NEW DELHI: Shares of CG Power jumped 5 per cent to hit upper circuit limit to Rs 9.95 in Thursday’s trade after the company said that its board sacked Gautam Thapar as its chairman with immediate effect after an investigation that unearthed a multi-crore financial scam in the firm.
“In cognizance of the current situation being faced by the company and the recent developments, the Board of Directors have resolved to remove Gautam Thapar as the chairman with immediate effect,” the company said in a regulatory filing.
“This decision has been taken in the interests of the company and its stakeholders in discharge of the fiduciary responsibilities of the Board,” it added.
