CG Power: How A € 44 Million Loan From StanChart Put CG Power Murugappa Between Sebi And The Fix

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View of Standard Chartered’s office at Marina Bay Financial Center, Singapore, July 21, 2019.

Synopsis

Sebi sent a clear cause notice to Standard Chartered Bank last week questioning its role in the alleged CG Power leaks. This puts the Murugappa group’s plan of offering the bank a 1% concessional issue for settlement of transactions in the cloud. To get the proposal approved, there are many questions to be answered at the EGM, which is scheduled for today.

When Devan Bahadur A.M. Murugappa Chettiar began his quest for fortune in the southern Burmese city of Moulmain in the early 1900s, Karam Chand Tapar (KCT) was still a young child in Ludhiana. Chettiar’s empire grew further and further between the two world wars as he diversified both sectorially and geographically, establishing rubber plantations, textiles, and insurance in Malaya and Vietnam. Meanwhile, KCT has found black gold in the coal mines of Bengal and Bihar.

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