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Golden Tobacco Ltd. Company History and Annual Growth Details

1967 - In March, 40,000 `A' equity shares of Rs.100 each and 1,00,000 N-C Participating
preference shares of Rs.100 each were issued as bonus shares.

1969 - In March, 12,00,000 `B' equity shares of Rs.10 each were issued as bonus shares.

1971 - The Company was Incorporated on 15th March. The Company's object to Manufacture
of cigarettes, chemicals, paper and high wet modulus fibre and to carry on real estate

- Some of the brand names used by the Company are Panama, Newdeal, Esquire, Taj,
Gaylord, Golden, Diamond Goldflake and Gnat.

- `A' Class equity shares of Rs.100 each and non-cumulative preference shares of Rs.100
each were subdivided and also shares were converted into equity shares of Rs.10 each.

- The company was originally started as a proprietary concern in 1930 and was made a
partnership firm in 1951.

- In Jan 1972, 7,00,000 bonus shares issued in prop. 1:4. In Feb. 992, 15,00,000 shares
offered at par for public subscription.

1972 - 17,000 No. of equity shares of Rs.10 each issued for cash to promoters and 3,000 No. of
equity shares of Rs.10 each were issued as fully paid up without payment in cash to

1973 - The Company signed collaboration agreements with Assam Industrial Development
Corporation Ltd., on 9th April and With Jammu and Kashmir state Industrial Development
Corporation on 6th August, for promoting new companies in Joint sector to establish
cigarette factories in their respective states. Similar agreement was finalised with
Madhya Pradesh Audyogik Vikas Nigam Ltd., for putting up a cigarette factory in Madhya

1979 - On 23rd May, (i) GTC Investment and Finance Ltd., (ii) Panama Investment and Finance
Ltd., (iii) Rajnigandha Investment And Finance Ltd., and (iv) Olive Investment & Finance Ltd.,
were incorporated as subsidiaries of the Company.

1980 - The Company subscribed to 5,998 No. of equity shares of Rs.10 each out of 6,000 No. of
equity shares issued by Golden Investment (Sikkim) Pvt. Ltd., whereupon it became a

- As on 30th June, the company revalued its land and buildings and plant and machinery.
The surplus of Rs.11,49,87,421 arising out of this was credited to capital reserves.

1981 - Manufacturing arrangements were also made with Sri Chandra Tobacco Co. Ltd., Assam.

1982 - During August-September, the Company issued debentures of Rs.3 crores to meet the
long-term working capital requirements. These debentures carry interest at the rate of
15% per annum and are redeemable after 7 years at a premium of 5%.

1984 - The Company entered into new arrangements with Paramount Cigarettes Ltd., and
Galaxy Tobacco Pvt. Ltd.

- With effect from 20th August, the name of the Company was changed from Golden
Tobacco Co. Ltd., to GTC Industries Ltd.

1986 - The Company entered into manufacturing arrangments with Patliputra Tobacco Co.
Pvt. Ltd., Cossipore in Calcutta, Chinar Cigarettes Pvt. Ltd., Bharatpur in Rajasthan
and TamilNadu Tobacco Co. Ltd., Salem in Tamil Nadu.

- The implementation of the cigarette tissue project at Chiplun, Maharashtra was delayed.
The Commercial production was wrapping and packing paper at Roha plant (Maharashtra)
reached satisfactory level of performance.

- The main reasons for the poor results were, the natural calamities in North India and West
Bengal and the introduction of a new excise duty based on length of cigarettes as against
the printed prices.

- The Company undertook to promote a resorts project in Goa on property time share basis.

- A surplus of Rs.6.49 crores arising out of revaluation of land and building as on 30th June.

1987 - The Company pursued the implementation of the cigarettes tissue paper project, in
Chiplun, Maharashtra. The company undertook other export activities.

- The company proposed to shelve the speciality paper project at Thailand for the time

- Gujarat Heavy Chemicals Ltd., Co. promoted by the Company, went public.

1988 - A new brand of cigarette, name `Burton', was introduced in the market.

- The project made steady progress and the first units were ready since October.

- Rs.24.80 crores arising out of revaluation of fixed assets as on 30th June, were transferred
to capital reserves.

1989 - The Company launched Panama Regular and GGF Virginia in the 59mm segment. Also
`MS Special Filter' a unique cigarette made exclusively for women was also launched.
In addition to the traditional items of export, viz., unmanufactured tobacco and cigarettes,
the Company also entered the exports market for agro based products.

- The company issued 8,00,000 - 14% secured redeemable non-convertible debentures
of Rs.100 each on rights basis to the equity shareholders in the ratio of 4 debentures for
every 25 equity shares held (all were taken up).

- Permission was also received to retain over-subscription to the extent of 15% of the issue.

- These debentures are redeemable in four annual installments of Rs.25 each beginning at
the end of sixth year from the allotment date. Premium of Rs.5 per debenture will be paid
with the second installment.

1990 - `Legend', a low tar low nicotine cigarette was launched.

- The Company entered into a manufacturing agreement with Universal Tobacco Co. Ltd.,
Hyderabad for the manufacture of its brands on a job work basis.

- The company also entered into an agreement with Sikkim Tobacco Pvt. Ltd., a joint sector
undertaking with Sikkim Government, for the manufacture of its brand of cigarettes.
Manufacturing agreements were also entered into with J & K Cigarettes Ltd., Jammu, Suvarna
Filter & Tobacco Products Pvt. Ltd., Hyderabad.

- Similar agreement was also negotiated with Geekay Tobacco Products Pvt. Ltd., New Delhi.

- The Company offered 8,00,000-14% secured redeemable non-convertible debentures of
Rs.100 each on Rights basis in prop. 4 deb: 25 shares held. Only 5,331 debentures taken
up. The unsubscribed portion of 7,94,669 debentures devolved on underwriters. These
are redeemable at a premium of Rs.5 per debenture in four equal instalments at the end of
6th, 7th, 8th and 9th year from the date of allotment of debentures ie., on 31st March.

1993 - 50,00,000 Right equity shares issued (prem. Rs.90; Prop. 1:1). Another 5,500 shares
allotted at a premium of Rs.90 to Employees.

1994 - The Company entered into licensing agreement with Rothmans of Pall Mall (International)
Ltd., to enhance the portfolio for volume growth in premium segements, upgradation of
manufacturing technology and export significant value of tobacco to Rothmans
factories worldwide.

- With a view to achieving significant export business the company promoted a separate
100% subsidiary company under the name `GTC Exports, Ltd.'.

- The Company co-promoted DSS Mobile Communication Ltd., a widely located paging

- 60,03,301 bonus equity shares issued prop. 3:5 of these were pending allotment.

1995 - 19,135 bonus equity shares allotted previously kept in abeyance.

- Performance was affected due to high cost of finance, inputs and services. The company
had to absorb the impact of Dealers claims for luxury tax in sale of cigarettes in some states.

- The Company proposes to file reference to BIFR in accordance with the statutory provisions
as the entire net worth have been eroded due to losses.

1996 - GTC Investment & Finance Limited, Panama Investment & Finance Limited, Olive
Investment & Finance Limited, Rajnigandha Investment & Finance Limited, Golden
Investment (Sikkim) Private Limited, GTC Global Limited. are the subsidiary of the

- Shri S.K.Mukherji, Shri Naresh Chandra, Shri Gautam Divan, Shri S.K.Ruia, Shri T.M.
Gopalaswamy and Shri Harish Khaitan have resigned as Directors of the Company.

- Shri R.S. Jalan, Shri N.V.Joshi, Shri Viney Mehra and Shri Ved Berry were appointed
as Whole time Directors of the Company with effect from 1st October.

2000 - The Company has entered into agreement with CDSL & NSDL for dematerialisation
of shares.


-i) V N Joshi - resigned; ii) A K Joshi - appointed as Whole time Director.


-Delist equity shares from Vadodara Stock Exchange Ltd (VSE).


- GTC Industries Ltd has informed that Shri. Sanjay Dalmia & Shri. Anurag Dalmia have been appointed as Additional Directors on the Board of the Company w.e.f. August 30, 2007.


- Gtc Industries Ltd has appointed Shri Rishabh Jain as an Additional Director on the Board of the Company.

-GTC Industries Ltd has informed that the Annual General Meeting held on July 14, 2008 had approved the change of name of the Company from "GTC Industries Ltd" to "Golden Tobacco Ltd".

-Registered Office of the Company has been shifted From Tobacco House, S. V. Road, Vile Parle (West), Mumbai- 400 056 To Darjipura, Post - Amaliya, Vadodara-390022, Gujarat.

-The company appointed Shri A. K. Joshi as Acting Managing Director of the Company.

-The company appointed Shri Jaskam S. Khuran and Shri Ved Berry as Additional Director.