Gautam Thapar may not be able to regain CG Power control

MUMBAI: Gautam Thapar’s efforts to wrest back control of his group company CG Power and Industrials by buying back pledged shares are likely to hit a wall.

Lenders including KKR and Yes BankNSE 8.44 % have converted the pledged shares into equity, making a share transfer impossible, said people with knowledge of the development.

Larsen & Toubro’s 10% stake, which is held in a trust, cannot be bought by Thapar because the Securities and Exchange Board of India has barred the promoter and his entities from engaging in equity transactions.