Securities Appellate Tribunal Stays SEBI Order Against Anurag Dalmia in Golden Tobacco Case

The Securities Appellate Tribunal (SAT) has issued a stay order on a recent Securities and Exchange Board of India (SEBI) directive concerning Anurag Dalmia in relation to Golden Tobacco Limited. This development, disclosed by GHCL Textiles Limited , marks a significant turn in the ongoing regulatory proceedings.

Key Details of the SAT Order

Date of Stay Order: October 8, 2025
Original SEBI Order Date: August 29, 2025
Next Hearing Date: January 9, 2026

Conditions of the Stay Order

The SAT has imposed specific conditions while granting the stay:

Debarment Stay: The tribunal has halted the debarment imposed by SEBI.
Penalty Recovery: The recovery of the penalty amount has been stayed.
Partial Deposit Requirement: Anurag Dalmia is required to deposit 50% of the penalty amount within four weeks from the date of the SAT order.

Impact on GHCL Textiles Limited

GHCL Textiles Limited, which disclosed this information as part of its regulatory obligations, has clarified that this matter:

Pertains specifically to Golden Tobacco Limited
Has no bearing on GHCL Textiles Limited's business or operations

Regulatory Compliance

This disclosure was made by GHCL Textiles Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has duly informed both the National Stock Exchange of India Limited and BSE Limited about this development.

While the SAT's stay order provides temporary relief for Anurag Dalmia, it is important to note that this is an interim measure. The final outcome of the case will be determined in future hearings, with the next one scheduled for early 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.95%	+3.32%	+0.95%	-7.10%	-7.07%	+17.78%

GHCL Textiles Limited , a prominent player in the Indian textile industry, has reported its unaudited financial results for the quarter ended June 30, prepared in compliance with Indian Accounting Standards.

Financial Highlights

Metric	Value	Change
Net Profit	₹13.52 crore	Up 14.6% year-over-year
Revenue	₹267.75 crore	Down 7% from ₹287.93 crore in Q1 last year
EBITDA	₹30.00 crore	Up 5.6% year-over-year
EBITDA Margin	11.20%	Improved from 9.86% in the same quarter last year
Outstanding Loans and Revolving Facilities	₹94.70 crore	No defaults reported

Quarterly Performance Analysis

GHCL Textiles demonstrated resilience in a challenging market environment. Despite a 7% decline in revenue, the company managed to boost its bottom line, with net profit rising to ₹13.52 crore from ₹11.80 crore in the corresponding quarter of the previous year.

The company's focus on operational efficiency is evident in its improved EBITDA performance. EBITDA grew by 5.6% to reach ₹30.00 crore, up from ₹28.40 crore in the same period last year. More notably, the EBITDA margin expanded by 134 basis points to 11.20%, reflecting enhanced cost management and productivity.

Expansion and Capital Investment

GHCL Textiles has expanded its production capacity. The company announced the commencement of commercial production at its new 25,536 spindles facility at the Paravai location in Madurai. This expansion, known as the Meenakshi section, was formally inaugurated on July 2, although trial production had begun on June 12.

Furthermore, the Board of Directors has approved an additional capital budget of approximately ₹11.25 crore. This investment is earmarked for two key projects:

A 3 MW Roof Top Solar Power Project
Equipment for Specialty Yarns

These investments underscore GHCL Textiles' commitment to sustainable energy practices and its focus on value-added products.

Corporate Governance and Financial Management

The company reported total outstanding loans and revolving facilities of ₹94.70 crore with no defaults. GHCL Textiles confirmed no deviation in fund utilization as no public or rights issues were applicable.

The statutory auditor S.R. Batliboi & Co. LLP issued a Limited Review Report stating nothing came to their attention suggesting material misstatements in the financial results.

In a move to strengthen its leadership, the company has appointed Mrs. Sudha Pillai, IAS(Retd.), as the Lead Independent Director. This appointment is expected to bring valuable expertise and oversight to the company's board.

Market Outlook

While GHCL Textiles has shown improved profitability, the decline in revenue suggests ongoing challenges in the textile market. The company's strategic investments in capacity expansion and specialty products, coupled with its focus on operational efficiency, indicate a proactive approach to navigating the current market conditions.

As the textile industry continues to face headwinds, GHCL Textiles' performance in the coming quarters will be closely watched by investors and industry observers alike.

Note: All financial figures are based on the unaudited financial results for the quarter ended June 30, as reported by GHCL Textiles Limited.