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History of Asian Hotels Ltd.

YEAR EVENTS 1980 - The Comp. was incorporated on 13th November, & the Certificate of Commencement of Business was obtained on 14th January, 1981. It was promoted by R. S. Saraf, R. K. Jatia and C. K. Gupta, three non-resident Indians together with R. G. Saraf, S. K. Gupta & S. K. Jatia. The Comp. operates on hotels of international standards.

- The Comp. undertook to set up a 5-star hotel comprising 588 rooms of international standards at Cama Place Complex, New Delhi [Souths], to form part of tourist package for 1982 Asian Games & to cater to the increasing foreign tourist traffic thereafter.

1982 - 700 shares subscribed for by signatories to the Memorandum & Articles of Association & 4,96,500 shares taken up by promoters etc., 1,05,02,800 shares issued at par of which 62,42,800 shares reserved & allotted to promoters, etc. [including 55,00,000 shares allotted to non-resident Indian promoterss]. Out of the balance 42,60,000 shares, 20,60,000 shares were reserved for allotment on preferential basis to NRIs with repatriation rights & 22,00,000 shares offered for public subscription during Oct.

1985 - 26,40,000 rights shares issued in the prop. 6:25 in 1983. Only 24,50,000 shares taken up. On 24.9.1984, 1,51,500 shares forfeited. Subsequently, forfeiture on 21,800 shares annulled & 80,000 forfeited shares reissued. Unsubscribed portion of the rights issue of 1,90,000 No. of equity shares issued to New Delhi Equipment Leasing Co. limited on 28.8.1985. Forfeiture on another 44,421 shares annulled or these shares reissued.

1986 - Forfeiture on 1,877 shares annulled & 3,402 shares sold in the open market at price higher than the nominal value.

1988 - 14,08,660 shares issued to financial institutions at par on conversion of loans.

1990 - The proposal for construction of hotel at Lucknow was dropped & the land was returned to the Lucknow Development Authority. The Comp. enbarked on a programme of substantial renovation programme of entire hotel to be completed within a period of 24 months.

- The Comp. entered into a franchise agreement with M/s. Hyatt of Hong Kong Ltd., valid for a period of 10 years from the date of formal opening of hotel. In terms of agreement, the Comp. was to pay Hyatt an amount equal to 3% of gross room revenue of hotel during the currency period of agreement as franchise & marketing fee.

- Under the Franchise Agreement Hyatt was to render services and assistance to the Comp. in the fields of marketing & sales, international reservations & publicity, technical assistance relating to the planning, design & operational requirements of the hotel prior to its opening & technical assistance after its opening such as the use of trade name & logos, operational planning, financial control systems, etc. The hotel is a member of Hyatt International Chain & is named 'Hyatt Regency' Delhi.

- 12,39,600 No. of equity shares allotted.

1993 - On 31st December, the technical services, sales & market agreement expired. A new sales & marketing & management services agreement was entered into with Hyatt International for a period of 15 years effective 1st January, 1994 & term of agreement was approved by Government.

1995 - The Comp. has acquired 50,000 Equity shares of Rs 10 each at par of `J.S.G. Hotels Ltd.' hitherto board controlled subsidiary, thereby making it a wholly owned subsidiary.

- During the year the Comp. has also acquired a majority stake in the equity share capital of `Regency Convention Centre And Hotels Ltd.'

1996 - 65,15,104 bonus shares issued in prop. 2:5.

2001 -Asian Hotels Ltd has reported a 38.91 per cent decline in net profit for quarter ended September 30, 2001.

2002

-Mr R G N Swamy resigns from the Directorship of company.

2003

-Mr. Ritesh Kumar has been appointed by ICICI as their Nominee Director on the BOD on October 24, 2000. His nomination was subsequently withdrawn w.e.f July 9, 2003.

2007

-Asian Hotels Ltd has appointed Mr. Arun K. Saraf as Alternate Director to Mr. R.S. Saraf by Board of Directors at its meeting held on 8th January, 2007.

-Asian Hotels Ltd has appointed Mr. Radhe Shyam Saraf as Additional Director on the Board of Company.