CG Power & Industrial Solutions on Thursday said its board has 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, including disclosures dated August 19, 2019, made by the company, the board of directors… passed by majority consent, have resolved to remove Gautam Thapar as the chairman of the board with immediate effect,” CG Power said in a regulatory filing.
CG Power said this decision has been taken in the interests of the company and its stakeholders in discharge of the fiduciary responsibilities of the board.
