After sacking Gautam Thapar as chairman, CG Power seeks to remove him as promoter

New Delhi: After sacking founder Gautam Thapar as the chairman of the company, fraud-hit CG Power & Industrial Solutions has moved to declassify him as promoter, as any association with him will be prejudicial to the interests of the company, according to the firm’s annual report.

The company had in August stated that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by “identified company personnel, both current and past, including certain non-executive directors.”