Send copy of plea to CG Power: SAT to Thapar
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.