CG Power up 5% after CEO’s complete exit

Shares of fraud-hit CG Power and Industrial Solutions rose 4.98% to ₹13.92 on Wednesday, after its CEO K.N. Neelkant resigned from all the positions he held in the company’s subsidiaries amid mounting pressure. On May 10, the CG Power board had sent Mr. Neelkant on leave pending an investigation into some “suspect, unauthorised and undisclosed” transaction.

Last month, the board had removed founder Gautam Thapar as chairman following an investigation unearthing a multi-crore financial fraud in the firm.

After Mr. Thapar, now CG Power’s directors are learnt to have been summoned for investigation by multiple regulatory agencies, including some key Ministries, said a source in the know of the development.

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Printable version | Jun 7, 2020 9:32:30 AM |

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