Fraud-hit CG Power CEO Neelkant resigns from subsidiaries

Fraud-hit CG Power Chief Executive Officer K N Neelkant has quit from all the subsidiaries of the company as investors mount pressure for his ouster for the alleged irregularities happening under his watch, sources privy to the development said.

Neelkant confirmed resigning from the subsidiaries but said he believed that investors and lenders would not want him to step down from CG Power in the “best interest” of the company.

Late last month, the board of CG Power & Industrial Solutions removed its founder Gautam Thapar as chairman following an investigation unearthing a multi-crore financial fraud in the company.