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Golden Tobacco > Company History > Cigarettes > Company History of Golden Tobacco - BSE: 500151, NSE: GOLDENTOBC

Golden Tobacco

BSE: 500151|NSE: GOLDENTOBC|ISIN: INE973A01010|SECTOR: Cigarettes
Jun 20, 16:00
Jun 21, 15:31
Company History - Golden Tobacco
YEAR                       EVENTS
 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
 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
           - 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,
           - 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
           - 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
              of shares.
 -i) V N Joshi - resigned; ii) A K Joshi - appointed as Whole time
 -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.
Source : Dion Global Solutions Limited
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