Send copy of plea to CG Power: SAT to Tha­par

The Times of India (New Delhi edition) - - Times Global - TIMES NEWS NET­WORK

Mum­bai/Ben­galuru: The Se­cu­ri­ties Ap­pel­late Tri­bunal (SAT) on Tues­day in­structed for­mer CG Power chair­man Gau­tam Tha­par to send a copy of his plea to the com­pany, which has sought to in­ter­vene in his case against Sebi.

Tha­par, who was fired by CG Power’s board on Au­gust 29 for al­leged mis­ap­pro­pri­a­tion of funds, had moved SAT af­ter Sebi re­strained him from deal­ing in the se­cu­ri­ties mar­ket last week.

SAT will hear the mat­ter on Thurs­day.

Separately, shares of CG Power hit the up­per cir­cuit of 5% on Tues­day to end at Rs 15 on the BSE af­ter the com­pany got an ex­ten­sion to hold its 82nd an­nual gen­eral meet­ing (AGM). The Regis­trar of Com­pa­nies, Mum­bai, has granted CG Power two months and 15 days from the due date, that is Septem­ber 30, for hold­ing the share­hold­ers’ meet­ing for the fi­nan­cial year ended on March 31, 2019.

On Septem­ber 18, Sebi had passed an ad in­terim, ex parte or­der bar­ring Tha­par from ac­cess­ing the cap­i­tal mar­kets fol­low­ing fi­nan­cial ir­reg­u­lar­i­ties at CG Power. In its or­der, Sebi had stated that the ac­tions of Tha­par and oth­ers amounted to fraud on in­vestors. The se­cu­ri­ties mar­ket watch­dog had also di­rected the BSE to ap­point an in­de­pen­dent au­di­tor to con­duct a foren­sic au­dit of CG Power.

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