Golden Tobacco's realty plan gets investors' nod

MUMBAI: Sanjay Dalmia-controlled Golden Tobacco (GTL) on Monday received the shareholders’ permission at an extra-ordinary general meeting (EGM) to develop property at Vile Parle in Mumbai and sell real estate assets in Hyderabad and Guntur.

In a media statement, the company said 70% of the shareholders cast their vote in favour the resolution. Pramod Jain, a minority shareholder of GTL, who launched an open offer to buy additional 25% stake, last week moved the Company Law Board challenging the resolution. GTL said the move to develop and sell real estate assets was aimed at unlocking the shareholders’ value.

Mr Jain had sought injunction on GTL’s plan on the plea that his proposal to launch an open offer had been pending with the Sebi and the hence, the company should not be allowed to divest any assets. Mr Jain, who holds a 6.5% stake, has offered to pay Rs 101 apiece to buy shares from GTL shareholders, Rs 42 lower than Monday’s closing of the stock.

Mr Dalmia holds a 27% stake in GTL.