CG Power Boots Out Thapar

With ousted chairman denying charges of ‘fraud’, today’s board meet could be stormy

- Venkatesh Ganesh

Faced with allegations of fraud worth thousands of crores, CG Power has ousted its Chairman Gautam Thapar with immediate effect. The move follows disclosures made by the company that some employees had carried out unauthorized transactions, which led to a potential understatement of not only the liabilities but even advances to related and unrelated parties of the company and the group.

“In cognizance of the current situation being faced by the company and the recent developments, including disclosures dated August 19, 2019, made by the company, the Board of Directors, through a circular resolution dated August 29, 2019, passed by majority consent, has resolved to remove Gautam Thapar as the Chairman of the Board with immediate effect,” the company said in a regulatory filing.