Ousted CG Power boss tries to wrest back control

Mumbai: A boardroom battle is brewing at CG Power and Industrials Ltd with businessman Gautam Thapar initiating efforts to wrest back control of the power equipment maker.

Thapar, who was ousted as the chairman of CG Power on 29 August, may exercise his right to buy back pledged shares of the company as per an internal agreement structured in 2017 between him and a section of CG Power’s lenders, including private equity fund KKR & Co. and L&T Finance, two people directly aware of the matter said, requesting anonymity.

Thapar, who is facing charges of financial impropriety and corporate governance lapses at CG Power, has approached the Securities and Exchange Board of India (Sebi) and ministry of corporate affairs in this regard, citing the clause to buy back shares of the company from CG Power’s lenders.