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History of Bharat Hotels Ltd.

EVENTS 1981 - The Comp. was incorporated on 22nd January, at New Delhi. The object is to set up and operate hotels. The Comp. was promoted by Delhi Automobiles [Ps] limited and Suri Group.

- The Comp. undertook to set up 5-star Super Downtown hotel & a Shopping Cum Commercial Complex at Connaught Place on Barakhamba Lane.

- The hotel was to incorporate 24 hour coffee shop, lobby bar, 5 party rooms, banquet hall, Indian, Chinese, Japanese and Continental restaurants etc. Also, a `Holiday Inn Connaught Plaza', in New Delhi, was incorporated with glass capsule elevators to provide view of lobby atrium as well as public areas.

1984 - 19,97,010 shares issued at par out of which 9,00,000 shares reserved for preferential allotment to NRIs with repatriation rights. [Only 3,74,650 shares taken ups]. The balance 10,97,010 shares, along with 5,25,350 shares not taken up by NRIs were offered to the public in August 1984.

1990 - 1,17,500 shares forfeited. These were later reissued at par.

1991 - 30,00,000 shares issued at par as rights in prop. 1:3. Another 1,50,000 shares offered at par to employees/workers of the company. Additional 3,33,334 shares to shareholders & 16,666 shares to employees allotted to retain over subscription.

1994 - The New Business Centre located in the Hotel Lobby was commissioned.

- The Hotel undertook to complete the first phase of renovating the hotel by refurbishing over 170 room in 7 floors that include the executive floors of hotel, renovate the rendezvous, the 24 hour restaurant. In the second phase other restaurants of the hotel & the balance rooms and suites were to be taken up.

- The Comp. terminated the licence agreement & the Trade Mark Users Agreement with Holiday Inn Inc., & Bagg International Holdings NV respectively.

- Malbros Hotels limited became a subsidiary of Hotel. The Comp. amalgamated Malbros Hotel limited with itself. As per the amalgamation, Bharat Hotels limited issued 15,00,000 No. of equity shares of Rs 10 each to be paid to the shareholders of erstwhile Malbros Hotels Ltd.

1995 - Executive suites were taken up for refurbishing. Also, upgrading of public areas & facilities such as health club, beauty parlour, swimming pool etc. were taken up.

- The Comp. entered into a franchise marketing agreement with the Holiday Inn Inc., U.S.A. hotel chain, valid for a period of 10 years from the date of formal opening of hotel.

- The Hotel entered into a Cooperation Agreement & other agreements with Hilton International Company, USA.

1996 - The Comp. issued 13,00,000 GDRs of US $15 each representing 26,00,000 underlying No. of equity shares of Rs 10 each. One GDR represents 2 No. of equity shares. 55,33,333 bonus equity shares issued in prop. 1:3.

- The Comp. proposed to issue secured non-convertible debentures to the tune of Rs 20 crores by way of private placement with certain non-resident Indians, on repatriation basis, directly and/or with their companies & associates abroad. Government approval was received.

2000 - Bharat Hotel one of oldest vegetarian hotels in the city, has set up a new hotel project BTH Sarovaram -- on the bypass road here, adjoining the backwaters.

2003 -Signed MoU with Gujarat Government to set up retreat & amusement park at Surat with an investment of Rs 260 crore.

2004

-Bekal Resorts Development Corporation [BRDCs], which is responsible for developing Bekal in Kerala Kasargod district as a tourist destination, has entered into licence agreements with Bharat Hotels for developing area resort sites