CG Power: Gautam Thapar, others banned from markets

New Delhi: Sebi barred CG Power and Industrial Solution's ex-chairman Gautam Thapar and three other former officials from capital markets for 'serious' misstatement of accounts as well as diversion of funds, and ordered forensic audit of the company.

Besides Thapar, the other officials facing ban are CG Power's ex-CFO V R Venkatesh and former directors -- Madhav Acharya and B Hariharan.

Also, Sebi has asked the BSE to appoint an independent auditor for conducting a detailed forensic audit of the books of accounts of CG Power from the financial year 2015–16 onwards till date to verify wrongful diversion of the company's funds, misrepresentation of financials and manipulation of books of accounts.

The independent auditor has been asked to submit a report to Sebi within six months. The order comes after Sebi, suo moto, had taken note of certain news articles published last month.

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