CG Power Adds Pradeep Mathur To Its Board Of Directors
Smoke rises from a chimney as electricity pylons stand at a thermal power station in India. (Photographer: Dhiraj Singh/Bloomberg)

CG Power Adds Pradeep Mathur To Its Board Of Directors

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CG Power and Industrial Solutions Ltd. on Tuesday said its board has approved the appointment of Pradeep Mathur as an additional and non-executive independent director of the company.

The appointment of Mathur, for a period of five years, is subject to the approval of the members at the next annual general meeting of the company, CG Power and Industrial Solutions said in a filing to Bombay Stock Exchange.

"The board of directors of the company has...approved the appointment of Pradeep Mathur as an additional and nonexecutive independent director of the company with effect from Dec. 30, 2019, based on the recommendation of nomination and remuneration committee," it stated.

Mathur, who is an entrepreneur and investor, did his postgraduate diploma in management from the Indian Institute of Management, Ahmedabad, with a specialisation in finance.

He has experience of around 37 years and was previously associated with Tupperware India as its managing director. He also held several senior management positions in Tupperware Asia Pacific and served as the senior vice president and global chief financial officer of the corporation. He is at present an independent director on the board of Lemon Tree Hotels Ltd. and some of its subsidiaries.

"Mathur is not related to any of the directors or key managerial personnel or promoters of the company. Further, he is not debarred from holding the office of director by virtue of any Securities and Exchange Board of India order or of any other authority," the filing said.

The company had in August said 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".

Gautam Thapar, who was non-executive chairman of the company, was removed by its board on Aug. 29.

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