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The anisotropic shape of calamitic LC particles results in distinct energy values when nematogens are placed side-by-side or end-to-end. The energy anisotropy governed by parameter K' has deep consequences on equilibrium & non-equilibrium properties. Using GB model, which shows Nm & low temperature Sm order, we undertake large-scale MC & MD simulations to probe effect of K' on the equilibrium phase diagram & the non-equilibrium domain growth following a quench in the temperature T (coarsening). There are 2 transitions in the model, I->Nm at Tc1 & Nm->Sm at Tc2<Tc1. K' decreases Tc1 significantly, but has relatively little effect on Tc2. Domain growth in Nm phase exhibits the well-known LAC law, L(t)~t^0.5 & evolution is via annihilation of string defects. The system exhibits dynamical scaling that is also robust with respect to K'. We find that Sm phase at quench temperatures T (T>Tc1->T<Tc2) that we consider has SmB order with a hexatic arrangement of the LC molecules in the layers. Coarsening in this phase exhibits a striking two-time-scale scenario: first the LC molecules align & develop orientational order, followed by emergence of characteristic layering along with the hexatic bond-orientational-order within layers. Consequently, the growth follows the LAC law L(t)~t^0.5 at early times & then shows a sharp crossover to a slower growth regime at later times. Our observations strongly suggest L(t)~t^0.25 in this regime. Interestingly, the correlation function shows dynamical scaling in both the regimes & the scaling function is universal. The dynamics is also robust with respect to changes in K', but the smecticity is more pronounced at larger values. Further, the early-time dynamics is governed by string defects, while the late-time evolution is dictated by interfacial defects. We believe this scenario is generic to Sm phase even with other kinds of local order within Sm layers.