GTC Industries changes name to Golden Tobacco

July 28th, 2008 - 4:42 pm ICT by IANS  

New Delhi, July 28 (IANS) Indian tobacco major GTC Industries Ltd has changed its name to Golden Tobacco Ltd, the company said Monday. Upon approval by the Registrar of Companies, Maharashtra, a fresh certificate of incorporation has been issued, the company said in a regulatory statement.

The shareholders had approved the company’s proposal to change the name through a special resolution passed at the annual general meeting held July 14.

Then the company made an application to the central government’s ministry of corporate affairs under Section 21 of the Companies Act, 1956 for change of its name, the statement said.

This application has now been approved by the registrar of companies, Maharashtra, and the company received the approval Monday, the statement said.

The move comes in the wake of the company’s shareholders approving February this year a plan to demerge the company’s tobacco business from its real estate business to create two separate entities. Both entities are to be listed on the stock exchanges where the shares of the company are currently listed.

The change of name will now pave the way for the demerger.

The Rs.1.65 billion tobacco major and flagship of the Dalmia Group was earlier known as Golden Tobacco Company. It changed the name to GTC Ind after the promoter group merged some of its non-tobacco businesses with Golden Tobacco. Now, with the tobacco business slated to be demerged again, the company has gone in for another name change.

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