Action after probe finds governance, financial lapses; no misappropriation of funds, asserts Thapar.
Gautam Thapar, chairman of CG Power and Industrial Solutions, was removed from the post with immediate effect by the company’s board after an investigation by a legal firm found governance and financial lapses at the company.
Citing the current situation and recent developments, the CG Power Board of Directors, through a circular resolution passed by majority consent on Thursday, resolved to remove Mr. Thapar with immediate effect.
“This decision has been taken in the interests of the company and its stakeholders in discharge of the fiduciary responsibilities of the board,” CG Power said in a filing with the exchanges.
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