CG Power fraud: Gautam Thapar initiates legal action against his sacking

Venkatesh Ganesh Mumbai | Updated on September 11, 2019

Gautam Thapar

Seeks documents related to the company's board meeting.


After meeting corporate affairs ministry, the ousted chairman of CG Power Gautam Thapar has initiated legal action to recover copies of the documents based on which the company's board has sacked him.

Thapar's legal team has written to the company seeking August 30 board meeting details with video recordings. This is the second such letter written by his counsel and the earlier one was sent on September 5.

Read also: CG Power board sacks Chairman Gautam Thapar with immediate effect

Further, it had also sought a clarification whether the company’s board had recorded Thapar's categorical rejection of allegations against him.

Earlier on August 29, the board has removed Gautam Thapar as chairman following a preliminary investigation which revealed that money was siphoned off from the company.

Read more: Fraud-hit CG Power sacks CFO Venkatesh

On Tuesday, the Chief Executive Officer K N Neelkant has resigned from all the subsidiaries of the company.

See also: CG Power’s CEO KN Neelkant resigns from all subsidiaries

Thapar's counsel has also asked the company’s board that no application should be sent to NCLT about the accounts or restating it before giving them due notice.

CG Power had earlier disclosed that the advances to related and unrelated parties have been potentially understated by ₹1,990.36 crore and ₹2,663 crore, respectively, as on March 31, 2018. All this eventually led to the removal of him as the chairman.

Published on September 11, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like