SEBI finds ₹17,195.3 lakh outstanding in Golden Tobacco's subsidiary
This order details SEBI's investigation into whether Golden Tobacco Limited (GTL) manipulated its accounts between FY 2009-10 and FY 2020-21 by diverting funds to a subsidiary, Golden Realty & Infrastructure Ltd (GRIL), and misrepresenting the purpose of these funds in its annual reports.
Pawan Kumar Malsaria (Noticee), Golden Tobacco Limited (GTL), Golden Realty & Infrastructure Ltd (GRIL), WGF Financial Services Ltd (WGF)
- SEBI alleged violations of Regulation 17(8) and 33(2)(a) of the SEBI (LODR) Regulations, 2015.
- SEBI found that GTL advanced Rs. 21,172.11 lakhs to GRIL between FY 2009-10 and FY 2014-15.
- SEBI observed that GRIL had no commercial substance and never commenced business.
- SEBI noted that funds were diverted from GRIL to WGF Financial Services Ltd and other entities.
- SEBI concluded that GTL misrepresented the utilization of funds in its annual reports, claiming they were for land development rights.
- The order is an Adjudication Order under Section 15-I of the SEBI Act, 1992.
Written from the document by AI, and checked against it. The original below is authoritative.
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Document details
| Official title | Adjudication Order in the matter of Golden Tobacco Limited |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/SM/SM/2026-27/32385 |
| Status | None (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |