New Delhi, Aug 30
Golden Tobacco Limited (GTL) and its promoters have been subject of a new order from the Securities and Exchange Board of India (SEBI), which cited fund diversion, account misstatement, and disclosure violations. The order, which was issued following a thorough investigation, focuses on years of improper use of company assets and irregular financial practices.
Due to his violations of the Listing Obligations and Disclosure Requirements (LODR) Regulation and the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulation, SEBI has banned Sanjay Dalmia, the promoter of GTL, from the securities market for two years and fined him Rs 30 lakh.
Another promoter and director, Anurag Dalmia, was fined Rs 20 lakh and banned for a period of one and a half years.
Additionally, Ashok Kumar Joshi, the former director, was ordered to pay a penalty of Rs 10 lakh and was banned from the capital market for a year.