Fraud-hit CG Power CEO K N Neelkant resigns

New Delhi: Fraud-hit CG Power Chief Executive Officer K N Neelkant resigned on Monday as the company begins a clean-up of its operations.

"K N Neelkant, the Managing Director and Chief Executive Officer of CG Power and Industrial Solutions Ltd tendered his resignation orally at the meeting of the Board of Directors of the company held today, ie September 30, 2019, which was recorded through video-conferencing," the company said in a regulatory filing.

Late last month, the board of CG Power and Industrial Solutions removed its founder Gautam Thapar as chairman following an investigation unearthing a multi-crore financial fraud in the company. Sources said investors and lenders want a clean-up of the company and so first forced Thapar out and now Neelkant has also resigned.