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Yes Bank case: CBI books former CG Power and Industrial Solutions chairman Gautam Thapar, others
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2,435 ಕೋಟಿ ರೂಪಾಯಿ ಬ್ಯಾಂಕ್ ವಂಚನೆ ಪ್ರಕರಣ: ಸಿಬಿಐ ಬಲೆಯಲ್ಲಿ ಕೈಗಾರಿಕೋದ್ಯಮಿ ಗೌತಮ್ ಥಾಪರ್- Kannada Prabha
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Gautam Thapar, others booked in ₹2,435-crore bank fraud case
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AAA The Securities Appellate Tribunal (SAT) has asked markets regulator Sebi to pass final order in six months in a case related to CG Power and Industrial Solutions, wherein the company s ex-chairman Gautam Thapar and three other former officials were banned from the securities market. Besides Thapar, the other officials banned were CG Power former chief financial officer V.R. Venkatesh and former directors Madhav Acharya and B Hariharan. The SAT ruling comes after Thapar, Hariharan and others moved to the tribunal against a Sebi confirmatory order passed in March 2020, whereby it had barred Thapar, Venkatesh, Acharya and Hariharan from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, till further orders .
MCA moves NCLT against former management of CG Power
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Synopsis
In 2019, the board of CG Power & Industrial Solutions had to restate its earnings after finding suspected fraudulent transactions by its chairman and few confidantes had removed its chairman Gautam Thapar alleging misappropriation of funds. Thapar refuted the allegations and claimed he had repaid Rs 4,000 crore to many lenders since 2015.
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The Ministry of Corporate Affairs (MCA) has approached the Mumbai bench of the National Company Law Tribunal (NCLT) against the erstwhile management Avantha Group-owned CG Power & Industrial Solutions seeking its intervention to recover the money that “the erstwhile management had allegedly collected and seeking to distribute it to the victim of fraud”. Power equipment major CG Power did not comment. Gautam Thapar former CG chairman too did not respond to a mail from ET.