGPSOL.
“Thereafter, a summon dated October 17, 2019, addressed to the whole-time director of CG Power was received.”