CG Power and Industrial Solutions Limited has announced that the Adjudicating Authority in New Delhi has extended the freeze on a new bank account opened by the company. This follows an application filed by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act (PMLA), 2002.

The ED had initially frozen the account on October 17, 2024. The account, opened at the State Bank of India (CAG Branch, Chennai) on September 25, 2024, was created specifically to receive USD 751,358.43 (equivalent to Rs. 6,31,31,014 at the time of conversion), as directed by the ED.

Subsequently, the ED filed an Original Application (OA No. 1376 of 2024) before the Adjudicating Authority, requesting retention of the frozen funds for further investigation into alleged PMLA violations by the company’s former promoter group and management.

On March 25, 2025, the Adjudicating Authority approved the application, keeping the freeze in place. However, CG Power has stated that this order does not impact its financial position, clarifying that the bank account was opened solely for receiving the specified funds.

This development follows CG Power’s earlier disclosure on October 18, 2024, regarding the initial freezing order. The company has complied with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing the stock exchanges.