Page 2 - Gautam Thapar

Bankruptcies, jail and even death: The year was bad for some Indian tycoons

Some of the country's biggest and most-storied businessmen saw their fortunes fade in 2019.

CG Power fraud: Thapar cites board approvals, denies fund misuse charges

CG Power board sacked Thapar after an audit report by Vaish Associates, which itself is based on as many as 23 disclaimers, claimed that Thapar swindled Rs 3,000 crore from CG Power.

SFIO begins investigation into CG Power and its 15 group companies

MCA had previously asked its SFIO to probe the affairs of the company along with 15 other firms, including two subsidiaries CG Power Solutions Ltd and CG International BV

After sacking Thapar as chairman, CG Power eyes his removal as promoter

After sacking founder Gautam Thapar as the chairman of the company, fraud-hit CG Power & Industrial Solutions has moved to declassify him as promoter, as any association with him will be prejudicial to the interests of the company, according to the firm's annual report. The company had in August stated that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors." Thapar, who was non-executive chairman of the company, was removed by its board on August 29. Its new chairman Ashish Kumar Guha in the firm's latest annual report said CG Power has been impacted by several irregular transactions and a detailed investigation concluded that there were "large and significant malfeasances." "The board acted swiftly once it received the Phase 1 (investigation) report ...

PE firm KKR looks to steady ship, focus on controlling debt structures

Didn't expect promoters to 'hollow out' firms, says India head Sanjay Nayar

CG Power asks firms linked to promoter Thapar to return Rs 3,300 crore

CG Power reported narrowing of consolidated net loss in July-September to Rs 61.47 crore

CG Power case: SAT rejects Gautam Thapar's appeal against Sebi order

The tribunal directed the capital markets regulator to provide documents with respect to the case, on receipt of Thapar's request

CG Power case: Avantha Group's Gautam Thapar moves SAT against Sebi order

BS Reporter Avantha Group's Gautam Thapar has moved the Securities Appellate Tribunal (SAT) against the order passed by the Securities and Exchange Board of India (Sebi), which barred him from the c

CG Power case: Look out circular issued against ex-chairman Gautam Thapar

The case could be referred to the Serious Fraud Investigation Office (SFIO) if the preliminary inspection report points to a fraud and gaping holes in the books of the firm

Sebi bans Gautam Thapar, three others from markets over CG Power fraud

Sebi restrained three entities belonging to Thapar-led Avantha Group from diverting their money or disposing of their assets

After Thapar, fraud-hit CG Power sacks CFO Venkatesh for alleged misconduct

The board at its meeting on Friday "terminated the employment of V R Venkatesh as the Chief Financial Officer of the company, for cause, with immediate effect," CG Power said in a regulatory filing

CG Power board removes Gautam Thapar as chairman with immediate effect

The statement said the decision was in cognizance of the current situation being faced by CG Power and the recent developments

CG Power sacks Gautam Thapar as its chairman with immediate effect

CG Power & Industrial Solutions on Thursday said its board has sacked Gautam Thapar as its chairman with immediate effect after an investigation that unearthed a multi-crore financial scam in the firm. "In cognizance of the current situation being faced by the company and the recent developments, including disclosures dated August 19, 2019, made by the company, the board of directors... passed by majority consent, have resolved to remove Gautam Thapar as the chairman of the board with immediate effect," CG Power said in a regulatory filing. CG Power said this decision has been taken in the interests of the company and its stakeholders in discharge of the fiduciary responsibilities of the board. On August 20, the company had stated that an investigation instituted by its board had found major governance and financial lapses including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including .

CG Power investors, lenders seek tycoon Gautam Thapar's removal as chairman

Investors and lenders of power equipment maker CG Power & Industrial Solutions Ltd want tycoon Gautam Thapar to be removed as chairman of the company after an investigation unearthed a multi-crore financial scam in the firm, sources privy to the development said. The company had in a regulatory filing on August 20 stated that an investigation instituted by its board had found major governance and financial lapses including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors." Also, some liabilities and advances to related and unrelated parties had been understated. While the board had on May 10 sent CEO and Managing Director K N Neelkant on leave pending an investigation into some "suspect, unauthorised and undisclosed" transaction, Thapar has continued as the company Chairman. The sources said some investors, at whose behest the probe was launched, now

CG Power stock crashes 20% after probe reveals fraudulent transactions

Such deals were executed by senior personnel: Audit report