MUMBAI: Businessman Gautam Thapar has been ousted as chairman of CG Power and Industrial Solutions, formerly known as Crompton Greaves, by the company’s board that was under pressure from investors and lenders to remove him after a probe revealed financial and governance irregularities.
CG Power’s operations committee was informed of some financial transactions that had been made without proper authority. The committee undertook an investigation, which revealed that the group’s liabilities and advances to certain entities were understated. The net worth of the company was understated due to unauthorised and inappropriate write-offs, and the relevant charges were debited to the profit and loss account, leading to refiling of financial statements.
