The order comes following a SAT directive in February which granted Sebi time till March 10 to pass the final order in the matter.
The officials had moved the tribunal following an interim order passed by Sebi in September 2019, which had barred them from the capital markets for "serious" misstatement of accounts as well as diversion of funds. Besides, it had ordered forensic audit of the company.
In its 174-page confirmatory order on Wednesday, Sebi 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.
These four former officials "shall however, be permitted to liquidate up to 25 per cent of the value of the securities held by them as on the date of the interim order".
The relaxation has been given following a plea by them. Most of the officials in their applications to the regulator explained the hardship they are facing in their personal lives.
Further, they have been restrained from being associated with any intermediary registered with Sebi or any listed entity till further orders.
Sebi also said that CG Power will continue to take all necessary steps to recover the amounts due to the company.
Avantha Holdings, Acton Global and Solaris Industrial Chemicals have been directed to retain funds/other assets to the extent of receivables shown as outstanding to CG Power.
The regulator conducted an investigation to ascertain whether there were any violations of the provisions of securities laws by the company and its directors or promoters during the period 2016-2019.
Sebi prima facie noted that the chairman along with certain directors, employees of CG Power and related entities, had perpetrated irregularities. These include use of certain assets of the company as collateral, including being co-borrower and/or guarantor, for enabling third parties to obtain loans without due authorisation from the board of CG Power.
They allegedly routed transactions through subsidiaries, promoter-affiliated companies and other connected parties for ultimate benefit of companies related to promoter group.
Further, they allegedly used different accounting heads for concealing payments made by CG Power, facilitated interest free advances to promoter-affiliated companies and entered into dubious transactions
The regulator, in the interim order, had said the transactions are prima facie "designed to divert/siphon off money from the listed company, which rightfully belongs to its shareholders".
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.