A week after its board-instituted investigation unearthed a multi-crore financial fraud, CG Power & Industrial Solutions on Thursday removed its founder Gautam Thapar as chairman of the company, prompting the tycoon to break his silence to say that there was neither any fraud nor any misappropriation of funds. The board of the fraud-hit firm through a circular resolution approved by a majority of the members removed Thapar as the chairman, the company said in a regulatory filing. Thapar opposed the resolution, while CEO and Managing Director K N Neelkant, whose continuance has been questioned by investors, abstained from voting on the resolution.
The board is likely to meet on Friday to elect a new chairman, sources privy to the development said. In all likelihood, one of the independent directors will be appointed as the non-executive chairman.
