Pass final order in 6 months: SAT to Sebi

New Delhi: The Securities Appellate Tribunal (SAT) has asked markets regulator Sebi to pass final order in six months in a case related to CG Power and Industrial Solutions, wherein the company's ex-chairman Gautam Thapar and three other former officials were banned from the securities market. Besides Thapar, the other officials banned were CG Power former chief financial officer V R Venkatesh and former directors Madhav Acharya and B Hariharan. The SAT ruling comes after Thapar, Hariharan and others moved to the tribunal against a Sebi confirmatory order passed in March 2020, whereby it had barred Thapar, Venkatesh, Acharya and Hariharan "from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, till further orders".

However, they were allowed to liquidate up to 25 per cent of the value of the securities held by them.

The confirmatory order followed an interim order passed by Sebi in September 2019, which had restrained the officials from the capital markets for "serious" mis-statement of accounts as well as diversion of funds. Besides, it had ordered forensic audit of the company. Noting that the restraint order is continuing since September 2019, SAT said it cannot be allowed to continue forever.