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

The Securities and Exchange Board of India (Sebi) slapped a penalty of Rs 10 crore on Gautam Thapar of the Avantha Group on Tuesday, for alleged fund diversion at CG Power and Industrial Solutions, where he was chairman.

The regulator also imposed Rs 5 crore on Avantha Holdings and Rs 1 crore each on IndusInd Bank and Aditya Birla Finance, lenders involved in the transactions with the Avantha Group.

A total penalty of Rs 30.15 crore has been slapped in the matter against 11 entities. Thapar and Avantha Holdings have also been restrained from the capital market for a period