CG Power’s CEO KN Neelkant resigns from all subsidiaries

Fraud-hit CG Power’s Chief Executive Officer KN Neelkant has resigned from all the subsidiaries of the company.

Sources in the company that BusinessLine spoke to confirmed the development.

This comes after the board of CG Power & Industrial Solutions removed its founder Gautam Thapar as Chairman following an investigation which alleged that money was siphoned off from the company. Thapar has refuted these allegations. This was followed by the sacking of CFO VR Venkatesh.

Industry sources said that this resignation paves the way forward for current lenders and prospective investors.

“A clean-up is required and the money trail needs to be tracked,” said a source.