Gautam Thapar’s efforts to wrest back control of his group company CG Power and Industrials by buying back pledged shares are likely to hit a wall. Lenders including KKR and Yes Bank have converted the pledged shares into equity, making a share transfer impossible, said people with knowledge of the development.
Larsen & Toubro’s 10% stake, which is held in a trust, cannot be bought by Thapar because the Securities and Exchange Board of India has barred the promoter and his entities from engaging in equity transactions. Read More
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