SAT re­jects Tha­par’s plea against Sebi or­der

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

Mum­bai/Ben­galuru: The Se­cu­ri­ties Ap­pel­late Tri­bunal (SAT) on Tues­day turned down for­mer CG Power chair­man Gau­tam Tha­par’s plea against the Sebi or­der that re­strained him from deal­ing in the cap­i­tal mar­ket as it has found “no merit” in the case. On Septem­ber18, Sebi had passed the or­der, bar­ring Tha­par from ac­cess­ing the cap­i­tal mar­ket over al­leged fi­nan­cial ir­reg­u­lar­i­ties at CG Power. Sebi had said the ac­tions of Tha­par and oth­ers amounted to fraud on in­vestors.

Tha­par, who was fired by CG Power on Au­gust 30 for al­leged fund mis­ap­pro­pri­a­tion, had moved SAT grieved by Sebi’s or­der. SAT noted that the contention of Tha­par that no case was made out for grant of an ad-in­terim ex­parte or­der is “mis­con­ceived” and can­not be ac­cepted.

It, how­ever, said that Tha­par is en­ti­tled to get doc­u­ments from CG Power and Sebi to file his re­ply be­fore the reg­u­la­tor. SAT has in­structed Tha­par to file his re­sponse be­fore Sebi by Oc­to­ber 15 and has also di­rected Sebi to pass a “con­fir­ma­tory” or­der within four weeks from the date when the hear­ing is con­cluded.

A state­ment from Tha­par’s of­fice said, “We note the SAT or­der that gives clear di­rec­tions to Sebi and CG Power to give us ac­cess to the doc­u­ments which CG Power has de­nied and have been un­will­ing to pro­vide till date. We con­tinue to main­tain the fact that we had no op­por­tu­nity to par­tic­i­pate in the so-called in­ves­ti­ga­tion nor in the re­sult­ing re­port by Vaish As­so­ci­ates. The said re­port is in­con­clu­sive and highly dis­claimed as only selec­tive in­for­ma­tion and data was shared with them.”

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