Sebi on Tuesday fined businessman Gautam Thapar Rs 10 crore for his role in diverting funds from CG Power &amp; Industrial Solutions and for misrepresenting company's finances.&nbsp;Thapar, former chairman of CG Power, has also been banned from the market for five years.
Along with him, three Thapar group companies Avantha Holdings, Action Global and Solaris Industrial&nbsp;Chemicals have been fined Rs 5 crore, while Aditya Birla Finance and IndusInd Bank have been fined Rs 1 crore each for their roles in fund diversion. Seven other entities have also been fined. The penalty imposed on these llentities was a little over Rs 30 crore, the 248-page Sebi order showed.
Sebi also banned Avantha Holdings, Action Global and Solaris Industrial Chemicals, all group companies, from securities markets for five years.
Sebi found that the 11 entities had acted "in concert in order to execute a fraudulent scheme of diversion of funds or creating encumbrances of assets of a listed entity."
In this fraud, each of the entities penalized played their assigned roles "in order to give these transactions a colour different from the one which they actually hold. In this process, they exceeded their authority, they exercised authority which was not vested in them and misused the authority given to them," Sebi said in its report.

Sebi fines Gautam Thapar ₹10 crore for funds diversions

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