Adjudication Order in the matter of Golden Tobacco Limited
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What is this order about?
This order concerns Golden Tobacco Limited (GTL) and Pawan Kumar Malsaria, the company's promoter, for alleged manipulation of books of accounts and misrepresentation regarding funds given to a subsidiary, Golden Realty & Infrastructure Ltd (GRIL), during FY 2009-10 to FY 2020-21.
Who it concerns
Golden Tobacco Limited, Pawan Kumar Malsaria
What was found or directed
- SEBI found that GTL manipulated books of accounts for FY 2009-10 to FY 2020-21
- GTL gave advances to GRIL totaling Rs. 21,172.11 lakhs (FY 2009-10 to FY 2014-15)
- GRIL had no commercial substance and never commenced business
- GTL misrepresented funds as being for land development when they were diverted to other entities
- GTL's annual reports disclosed advances to GRIL for 'acquiring development rights' but funds were diverted
- GTL's subsidiary GRIL transferred funds to WGF Financial Services Ltd
- WGF Financial Services Ltd was a loss-making company with no commercial substance
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/SM/SM/2026-27/32385 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2026-04-27
ORDER_1777285496.pdf
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