Fraud-hit CG Power and Industrial Solutions has sought the Centre’s approval to remove KK Mankeshwar & Co (KKM) as one of its joint auditors due to certain alleged “unexplained” payments made to the auditor from the company.
In a regulatory filing, CG Power on Friday evening said that its Board of Directors has determined that KKM cannot be considered to be independent.
“In the course of review of payments made in the past years, the Company has come across certain unexplained payments made to M/s K K Mankeshwar & Co, one of the Joint Auditors of the Company (KKM), from the Company and its subsidiaries as well association of its partner with certain identified entities named in Phase-I investigation report (‘Identified Entities’),” it said.
