Mumbai: The Securities Appellate Tribunal today rejected the appeal filed by Gautam Thapar, former chairman of CG Power and Industrial Solutions Ltd, against Securities and Exchange Board of India's ex parte ad interim order.
"We find no merit in the appeal filed by Gautam Thapar and others. The appellant should now file a reply by Oct 15," said the bench led by Justice Tarun Agarwala.
"In case appellant requires any documents from SEBI, a formal request has to be made by them. SEBI can then provide the documents on the receipt of the reply filed by Thapar."
Thapar had moved the tribunal on Aug 29 after SEBI restrained him and three others from dealing in the securities market. This came after a preliminary probe found them guilty of various financial irregularities.
He had challenged SEBI's order on grounds that the securities market watchdog did not follow principles of natural justice while passing the order.