CG Power CEO resigns from all subsidiaries
Live MintFraud-hit CG Power Chief Executive Officer K.N. 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. Reached for comments, Neelkant said, "Based on analyst calls, the key investors are rather concerned about the operations which have been growing profitably and significantly faster than the market in the last few years, since my assuming the position of MD and CEO of CG Power." "Thereafter in board meeting held on May 10, 2019, the board suggested that since there was an ongoing investigation, it would be fair and equitable that till such time it is concluded, I, being the MD and CEO, recuse myself from the operations and management of the company for the said period.
History of this topic
)
Relief for Gautam Thapar: NCLT terms Vaish report on CG Power as 'bogus', says it will rely on independent or govt agency report
Firstpost)
CG Power imbroglio: Gautam Thapar cites board approvals; rejects allegations of fund misuse amid governance lapses
Firstpost
Fraud-hit CG Power chief executive KN Neelkant resigns from subsidiaries amid investors' pressure for his ouster
Firstpost)
CG Power board sacks Gautam Thapar as chairman; investigation unearths multi-crore financial scam; bizman denies wrongdoing
Firstpost
CG Power board sacks Gautam Thapar as chairman with immediate effect
Live Mint
CG Power plans management rejig, ouster of company founder Gautam Thapar on the cards
Firstpost
Investors, lenders want tycoon Gautam Thapar removed as Chairman of CG Power
Live MintDiscover Related
)
)
