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Informist, Monday, Jul. 21, 2025

HYDERABAD – Tilaknagar Industries Ltd. Monday said the company has not received any communication or information from Andhra Pradesh police related to ongoing inquiry into the alleged malpractices in liquored trade in the state.

"We would like to place on record that the company has not received any communication or information to this effect from any regulatory authority or enforcement agency, till date," Tilaknagar Industries said in an exchange filing referring to media report. 

Earlier on Monday, Informist had reported, quoting a charge sheet filed by Andhra Pradesh police saying that Tilaknagar Industries allegedly paid bribes to secure orders in the state. The crime investigation department of the Andhra Pradesh police has named Tilaknagar Industries Ltd. and several private distilleries and suppliers in its charge sheet in an alleged INR 35.00 billion liquor scam in which former Andhra Pradesh chief minister Y.S. Jaganmohan Reddy, leaders of his party, and some state bureaucrats are accused.

Reacting to the news, shares of Tilaknagar Industries, which were trading around 11% higher, gave up half the gains. The shares closed 5.6% higher at INR 418.80 on the National Stock Exchange.

"Tilaknagar Industries Ltd. used its privileged position and influence in APSBCL (Andhra Pradesh State Beverages Corp. Ltd.) to secure massive sales. To retain this advantage, it routed a share of its legitimate revenue to jewellery merchants," according to the charge sheet. "The received gold was systematically handed over to syndicate handlers. This gave the transactions a veneer of legal GST-compliant business expense, while effectively converting white banked money into untraceable black assets."

As always, the company remains focused on maximising shareholder value through ethical business dealings and practices, Tilaknagar Industries said.  End

Reported by Narayana Krishna

Edited by Akul Nishant Akhoury

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