The company’s consolidated net loss had stood at Rs 210.07 crore in the quarter ended on December 31, 2019.
PTI
February 05, 2021 / 10:59 PM IST
CG Power & Industrial Solutions | Representative Image
CG Power and Industrial Solutions on Friday said its consolidated net loss has widened to 534.59 crore in the December 2020 quarter. The company’s consolidated net loss had stood at Rs 210.07 crore in the quarter ended on December 31, 2019, according to a BSE filing.
Its total income during October-December 2020 dipped to Rs 828.29 crore, compared with Rs 1,190.47 crore in the year-ago period. The board in its meeting on Friday approved the proposal for voluntary liquidation of its step-down subsidiary CG – GANZ GENERATOR- ES MOTORGYARTO Korlatolt Felelossegu Tarsasag, Budapest, Hungary, subject to statutory and regulatory approvals.
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The board also considered and approved the proposal for termination of the GDR (global depositary receipt) programme and delisting of the GORs, which are outstanding and listed on the the LSE, subject to compliance with the applicable laws. The company will take necessary steps in this regard, it added.
The board also approved the appointment of Susheel Tedi as the chief financial officer and key managerial personnel of CG Power and Industrial Solutions from February 5, 2021. It also approved appointment of K R Viswanarayan as company secretary and compliance officer and key managerial personnel of the company from February 6, 2021.
About the impact of the pandemic, it said, “The company has considered the possible effect in the preparation of these financial results from the outbreak of the COVID-19 pandemic. The company’s operations in India were impacted primarily in March and April 2020, due to suspension of production across all plants and closure of offices following nationwide lockdown.” The national lockdown continued until early June and was followed by further state-level lockdowns and subsequently, the company has ramped up the production, sales and allied activities, the company added.
