More than a week after CG Power and Industrial Solutions made a series of startling revelations about some unauthorised transactions carried out by some of its employees, the company on Thursday removed its founder Gautam Thapar as chairman. The company’s board through a circular resolution approved by a majority of the members removed Thapar as the chairman with immediate effect, the company said in a regulatory filing. CG Power is part of the Thapar-led Avantha Group but the promoters hold a negligible stake in the company after the lenders invoked the pledged shares.
While Thapar opposed the resolution, CEO and managing director KN 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 and in all likelihood, one of the independent directors will be appointed as the non-executive chairman.
