The Securities Appellate Tribunal (SAT) on Tuesday rejected a plea by Avantha Group’s Gautam Thapar against an ex-parte order issued by the Securities and Exchange Board of India (Sebi). This order was issued pertaining to irregularities at CG Power and Industrial Solutions.
“We find no merit in the appeal filed by Gautam Thapar and others. The appellant should now file a reply by October 15. In case the appellant requires any documents from Sebi, a formal request has to be made,” said a SAT Bench led by Justice Tarun Agarwala.
The tribunal directed the capital markets regulator to provide documents with respect to the case, on receipt of Thapar’s request. Thapar had moved SAT against Sebi’s ex-parte order arguing that it was against the principles of natural justice, given that it was based on incomplete findings.
