CG Power’s board to decide on CEO KN Neelkant’s continuity today
Mumbai: A board meeting of CG Power and Industrial Solutions to decide on the continuity of KN Neelkant as the company’s chief executive on Monday could turn out to be tense depending on the outcome, top officials close to the development said.
Some investors, speaking on condition of anonymity, said the absence of Neelkant, who has been credited with the operational turnaround of the company, may affect business at a time when the cash-starved company is seeking to raise funds.
The company board had earlier ousted Chairman Gautam Thapar and Chief Finance Officer VR Venkatesh along with a couple of senior executives for alleged accounting fraud. It had also asked Neelkant, who had flagged the fraudulent transactions, to go on leave till September end ostensibly to ensure fair investigations.
