Gautam Thapar
Born (1960-12-07) 7 December 1960
Alma materPratt Institute
OccupationBusinessperson
OrganizationAvantha Group
SpouseStephanie
Children4
ParentBrij Mohan Thapar (father)
RelativesK. Thapar (grandfather)
L. M. Thapar (Uncle)
FamilyThapar family

Gautam Thapar (born 7 December 1960) is an Indian businessman who is the chairman of Avantha Group and is part of the Thapar family.

Early life

Gautam Thapar belongs to the third generation of the business family founded by his grandfather Karam Chand Thapar, in Kolkata.[1] 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.[2] 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.[3] Failing to find a suitable job and with US visa nearing expiry, he returned to India.[2]

Business career

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. Gautam showed profits within a year, by scrapping the company's expansion plans, selling off a few assets and trying to resolve labour concerns.[2] 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.[4]

When Lalit Mohan Thapar retired, he chose his nephew Gautam over Vikram.[5] In 2005, Lalit Mohan handed over the reins of the business empire to Gautam along with his voting rights, shares and most of his personal effects in his will. Gautam became the Chairman of the Group on 1 July 2006.[1]

Allegations of fraud

On 29 August 2019, he 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. 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.[6] In August 2021 the Enforcement Directorate (ED) is probing 3 cases of money laundering involving Gautam Thapar and the Yes Bank.[7] Gautam Thapar, the promoter of the Avantha Group, was arrested by the Enforcement Directorate 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.[8] In December 2022, the CBI filed a charge sheet against Gautam Thapar as well as former CEO and Managing Director of Yes Bank Rana Kapoor for their alleged bank fraud.[9]

Non-business activities

Thapar is the President of Thapar University and former Chairman of the Ananta Aspen Centre.[1] He was also on the Board of Governors of his alma mater, the Doon School.[10] 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.[11] 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.[12]

Awards

He received the Ernst & Young Entrepreneur of the Year Award for Manufacturing in 2008.[13]

See also

References

  1. 1 2 3 "Board of Directors". Crompton Greaves. Archived from the original on 21 September 2010. Retrieved 1 June 2010.
  2. 1 2 3 Feroze Ahmed. "The New Thapar". Businessworld. Archived from the original on 19 October 2009. Retrieved 1 June 2010.
  3. ↑ Staff. "Who is Gautum Thapar?". Business Standard India. No. Roundup. Archived from the original on 13 August 2021. Retrieved 16 August 2021.
  4. ↑ "Ballarpur Industries Ltd". Bloomberg Businessweek. Archived from the original on 1 October 2012. Retrieved 1 June 2010.
  5. ↑ Naazneen Karmali (29 May 2008). "The Nephew Who Came in From the Cold". Forbes.com. Retrieved 1 June 2010.
  6. ↑ "CG Power board sacks a as its chairman with immediate effect". India: Economic Times. 29 August 2019. Retrieved 29 August 2019.
  7. ↑ Harshita Tyagi (16 August 2021). "Delhi court sends Avantha Group promoter Gautam Thapar to judicial custody". Economic Times. India. Retrieved 3 September 2021.
  8. ↑ "Gautam Thapar Arrest: Rs 515-Cr Yes Bank Loan, a Bungalow Land Avantha Promoter in Jail". News18. 4 August 2021. Retrieved 20 September 2022.
  9. ↑ "CBI files charge sheet against CG Power, its former promoter Gautam Thapar in bank fraud case". Economic Times. 5 January 2023. Retrieved 17 January 2023.
  10. ↑ "p". Doon School. Retrieved 1 June 2010.
  11. ↑ NITIE Board Of Governors
  12. ↑ "The World's Billionaires: #843 Gautam Thapar". Forbes.com. 5 March 2008. Retrieved 1 June 2010.
  13. ↑ "Questions and Answers". India: The Wall Street Journal. 6 October 2009. Retrieved 10 June 2010.
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