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History of Golden Tobacco Ltd.

YEAR EVENTS 1967 - In March, 40,000 `A' equity shares of Rs.100 each & 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 Comp. was Incorporated on 15th March. The Company object to Manufacture of cigarettes, chemicals, paper & high wet modulus fibre & to carry on real estate business.

- Some of brand names used by Comp. are Panama, Newdeal, Esquire, Taj, Gaylord, Golden, Diamond Goldflake & Gnat.

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

- The Comp. was originally started as a proprietary concern in 1930 & 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 & 3,000 No. of equity shares of Rs.10 each were issued as fully paid up without payment in cash to promoters.

1973 - The Comp. signed collaboration agreements with Assam Industrial Development Corporation Ltd., on 9th April & With Jammu & 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 Pradesh.

1979 - On 23rd May, [is] GTC Investment & Finance Ltd., [iis] Panama Investment & Finance Ltd., [iiis] Rajnigandha Investment And Finance Ltd., & [ivs] Olive Investment and Finance Ltd., were incorporated as subsidiaries of Company.

1980 - The Comp. subscribed to 5,998 No. of equity shares of Rs.10 each out of 6,000 No. of equity shares issued by Golden Investment [Sikkims] Pvt. Ltd., whereupon it became a subsidiary.

- As on 30th June, the Comp. revalued its land & buildings & plant & 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 Comp. 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 & are redeemable after 7 years at a premium of 5%.

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

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

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

- The implementation of cigarette tissue project at Chiplun, Maharashtra was delayed. The Commercial production was wrapping & packing paper at Roha plant [Maharashtras] reached satisfactory level of performance.

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

- The Comp. 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 & building as on 30th June.

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

- The Comp. proposed to shelve the speciality paper project at Thailand for time being.

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

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

- The project made steady progress & 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 Comp. launched Panama Regular & 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 & cigarettes, the Comp. also entered the exports market for agro based products.

- The Comp. 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 ups].

- Permission was also received to retain over-subscription to the extent of 15% of 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 Comp. entered into a manufacturing agreement with Universal Tobacco Co. Ltd., Hyderabad for manufacture of its brands on a job work basis.

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

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

- The Comp. 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 & 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. 1:1s]. Another 5,500 shares allotted at a premium of Rs.90 to Employees.

1994 - The Comp. entered into licensing agreement with Rothmans of Pall Mall [Internationals] Ltd., to enhance the portfolio for volume growth in premium segements, upgradation of manufacturing technology & export significant value of tobacco to Rothmans factories worldwide.

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

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

- 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 & services. The company had to absorb the impact of Dealers claims for luxury tax in sale of cigarettes in some states.

- The Comp. 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 and Finance Limited, Panama Investment and Finance Limited, Olive Investment and Finance Limited, Rajnigandha Investment and Finance Limited, Golden Investment [Sikkims] Private Limited, GTC Global Limited. are the subsidiary of the company.

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

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

2000 - The Comp. has entered into agreement with CDSL and NSDL for dematerialisation of shares.

2003

-is] V N Joshi - resigned; iis] A K Joshi - appointed as Whole time Director.

2005

-Delist equity shares from Vadodara Stock Exchange Ltd [VSEs].

2007

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

2008

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

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