Gautam Thapar

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Gautam Thapar
40. St.Gallen Symposium-Gautam Thapar-HSGN 028-01984.JPG
St. Gallen Symposium, 2010
Born (1960-12-07) 7 December 1960 (age 64)
Education The Doon School
Alma mater St. Stephen's College, Delhi
Pratt Institute
Occupation Businessman
Organization Avantha Group
SpouseStephanie
Children4
ParentBrij Mohan Thapar (father)
Relatives K. C. Thapar (grandfather)
L. M. Thapar (uncle)
Family Thapar family

Gautam Thapar (born 7 December 1960) is an Indian businessman who is the chairman of Avantha Group and a member of the Thapar family. [1] Thapar was noted as an industrialist; however, in 2019, he faced allegations of financial fraud which negatively impacted his businesses and included Thapar losing control of his largest company. [1] [2]

Contents

Early life and background

Gautam Thapar belongs to the third generation of the Thapar family, founded by his grandfather Karam Chand Thapar, in Kolkata. [3] Karam Chand had initially offered the reins of the family business to Gautum's father, Brij Mohan Thapar, bypassing his oldest son Inder Mohan Thapar. However, Brij Mohan passed on the chance to his younger brother Lalit Mohan Thapar, giving lack of desire and inability to shoulder the responsibility as the reasons. [4]

Education

Thapar was educated at The Doon School and obtained his undergraduate degree from St. Stephen's College (at Delhi University). He later studied for an advanced degree in chemical engineering at the Pratt Institute in the United States. [5] Failing to find a suitable job and with US visa nearing expiry, he returned to India. [1] [4]

Business career

Early in his career, in 1985, Thapar first worked in KCTB 's manufacturing plant in Yamunanagar and then he moved to Andhra Pradesh Rayons, where he fixed the business relationship between the company and Grasim Industries. [1] In 1997, Thapar had responsibility to turn around the BILT's chemical division, which was suffering losses due to management-labour conflicts and shortage of water and power. [6] [1] Gautam showed profits within a year, by scrapping the company's expansion plans, selling off a few assets and trying to resolve labour concerns. [4] The family's assets were divided into four in 1999, with Gautam's older brother Karan parting ways in 2005. Gautam became the Chairman of Crompton Greaves on 22 July 2004. [7]

When Lalit Mohan Thapar retired, he chose his nephew Thapar over Vikram. [8] In 2005, Lalit Mohan handed over the reins of the business empire to Thapar along with his voting rights, shares and most of his personal effects in his will. Thapar became the Chairman of the Group on 1 July 2006. [3] Thapar was not initially Lalit Mohan's choice of heir and eventually gained control of his share of the Thapar Group businesses through a power struggle with his other family members. [8] In 2007, he renamed his corporate group to Avantha Group. [1]

Allegations of fraud

On 29 August 2019, Thapar was sacked as Chairman of CG Power and Industrial Solutions with immediate effect after an investigation that unearthed a multi crore financial scam at the firm. [9] On 20 August 2019, the company had stated that an investigation instituted by its board had found major governance and financial lapses in the company. [10] In August 2021, the Enforcement Directorate (ED) is probing 3 cases of money laundering involving Thapar and the Yes Bank. [11] Thapar, the promoter of the Avantha Group, was arrested by the ED in connection with an alleged money laundering case. Thapar was arrested by authorities under the Prevention of Money Laundering Act (PMLA) on August 3 following raids that were conducted by the ED in Mumbai and Delhi according to a report by PTI. [12]

In 2022, he was granted bail by the Bombay High Court and he was also granted interim bail by the Delhi High Court on medical grounds. [13] [14] In December 2022, the CBI filed a charge sheet against Thapar as well as former CEO and Managing Director of Yes Bank Rana Kapoor for their alleged bank fraud. [15] In August 2024, the ED, as part of their investigations into the PMLA case against Thapar, attached Rs 678 core worth of assets of the Avantha Group. [16] In September 2024, the ED, as part of the probe into the alleged bank fraud, attached 24 properties worth Rs 78 crore of a company beneficially owned by Thapar. [17]

Non-business activities

Thapar is the President of Thapar University and former Chairman of the Ananta Aspen Centre. [3] He was also on the Board of Governors of his alma mater, the Doon School. [18] In 2010, he took over as the chairman of the board of governors of the Mumbai-based business school NITIE, for a 4-year period. [19] He also promotes golf and is president of the Professional Golf Tour of India. The EUR 1.8m Avantha Masters, tri-sanctioned by the European Tour, the Asian Tour and the Professional Golf Tour of India, is India's richest golf event and synonymous with professional international golf in India. [20]

Awards

He received the Ernst & Young Entrepreneur of the Year Award for Manufacturing in 2008. [21]

Personal life

Thapar has been married twice. [22] His second wife is Stephanie. [22] Thapar has 4 children. [23]

See also

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References

  1. 1 2 3 4 5 6 Gopalan, Krishna (4 October 2019). "Gautam Thapar Inside Story". Outlook Business. Retrieved 31 December 2024.
  2. ↑ "Behind Bars: India Inc. Czars Who Fell To The Last Business Cycle". NDTV Profit. 5 August 2021. Archived from the original on 8 August 2024. Retrieved 1 January 2025.
  3. 1 2 3 "Board of Directors". Crompton Greaves. Archived from the original on 21 September 2010. Retrieved 1 June 2010.
  4. 1 2 3 Feroze Ahmed. "The New Thapar". Businessworld. Archived from the original on 19 October 2009. Retrieved 1 June 2010.
  5. ↑ Staff. "Who is Gautum Thapar?". Business Standard India. No. Roundup. Archived from the original on 13 August 2021. Retrieved 16 August 2021.
  6. ↑ Dubey, Jyotindra (15 October 2019). "The downfall! How this iconic Delhi business empire went bust". The Economic Times. ISSN   0013-0389 . Retrieved 30 December 2024.
  7. ↑ "Ballarpur Industries Ltd". Bloomberg Businessweek. Archived from the original on 1 October 2012. Retrieved 1 June 2010.
  8. 1 2 Naazneen Karmali (29 May 2008). "The Nephew Who Came in From the Cold". Forbes.com . Archived from the original on 29 November 2010. Retrieved 1 June 2010.
  9. ↑ PTI (29 August 2019). "CG Power board sacks Gautam Thapar as its chairman after probe over financial scam". Business Today. Retrieved 30 December 2024.
  10. ↑ "CG Power board sacks a as its chairman with immediate effect". India: Economic Times. 29 August 2019. Retrieved 29 August 2019.
  11. ↑ Harshita Tyagi (16 August 2021). "Delhi court sends Avantha Group promoter Gautam Thapar to judicial custody". Economic Times. India. Archived from the original on 3 September 2021. Retrieved 3 September 2021.
  12. ↑ "Gautam Thapar Arrest: Rs 515-Cr Yes Bank Loan, a Bungalow Land Avantha Promoter in Jail". News18. 4 August 2021. Archived from the original on 24 April 2022. Retrieved 20 September 2022.
  13. ↑ "Bombay HC grants bail to Gautam Thapar, promoter of Avantha Group". Business Today. 25 March 2022. Archived from the original on 22 April 2022. Retrieved 30 December 2024.
  14. ↑ "Interim Bail To Avantha Group Promoter In Money Laundering Case". www.ndtv.com. 27 May 2022. Archived from the original on 30 June 2022. Retrieved 30 December 2024.
  15. ↑ "CBI files charge sheet against CG Power, its former promoter Gautam Thapar in bank fraud case". Economic Times. 5 January 2023. Archived from the original on 17 January 2023. Retrieved 17 January 2023.
  16. ↑ Sharan, Abhishek (16 August 2024). "ED attaches ₹678 crore worth assets of Gautam Thapar-owned Avantha Group". Hindustan Times. Archived from the original on 17 August 2024. Retrieved 30 December 2024.
  17. ↑ "ED attaches Rs 78 crore worth land owned by Gautam Thapar". The Indian Express. 8 September 2024. Archived from the original on 18 September 2024. Retrieved 30 December 2024.
  18. ↑ "p". Doon School. Retrieved 1 June 2010.[ dead link ]
  19. ↑ "NITIE Board Of Governors". Archived from the original on 13 September 2011. Retrieved 19 August 2011.
  20. ↑ "The World's Billionaires: #843 Gautam Thapar". Forbes.com . 5 March 2008. Retrieved 1 June 2010.
  21. ↑ "Questions and Answers". India: The Wall Street Journal. 6 October 2009. Retrieved 10 June 2010.
  22. 1 2 Press Trust of India (12 March 2015). "Indian-Origin Billionaire Gautam Thapar's Wife Accused of 'Damaging' Bentley". NDTV. Retrieved 8 January 2025.
  23. ↑ Cappiello, Emily (10 January 2012). "Gautam Thapar". Forbes. Archived from the original on 8 December 2024. Retrieved 8 January 2025.
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