CG Power and Industrial Solutions board on Thursday removed Gautam Thapar as chairman, a week after it informed the exchanges of multiple dubious transactions at the company. Thapar, however, denied any fraud at the company.
“The board of directors through a circular resolution dated August 29, 2019, passed by majority consent, have resolved to remove Gautam Thapar as the board chairman with immediate effect,” CG Power informed the exchanges on Thursday morning. The statement said the decision was in cognizance of the current situation being faced by CG Power and the recent developments.
CG Power last week informed the exchanges of a risk and audit committee (RAC) report, which detailed multiple dubious transactions at the company, including inter-corporate transactions. The report refers several times to Thapar-promoted Avantha Holdings and Solaris Industrial Chemicals.
