SEBI adjudication order imposes ₹8 lakh penalty on Pawan Kumar Malsaria, CFO of Golden Tobacco Limited, for certifying misleading financial statements.
Investigation found GTL diverted ₹17,517.57 lakh to subsidiary GRIL, which was further routed to promoter entities without proper disclosure from FY 2009-10 to 2020-21.
Malsaria violated SEBI LODR Regulations 17(8) and 33(2)(a) by certifying financial results that did not present a true and fair view of company affairs during his tenure as CFO from 2016-2021.
The order concludes funds were misrepresented as advances for land development when they were actually diverted to benefit promoter entities, prejudicing investor interests.