CG Power shareholders vote to declassify Gautam Thapar as promoter

Shareholders of fraud-hit CG Power and Industrial Solutions Ltd have voted overwhelmingly to declassify sacked founder-chairman Gautam Thapar as a promoter and have reappointed Sudhir Mathur, who is leading the rescue of the company, as a director.

At the company’s annual general meeting of shareholders, on October 19, held virtually, 99.99 per cent of the shareholders voted for “re-classification of the existing promoters and promoter group as public”, the firm said in a regulatory filing.

Within days of the unearthing of the fraud involving siphoning off money raised using company assets as collateral, Thapar was removed by the company board on August 29, 2019.

Thapar was the non-executive chairman of the company at that time.