Sebi bars Gautam Thapar, others from market in CG Power case

MUMBAI: Sebi on Tuesday evening stepped in to contain any further damage to CG Power & Industrial Solutions. The regulator banned its former chairman-cum-promoter Gautam Thapar and some of the top ex-employees from interfering in the affairs of the company and also from participating in the market for alleged misappropriation and diversion of funds.
Last month, CG Power’s board had sacked Thapar as its chairman after an investigation unearthed a multi-crore financial scam in the firm.
Sebi asked Thapar, V R Venkatesh, Madhav Acharya and B Hariharan, all formerly with CG Power, to not associate with any Sebi-regulated entity or their material subsidiaries.
Sebi asked the Bombay Stock Exchange (BSE) to appoint an auditor to look into the books of the company for manipulations, frauds, wrongful diversions of funds, etc, and said that the auditors should submit a report to the markets regulator within six months.