Mumbai: The board of CG Power and Industrial Solutions Ltd, which is in the midst of restating its earnings after discovering suspected fraudulent transactions, sacked its chairman Gautam Thapar on Thursday.
Thapar has, however, denied allegations that he misappropriated funds of the power equipment maker, which is part of Avantha Group. In a statement, Thapar said he has repaid ₹4,000 crore to various lenders since 2015 and allegations of fraud were unfounded.
“I must say that no funds lent by banks nor any funds of CG have been misappropriated. The money has been applied with due board approval. All inter-corporate transactions have been fully authorized by the board. No promoter or promoter entity has derived any undue benefit,” Thapar said in a statement.
