Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs 9 lakh on three promoter entities of GHCL for violating takeover norms by failing to disclose change in company shareholding back in 2008. SEBI has imposed Rs 3 lakh each on the promoters - Dalmia Finance, Hotex Company and Oval Investment - for violation of 'Substantial Acquisition of Shares and Takeovers (SAST)' regulations.
GHCL is a leading producer of synthetic soda ash in India with an installed capacity of 8.5 lakh tonnes Per Annum (TPA) located in Gujarat. Over the years, it has diversified into yarn and home textile products. While its yarn division, with an installed capacity of 1,48,280 spindles, is located in Tamil Nadu, the home textile plant with a weaving capacity of 25,000 meter per day and processing capacity of 1 lakh meter per day for home-textiles (bed sheets and curtain panels) is located at Vapi (Gujarat).
