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History of Howard Hotels Ltd.

Howard Hotels Limited was incorporated as a Private Limited Comp. on December 11, 1989 by Mr.S. R.Narula & Mr. Sandeep Narula with an object of setting up a Three Star hotel at Fatehabad Road, Agra. The Comp. was subsequently converted into a Public Limited Comp. on January 21,1994.

During the past years, Comp. was mainly engaged in acquiring land, construction of Hotel building & placing various orders of plant & machinery required for Hotel. In the year 1990 the Comp. acquired about 2700 Sq.mtr. of land at Mustkil Tajganj, Fatehabad Road, Agra. The building plans were approved by Agra Development authority & collector in 1991 & Comp. awarded the building civil work & other related work in 1992. The Comp. finalised the various plant & machinery orders in 1993 & entered into an affiliation agreement with Best Western International Inc. & also got his project appraised by PICUP

The hotel project was conceived as a Three - Star Deluxe hotel with a project cost of Rs. 391.80 lacs in the year 1990. The project was to be funded through a Promoters' share capital of Rs. 112.40 lacs, Interest free Unsecured Loans of Rs. 39.40 lacs & term loans of Rs. 1 50.0O lacs & Rs. 90.00 lacs by PICUP & UPFC. The promoters felt that with the spiralling growth in tourist traffic to Agra, there was a need to enhance the facilities to 5-star category so as to cater to the needs of discerning traveller. Accordingly, the promoters entered into a tie-up with Best Western International Inc. through their Indian affiliates & the hotel has now been upgraded with amenities confirming to a 5-Star Category Hotel. The Comp. has applied to the Deptt. of Tourism, Govt. of India for getting a status of 5-Star Category Hotel. The revised project will have a project cost of Rs. 950.00 lacs & the same has been appraised by Pradeshiya Industrial & Investment Corporation of U.P. limited [PICUPs] in June 1994.

The Comp. had no labour problems in the past. The Comp. is presently engaged in completion of their hotel at Agra which is likely to be operational by January 95. The financial performance of Comp. since incorporation has been as under & no material qualification have been made by Auditors.

The share holding of core promoters shall be Rs. 180.00 lacs which comprise 25.35% of total paid up capital. The core promoters hold 100% of equity in group companies.

MAIN OBJECTS OF THE COMPANY:

The main objects of Comp. as contained in Memorandum of Association are as under:

1. To carry on the business of hotels, rest houses, guest houses, holiday resorts, restaurants, coffee houses, recreation rooms, bars taverns, lodging-house keeping, inn owners, boathouses, shikara, holiday-hut business & game room owners.

2. To carry on business of professional caterers, bakers, confectioners, cooks, wine & beer merchants, ice cream vendors, pastry shop owners, spirit merchants, distillers, brewers, importers & manufacturers of aerated minerals & artificial waters & such other drinks, of all types purveyors & licensed victuallers.

3. To purchase, take on lease, hire, erect of otherwise acquire, establish & equip & to act as technicians of any other such hotels, motels, holiday camps, restaurants, canteens, cafes, pubs, bars, refreshment rooms, & casinos in India or in any other part of world.

4. To act as agents of any hotel Comp. or as buying or selling agents of any hotel company, & to do & perform all duties, services, & offices which the agents of any hotel Comp. usually do & perform & undertake & to become bound by conditions of any agreement entered into for any of purposes aforesaid.

5. To promote, organise & operate all tourist activities such as independent & conducted tours, adventures, expeditions, safaris, conferences, meetings & such other group movements both in India & outside India by road, rail, air, sea or otherwise.d SUBSIDIARIES

The Comp. has no subsidiaries.