Avantha Group

Bank fraud: ED attaches Rs 678 cr worth land assets of Avantha Group

Land assets worth more than Rs 678 crore of the Avantha Group have been attached under the anti-money laundering law as part of an alleged bank loan fraud linked probe, the Enforcement Directorate said Thursday. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to attach the properties located in Haryana, Maharashtra and Uttarakhand. The assets belong to various group companies of Avantha Group, "owned and controlled" by businessman Gautam Thapar. "On 19.08.2019, CG Power and Industrial Solutions Ltd had made disclosure under Regulation 30 of the SEBI (listing obligations and disclosure requirements) Regulations, 2015 to Bombay Stock Exchange and National Stock Exchange regarding findings which had potential implications on the financial position of the company. "The disclosure made by CG Power and Industrial Solutions Ltd. revealed that assets and liabilities of the company have been understated considerably," the ED said in a statement. It w

NCLAT dismisses plea challenging insolvency against Avantha Power

The National Company Law Appellate Tribunal (NCLAT) has set aside the petition filed against the initiation of corporate insolvency resolution process against Avantha Power and Infrastructure, which was a corporate guarantor for loans availed by Korba West Power Company. The appellate tribunal dismissed the plea by Anil Bhargava, director of the suspended board of Avantha Power and Infrastructure Ltd (APIL), and said it was "fully in agreement with the reasons assigned" by the NCLT for admitting the insolvency plea. The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on August 16, 2021, had admitted an insolvency plea against APIL, over a petition filed by Axis Bank claiming a due of Rs 480.54 crore. The loan pertained to Korba West Power Company Ltd (KWPCL), which was the principal borrower, and the funds were for setting up a 2x600 MW Thermal Power Plant in Chhattisgarh. To part finance the project, KWPCL had availed loan facilities from a consortium of lenders led b

Sebi slaps Rs 10 cr penalty on Gautam Thapar for alleged fund diversion

Passes final order in CG Power fund diversion case; also fines Avantha Holdings Rs 5 cr and deal lenders IndusInd Bank and Aditya Birla Finance Rs 1 cr each

YES Bank case: HC grants bail to Avantha Group promoter Gautam Thapar

Bombay HC on Friday granted bail to Gautam Thapar, the promoter of Avantha Group in connection with the Yes Bank fraud case involving a transaction of Rs 307 crore with the realty company

HC dismisses Avantha Group promoter Gautam Thapar's plea challenging arrest

The Delhi High Court Thursday dismissed a plea by Avantha Group promoter Gautam Thapar, arrested by the Enforcement Directorate in connection with a Rs 500-crore money laundering case

HC asks ED to respond to Avantha Group promoter's plea challenging arrest

The Delhi High Court Monday asked the Enforcement Directorate (ED) to respond to a plea by Avantha Group promoter Gautam Thapar, arrested in connection with a Rs 500-crore money laundering case

Delhi Court sends Avantha Group promoter Gautam Thapar to 10-day ED custody

A Delhi court on Thursday extended by ten days the custodial interrogation of Avantha Group promoter Gautam Thapar, arrested by Enforcement Directorate in connection with a Rs 500 crore money laundering case. Special Judge Sanjeev Aggarwal extended Thapar's ED custody till Aug 15 after he was produced before the court on expiry of his one-day custodial interrogation granted on Wednesday. Thapar was arrested on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. The agency told the court that investigation revealed that around Rs 500 crore worth proceeds of crime were laundered through Oyster Buildwell Pvt Ltd (OBPL), Jhabua Power Limited (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power & Infrastructure Ltd (APIL), Avantha Realty Ltd. (ARL) etc. which were being controlled and beneficially owned directly or indirectly by Gautam Thapar. The probe revealed that sham agreements were made by these entities to fraudulently

Delhi court sends Avantha promoter Gautam Thapar to one-day ED custody

A Delhi court on Wednesday sent Avantha Group promoter Gautam Thapar to one-day custody of the Enforcement Directorate in connection with a Rs 500 crore money laundering case. Thapar was arrested on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. The agency told Special Judge Sanjeev Aggarwal in a hearing held through video conferencing that investigation revealed that around Rs 500 crore worth proceeds of crime were laundered through Oyster Buildwell Pvt Ltd (OBPL), Jhabua Power Limited (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power & Infrastructure Ltd (APIL), Avantha Realty Ltd. (ARL) etc. which were being controlled and beneficially owned directly or indirectly by Thapar. The probe revealed that sham agreements were made by these entities to fraudulently obtain huge amount running into more than 500 Crores from Yes Bank and further by different modes of layering the tainted amount was laundered and the loan

Tracking Gautam Thapar: Avantha Group poster boy's fall from grace

Group insiders and analysts say that the group could never recover from the rapid expansion drive, along with some failed foreign buyouts

Explained: How Avantha's Gautam Thapar lost control of his companies

Avantha Group fell prey to its ambitious inorganic growth and diversification

Money laundering case: ED arrests Avantha Group's Gautam Thapar

The agency arrested him following searches at 14 locations, including Mumbai and Delhi.

YES Bank to auction Avantha, RHC Holdings' assets to recover Rs 1,000 cr

The loan amount is due since October 31, 2019, along with further interest and cost due to the secured creditor from the borrower and mortgager

YES Bank crisis: CBI files another case against Rana Kapoor, wife

'Conspired' with Avantha group and bought house at discounted price

Once a $4-bn conglomerate, the Avantha Group is under financial stress

Till the 1990s, the Thapars, who had settled in Delhi, featured among the Top 10 business groups in the country

Avantha Holdings offers Rs 24.3 billion to save Jhabua power plant

Avantha Power has an operational power generation capacity of 626 Mw, with another 660 Mw under implementation

Avantha calls off life insurance venture with ERGO

Europe-based insurance company ERGO has begun scouting for a new partner at its life insurance business in this country. The Avantha Group, with which it had signed a joint venture (JV) agreement, has decided to withdraw, and the partnership stands effectively dissolved.ERGO International and Avantha had announced the JV in 2012, to start Avantha Ergo Life Insurance, with ERGO holding 26 per cent stake. The entity had got first-stage approval from the Insurance Regulatory and Development Authority of India (Irdai); it had applied for second-stage approval. Irdai typically has three stages of approval for starting an insurance company. R1 is an in-principle approval; R2 is granted after evaluating the business model. R3 is the final okay to start operations.The Avantha Group is a diversified conglomerate, with interests spanning pulp and paper, power transmission and distribution, food processing, energy, infrastructure and information technology. The Group operates in 90 countries, ..