Fraud-hit CG Power sacks CFO Venkatesh

The Nomination and Remuneration Committee of CG Power and Industrial Solutions has sacked its CFO V R Venkatesh. “The termination of the contract is due to the grave nature of the misconduct and breach of trust on his part and having knowingly undertaken actions which are detrimental to the interests of the company (CG Power) and its stakeholders,” the Board said in a statement.

This development comes close on the heels of its chairman, Gautam Thapar being told to go, after an investigation revealed a multi crore financial fraud in the company. However, Thapar countered and said that he had no opportunity to participate in the ‘investigation nor the resulting ‘report’.