CG Power: How a EUR 44 million loan from StanChart put Murugappas’s CG Power between Sebi and a tough place

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A view of the Standard Chartered headquarters in Marina Bay Financial Centre, Singapore on July 21, 2019.

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Last week, Sebi made a statement to Standard Chartered Bank, questioning her role in alleged diversion of funds in CG Power. This sets out the Murugappa group’s plan to offer the bank a 1% preferential issuance to settle the transactions in the cloud. Many questions need to be answered at an EGM scheduled today to get the proposal approved.

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When Dewan Bahadur AM Murugappa Chettiar began his quest for fortune in the southern Burmese town of Moulmein in the early 1900s, Karam Chand Thapar (KCT) was still a toddler in Ludhiana. Chettiar’s empire grew far and wide between the two world wars, diversifying both sectorally and geographically into rubber plantations, textiles and insurance in Malaya and Vietnam. Meanwhile, KCT found black gold in the coalfields of Bengal and Bihar

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