SAT rejects Thapar’s plea against Sebi order
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.”