The shares of CG Power and Industrial Solutions have risen over 3 per cent on Thursday are currently quoting at ₹25.95/apiece, up 3.19 per cent on shareholders voting en masse to declassify Gautam Thapar as a promoter.
Earlier, at the company's AGM on October 19, held virtually, 99.99 per cent of the shareholders voted for re-classification of the existing promoters and promoter group as public, as per company filings. What this means is that shareholders are seeking a separation agreement with Thapar wherein the promoter group ceases to have all rights and powers associated with holding a promoter status.
Further, in the AGM, 99.99 per cent of shareholders voted for the reappointment of Sudhir Mathur, who is at the helm, as Director. Mathur, who was originally appointed as an independent director on the company board in October 2018 and was subsequently appointed whole-time executive director in May last year, was to retire on rotation.