SEBI Order in the matter of Golden Tobacco Limited

SEBI Order in the matter of Golden Tobacco Limited

Securities and Exchange Board of India has recently issued an order bearing number QJA/MN/CFID/CFID-SEC1/31626/2025-26, dated August 29, 2025, in connection with fund diversions at Golden Tobacco Limited (GTL), a listed entity engaged in the cigarette and real estate business.

Key Findings:

• Promoters and directors, including Mr. Sanjay Dalmia, Mr. Anurag Dalmia, and Mr. Ashok Kumar Joshi, were found to have engaged in large-scale fund diversion from GTL to group entities and associates.

• Transactions involving the sale of GTL’s valuable real estate assets were structured to benefit related parties, resulting in losses to public shareholders.

• The diversion was executed through layered transactions, unsecured loans, and opaque arrangements, violating principles of transparency and corporate governance.

  
  

SEBI’s Action:

• Noticees have been restrained from accessing the securities market. Mr. Sanjay Dalmia is debarred for a period of 24 months, Mr. Anurag Dalmia for 18 months and Mr. Ashok Kumar Joshi for 12 months from the date of the order.

• In addition, monetary penalty of Rs. 30,00,000/-, Rs. 20,00,000/-., and Rs. 10,00,000/- has been imposed on Mr. Sanjay Dalmia, Mr. Anurag Dalmia, and Mr. Ashok Kumar Joshi respectively.