CG Power appoints Ashish Kumar Guha as Chairman

CG Power and Industrial Solutions on Wednesday said that its board has appointed a non-executive independent director Ashish Kumar Guha as its chairman.

"Ashish Kumar Guha, Non Executive Independent Director of the Company was appointed as the Chairman of the Board of Directors of the Company with effect from September 25, 2019," the company said in a BSE filing after its board meeting.

The company also said the board has approved the proposal to set up special situation committee.

"The Board of Directors of the Company has dissolved the Operations Committee and constituted the Special Situation Committee (SSC) comprising Narayan K Seshadri, Non Executive Independent Director (Chairman of SSC), Ashish Kumar Guha, Non Executive Independent Director and Mr Sudhir Mathur, Whole Time Executive Director as members," it said.

The company said the broad terms of reference of the SSC is to focus on operational improvement, strategic review of international businesses, capital re-structuring, including raising capital and dealing with regulatory bodies.

Earlier, the company had sacked its promoter Gautam Thapar from the post of Chairman after an investigation that unearthed a multi-crore financial scam in the firm.

On August 20, the company had stated that an investigation instituted by its board had found major governance and financial lapses including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors".