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Chalet Hotels Limited,
The Board of Directors are pleased to present your Companys Thirty Fourth Annual Report and the Audited Financial Statements of your Company for the Financial Year ended March 31, 2019.
Your Companys financial performance for the Financial Year ended March 31, 2019 is summarized below:
|(Rs. in million)|
|Particulars||Standalone For the year ended||Consolidated For the year ended|
|March 31, 2019||March 31, 2018||March 31, 2019||March 31, 2018|
|Revenue from Operations||9,871.73||7,955.47||9,871.73||7,955.47|
|Earnings before Interest, Depreciation, Amortisation & Tax before||3,637.36||2,898.26||3,668.34||3,004.77|
|Depreciation and Amortisation Expenses||1,154.17||1,116.33||1,154.17||1116.33|
|(Loss) / Profit||(168.32)||(310.67)||(142.52)||(230.77)|
|(Loss) / Profit before Income Tax||(209.28)||(1,528.19)||(183.48)||(1,448.29)|
|(Loss) / Profit for the year||(102.07)||(1,008.65)||(76.27)||(928.75)|
|Other Comprehensive Income / (Expense) for the year net of tax||(7.68)||14.66||(7.68)||14.66|
|Total Comprehensive Income / (Expense) for the year||(109.75)||(993.99)||(83.95)||(914.09)|
|Total Comprehensive Income / (Expense) attributable to Owners of the Company||-||-||(83.95)||(914.09)|
No dividend has been recommended by the Board of Directors for the year under review.
Pursuant to Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the Company has adopted the Dividend Distribution Policy, setting out the broad principles for guiding the Board and the Management in matters concerning declaration and distribution of dividend, which is attached as Annexure-I hereto and is also available on the Companys website viz. www.chalethotels.com.
Authorised Share Capital
At the beginning of the year, the Authorised Share Capital of your Company was Rs. 1,880 million.
An increase in the Authorised Share Capital amounting to Rs. 2,330 million was initiated by your Company. Further, an increase of Rs. 241 million took place pursuant to the Registrar of Companies giving effect to the increase in capital pursuant to the Scheme of Amalgamation (approved in the previous year under Orders passed by the National Company Law
Tribunal, Mumbai Bench on August 2, 2017 and the National Company Law Tribunal, Bengaluru Bench on March 14, 2018) of Magna Warehousing & Distribution Private Limited with your Company. Pursuant to the above, the Authorised Share Capital of your Company has increased by Rs. 2,571 million to Rs. 4,451 million.
Of the above, the Authorised Share Capital in respect of Equity Shares increased from Rs. 1,720 million to 2,051 million and in respect of Preference Shares there was an increase from Rs. 160 million to 2,400 million.
Pursuant to a resolution passed by the Shareholders of your Company at their Extraordinary General Meeting held on January 9, 2019, your Company reclassified the Authorised Share Capital as summarised below:
|Particulars||Face Value in Rs.||Pre- Reclassification No. of Shares||Total Face Value Rs. in Million||Post-Reclassification No. of Shares||Total Face Value Rs. in Million|
|0.001% Non-Cumulative Redeemable Preference Shares (2400 being reclassified as Equity & 1600 subsisting)||1,00,000||4,000||400||1,600||160|
|0% Non-Cumulative, Non-Convertible||1,00,000||20,000||2,000||20,000||2,000|
|Redeemable Preference Shares|
|Total Authorised Share Capital||4,451||4,451|
Equity Share Capital
During the year under review, your Company has made a Fresh Issue of 33,928,571 Equity Shares of Rs. 10 each aggregating to a face value of Rs. 339.28 million under the Initial Public Offering ("IPO") as detailed herein below.
Issue of Preference Shares
During the year under review, your Company has entered into Subscription Agreement dated June 4, 2018 with Mr. Ravi C.
Raheja and Mr. Neel C. Raheja, Promoters of the Company, wherein they have agreed to provide your Company with funds required to meet any costs, expenses and liabilities pertaining to the Koramangala Residential project, including any costs and expenses towards the ongoing litigation and the completion of the Koramangala Residential project, by way of subscription by themselves or by their designated nominees to 20,000 Zero Coupon Non-Cumulative Non-Convertible Redeemable Preference Shares(NCRPS) of Rs. 1,00,000 each, in 2(Two) series (viz. Series A and Series B) of 10,000 each, aggregating to Rs. 2,000 million. Accordingly, the Company has allotted 20,000 NCRPS to the subscribers on June 26, 2018. An amount of Rs. 510 million has been called up and paid as on the date of the Balance Sheet. The amounts raised have been utilised in line with the subscription agreement referred to herein above.
The Promoters of your Company have agreed that in the event that the amount required towards meeting the project expenses exceeds the initial subscription amount, the Promoters shall, either directly or through their designated nominees, subscribe to such additional number of subscription securities as may be required to meet the project expenses.
Conversion into a Public Limited Company
During the year under review pursuant to receipt of necessary approvals from the Registrar of Companies, Mumbai, Maharashtra, your Company was converted into a Public Limited Company with effect from June 6, 2018.
Initial Public Offering
During the year under review, your Company had made its
Initial Public Offering (IPO) of 58,613,571 Equity Shares of Rs. 10 each comprising of a Fresh Issue of 33,928,571 Equity Shares and an Offer for Sale (OFS) of 24,685,000 Equity Shares by some of its promoters, at a premium of Rs. 270 per Equity Share. As per the object of the offer, the net proceeds of the fresh issue were to be utilised towards repayment / prepayment of certain indebtedness and for general corporate purposes. Your Company raised an amount of Rs. 9,500 million from the Fresh Issue and the Promoters raised Rs. 6,910 million under the OFS. Pursuant to the issue, the Equity Shares of your Company got listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on February 7, 2019. The funds raised by your Company from the Fresh Issue have been completely utilised in accordance with the objects of the IPO. There have been no deviation or variation in the terms of utilisation. Post the issue, 71.41% of the Equity Share Capital of your Company is held by the Promoters.
The aggregate borrowings of your Company stood at Rs. 15,460.32 million (including Preference Share Capital of Rs. 518.18 million) as at March 31, 2019 as compared to Rs. 27,253.09 million (including Preference Share Capital of Rs. 160 million) as at March 31, 2018. The foreign currency borrowings as on March 31, 2019 were lower at US$ 26.11 million as compared to US$ 75.85 million as at March 31, 2018.
Your Company has repaid borrowings amounting to Rs. 13,742.34 million during the under review, from IPO proceeds and from refund of other advances, during the year under review.
Projects Under Development
Your Companys proposed development pipeline consists of the following projects:
The development pipeline based on conveyance/letter of intent/memorandum of understanding executed, assumes an addition of 3 (Three) hotels with a cumulative inventory of ~580 rooms. Of this, two proposed hotels would be in the Mumbai Metropolitan District and one proposed hotel at Hyderabad.
Commercial, Retail and Office Space
The proposed development pipeline assumes a construction of leasable area of over a million square feet across two locations, namely Mumbai and Bengaluru.
Your Company has entered into a memorandum of understanding with Marriott Hotels India Private Limited for rebranding w.e.f. April 1, 2020, of the existing hotel viz. Renaissance Mumbai Convention Centre Hotel as Westin Mumbai Powai. The product improvement plan for the proposed branding will be undertaken.
Residential Project Koramangala, Bengaluru
The residential development project at Bengaluru is on hold as the matter is sub-judice before the Honble Karnataka High Court on account of a dispute on the permissible height of the structure.
Your Company has neither accepted nor renewed any deposits during the year under review.
Loan from Directors
During the year under review, your Company has not accepted loans from any of its Directors.
Loans, Guarantees or Investments
Your Company falls within the definition of "Infrastructure
Company" as provided under Companies Act, 2013 ("Act") and is therefore exempt from the provisions of Section 186 of the Act with regard to Loans and Guarantees. Details of investments made by your Company are given in Note 7 of the standalone Financial Statements.
Foreign Exchange Earnings and Outgo
During the year under review, your Company earned foreign exchange of Rs. 4,968.05 million as compared to Rs. 4,610.00 million in the previous year.
The total foreign exchange outgo during the year was Rs. 1,262.53 million as compared to Rs. 899.00 million in the previous year.
Subsidiaries and Associate Companies
Chalet Hotels & Properties (Kerala) Pvt. Ltd. is a subsidiary of your Company, which had insignificant or no operations during the year under review. The audited financial statements of the subsidiary company have been made available on the website of the Company viz: www.chalethotels.com During the year under review, Chalet Hotels & Properties (Kerala) Pvt. Ltd. had issued 27,777,770 Equity Shares of Rs. 10 each at par on rights basis to the existing shareholders of your Company. Your Company subscribed to 25,000,000 Equity Shares. The amount raised by the subsidiary has been utilised towards reduction of debt.
Your Company has for securing the supply of renewable energy acquired 20.8% of the Equity Share Capital of
Krishna Valley Power Private Limited and 26% of the Equity Share Capital of Sahyadri Renewable Energy Private Limited, being entities engaged in generation of hydro power.
Your Company does not have the ability to participate and neither is involved in the operations and/or activities of these companies/entities, and neither has exposure or rights to variable returns. Accordingly, the financials of these companies have not been considered for the consolidation of Financial Statements.
The Consolidated Financial Statements of your Company and its Subsidiary, prepared in accordance with the relevant
Accounting Standards, duly audited by the Statutory Auditors, form a part of the Annual Report and are reflected in the Consolidated Accounts.
The statement under Rule 8 of the Companies (Accounts) Rules, 2014 relating to Subsidiaries & Associates is annexed as an Annexure II to this report.
Corporate Governance, Business Responsibility Report & Management Discussion & Analysis
Your Company has complied with the Corporate Governance requirements under the Act and Listing Regulations. A separate section on Corporate Governance and detailed reports on Management Discussion & Analysis and Business Responsibility form an integral part of this report.
During the course of the year under review, Mr. Chandru L. Raheja has resigned from the Board of Directors with effect from April 26, 2018 and Mr. Ramesh M. Valecha & Mr. Rajeev Chopra have resigned from the Board of Directors with effect from May 2, 2018 and have consequently ceased to be Directors of your Company. The Board places on record its appreciation for the valuable guidance and assistance received from these Directors during their respective tenures.
Mr. Hetal Gandhi, Mr. Joseph Conrad DSouza, Mr. Arthur
De Haast and Ms. Radhika Piramal have been appointed as Non-Executive & Independent Directors on the Board of Directors for a period of 5 years with effect from June 12, 2018.
Mr. Hetal Gandhi has been appointed as the Chairman of the Board of Directors of your Company with effect from June 12, 2018.
Mr. Sanjay Sethi, Managing Director & CEO and Mr. Rajeev Newar, Executive Director & CFO are due to retire by rotation at the ensuing Annual General Meeting of your Company, and being eligible, offer themselves for re-appointment. The approval of the shareholders for their appointment / re-appointment as Directors has been sought in the Notice convening the AGM of your Company.
In view of inadequacy of profits for payment of managerial remuneration, your Company is also seeking approval of the shareholders by way of special resolutions for payment of remuneration to Mr. Sanjay Sethi, Managing Director & CEO and Mr. Rajeev Newar, Executive Director & CFO.
The Annual Return of your Company for the Financial Year
2018 - 2019 shall be hosted on the website of your Company, i.e. www.chalethotels.com, under the Head Annual Returns in the Investor Section.
The details forming part of the extract of the Annual Return in Form no. MGT-9 as per Section 92(3) and 134(3) of the Act, read with the rules framed thereunder is annexed as
Annexure III hereto.
Number of Board Meetings
During the Financial Year 2018-2019, the Board of Directors met 13 (thirteen) times. The details of the meetings are given in the Corporate Governance Report.
Directors Responsibility Statement
On the basis of internal financial control framework and compliance systems in place and the work carried out by the
Internal and Statutory Auditors, including audit of internal financial controls over financial reporting and internal reviews performed by the Management and the Audit Committee, the Board is of the opinion that your Companys internal financial controls were reasonable and adequate for
Financial Year 2018-19.
Accordingly, pursuant to Section 134(5) of the Act, the
Board of Directors, to the best of their knowledge and ability, confirm
(i) In the preparation of the accounts for the Financial Year ended March 31, 2019, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;
(ii) The Board of Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent in order to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the loss of your Company for the Financial Year ended March 31, 2019;
(iii) The Board of Directors have taken proper and sufficient care to the best of their knowledge ability for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;
(iv) The Financial Statements for the Financial Year ended March 31, 2019 have been prepared on a going concern basis;
(v) The Board of Directors have laid down internal financial controls for the Company which it believes are adequate and are operating effectively;
(vi) The Board of Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and are operating effectively.
The Accounting Treatment is in line with the applicable
Indian Accounting Standards (IND-AS) recommended by the Institute of Chartered Accountants of India and prescribed by the Central Government.
Adequacy of Internal Financial Control Systems
The Internal Financial Control Systems including inter-alia the Internal Audit and Internal Controls are commensurate with the size and scale of your Companys operational and commercial activities.
Your Company has appointed M/s PricewaterHouse Coopers Private Limited as Internal Auditors. The reports of the Internal Auditors are placed before the Audit Committee for their review and improvements.
Details of Fraud
No material frauds were detected during the year under review.
Board Effectiveness & Board Evaluation
Annual Board Evaluation
Pursuant to the provisions of the Act and Listing Regulations, the Board of Directors has carried out an annual evaluation of its own performance including its committees, for the Financial Year under review. For the aforesaid purpose a structured questionnaire was prepared after taking into consideration the guidance note issued by SEBI on Board evaluation, covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.
The performance evaluation of the Independent Directors was carried out by the entire board (excluding the Director being evaluated). The feedback and suggestions received from all the Directors would be discussed at the subsequent Board Meeting. The Directors expressed satisfaction with the evaluation process.
All the Independent Directors have confirmed that they meet the criteria of independence as laid down under the Act and Listing Regulations. They have declared that they do not fall under any disqualifications specified under the Act.
Your Company has constituted Committees of the Board as per the requirements of the Act and Listing Regulations. Details of constitution of the Committees have been enumerated in the Corporate Governance Report which forms a part of the Annual Report.
Corporate Social Responsibility (CSR)
Your Company has adopted a CSR Policy indicating the broad philosophy and objectives, which is available on the website of your Company, viz. www.chalethotels.com. A CSR
Committee of the Board of Directors has been constituted, details of which are enumerated in the Corporate Governance Report which forms a part of the Annual report. In view of your Company having inadequate average net profits in the immediately preceding three financial years, your Company did not entail any obligation towards CSR for the Financial Year under review. Your Company is however committed to the social cause, works as a responsible corporate citizen and is making all efforts to reduce its carbon footprint. The annual report on CSR activities and details about the composition of CSR committee as required by Section 135(2) of the Act is annexed as Annexure IV to this report.
Compensation, Nomination & Remuneration Policy
Your Company has in compliance with the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations, on May 10, 2019, adopted a Policy for Appointment of Directors and remuneration of Directors and Senior Management. The same is available on the website of your Company viz. www.chalethotels.com
The Compensation, Nomination & Remuneration ("CNR")
Committee of your Company, while formulating the above policy, has ensured that:
the level and composition of remuneration be reasonable and sufficient senior management of the quality required to run the Company successfully;
relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
remuneration to directors, key management personnel and senior management involves a balance between fixed and performance linked bonuses reflecting short and long term performance objectives appropriate to the working of the Company and its goals.
The compensation payable to the Wholetime Directors and Senior Management Personnel have been reviewed by the CNR Committee. The annual increment to the Wholetime Directors and Senior Management of your Company has been approved by the Board based upon recommendation of the CNR Committe. The Policy is available on the website of the Company viz: www.chalethotels.com
Employee Stock Option Scheme (ESOP)
During the year under review, the Board has based on the recommendation of the Compensation, Nomination & Remuneration Committee, granted options in respect of 2,00,000 Equity Shares of Rs. 10 each at a price of Rs. 320 each to Mr. Sanjay Sethi, Managing Director & CEO of your Company, under the Chalet Hotels Limited Employee - Stock Option Plan 2018 (ESOP). In terms of the provisions of the SEBI (Share Based Employee Benefits) Regulations, 2014, the details of the Stock Options granted under the ESOP Scheme has been made available on the website of the Company at https://www.chalethotels.com/annualreport/ Further, BSR & Co LLP, Statutory Auditors are issuing a to implementation of Employee Stock Option Scheme, in accordance with the said Regulations.
At the Annual General Meeting of your Company held on September 22, 2017, M/s B S R & Co., LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), were appointed as the Statutory Auditors for a term of five consecutive years.
The Report of the Statutory Auditor along with its Annexure forms a part of this Annual Report. The Auditors Report to the members for the year under review was issued with unmodified opinion.
Explanation or Comments on Qualifications, Reservations,
Adverse Remarks or Disclaimers made by the Auditors
There are no qualifications, reservations or adverse remarks or disclaimers made by Statutory Auditor in their report on the financial statements for the Financial Year 2018-2019. However, the Statutory Auditor has drawn attention i.e. an Emphasis of Matter with regard to Note No 42 (c) and Note 49 of the Standalone Financial Statements, in their report, details of which are as follows: to attract, retain and motivate directors and (1) Note 42 (c) in respect of the entire building comprising of the hotel and apartments therein, purchased together with a demarcated portion of the leasehold rights to land at Vashi (Navi Mumbai), from K. Raheja Corp Private Limited, on which the Companys Four Points by Sheraton Hotel has been built. The allotment of land by City & Industrial Development Corporation of Maharashtra Limited (CIDCO) to K Raheja Corp Private Limited has been challenged by two public interest litigations and the matter is currently pending with the Honorable Supreme Court of lndia. Pending the outcome of proceedings and a final closure of the matter, no adjustments have been made in the standalone Ind AS financial statements as at and for the year ended 31 March 2019 to the carrying value of the leasehold rights (reflected as prepayments) and the hotel assets thereon aggregating to Rs. 497.90 million and Rs. 503.79 million as at 31 March 2019 and 31 March 2018, respectively.
(2) We draw attention to Note 49 to the standalone annual financial results, relating to remuneration paid to the Managing Director & CEO and Executive Director & CFO of the Company for the financial year ended 31 March 2019, being and excess of the limit prescribed under section 197 of the Companies Act 2013 by Rs. 52.41 Million, which is subject to the approval of the shareholders.
The Statutory Auditor has clarified that their opinion is not qualified in respect of these matters. Detailed explanation in respect of the matter at Item No. 1 has been provided under Note No 42(c) of the Standalone Financial Statements. with respect During the current year, the managerial remuneration paid by your Company to its Managing Director & CEO and Executive Director & CFO is in excess of limits laid down under Section 197 of the Act read with Schedule V to the Act by Rs. 52.41 million. Your Company is in the process of obtaining approval from its shareholders at the forthcoming Annual General Meeting for such excess remuneration paid.
Pursuant to the provisions of Section 204 of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had appointed M/s. Alwyn Jay & Co., Company Secretaries in Practice (Firm Registration No. P2010MH021500) to undertake Secretarial Audit for Financial Year 2018 19. The Secretarial Audit Report is annexed herewith as Annexure V. There are no qualifications or reservations in the report.
During the current year, audit of cost records as specified under section 148(2) of the Act, was not applicable to the Company.
Particulars of Contracts or Arrangements with Related Parties
In line with the requirements of the Act and in accordance with the Listing Regulations, your Company has formulated a policy on dealing with Related Party Transactions (RPTs) which is available of the website of your Company viz. www.chalethotels.com.
All contracts, arrangements or transactions entered into during the year under review by the Company with Related Parties were in ordinary course of business and on an arms length basis.
During the year under review, the Company had not entered into any contract/ arrangement/ transaction with Related Parties, which are materially significant by your Company. The Policy is available on the Companys website at https://www.chalethotels.com/policies/ Accordingly, particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies
Act, 2013 along with the justification for entering into such contract or arrangement in Form AOC-2 does not form part of the report. However, the Directors draw attention of the members to Note No. 49 of the Standalone Financial Statement which sets out related party disclosures.
Your Company has adopted a Risk Management Policy, pursuant to the provisions of Section 134 of the Act, to identify and evaluate business risks and opportunities for mitigation of the same on a continual basis. This framework seeks to create transparency, minimize adverse impact on business objective and enhance your Companys competitive advantage. The Policy is available on the Companys website at https://www.chalethotels.com/policies/ The Risk Management framework defines the risk management approach across the enterprise. Your Company is faced with risks of different types, each of which need varying approaches for mitigation. Details of various risks faced by your Company are provided in the Management Discussion and Analysis.
Further, your Company has constituted a Risk Management Committee of your Company as required under the Listing Regulations as amended by the SEBI (Listing Obligations & Disclosure Requirements) (Amendment) Regulations, 2018.
Vigil Mechanism Policy & Whistle Blower Policy
Your Company has, in accordance with Section 177 of the Act, drawn a Vigil Mechanism Policy for its Directors and Employees, to enable reporting of any wrongdoing within the Company/ Branches/ Hotels that falls short of your Companys business principles on ethics and good business practices. The said policy is available on https://www.chalethotels.com/policies/
Adequacy of Internal Financial Controls with Reference to the Financial Statements
Your Company has in place an adequate system of internal control covering all corporate functions and franchise hotels. The Internal control systems provide assurance regarding the effectiveness and efficiency of operations, safeguard of assets, reliability of financial control and compliance with applicable laws. The operations of the hotel are largely managed through globally reputed hospitality companies which have their internal control systems in place.
Regulators, Courts or Tribunals Impacting the Going Concern Status and Companys Operations in Future
During the year under review, there have been no significant and material orders passed by regulators, courts or tribunals impacting the going concern status and your Companys operations in future. as per the Policy adopted
The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013
Your Company has constituted an Internal Complaints Committee in compliance with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. The said policy is available on https://www.chalethotels.com/policies/ During the year under review, your Company received 4 (four) complaints on sexual harassment, all of which have been resolved and appropriate action taken, wherever necessary.
There are no pending cases. Workshops have been conducted from time to time to promote awareness on the issue.
Human Capital Initiatives & Particulars of Employees
Your Company focuses on building on the capability of its employees, through training and development and work life balance. During the year under review your Company has undertaken various training initiatives for nurturing and developing talent.
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules forms part of this report. Further, the disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report. Having regard to the provisions of the second proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the members of the Company and others entitled thereto. The said information is available for inspection at the registered office of the Company during business hours on working days of the Company, upto the date of ensuing AGM. Any member interested in obtaining such information may write to the Company Secretary and the same will be furnished on request.
The Annual Report including the aforesaid information is also available on the Companys website.
Environmental Initiatives and Energy Management
As required by Section 134 of the Act read with Rule 8 of Companies (Accounts) Rules, 2014 the information relating to conservation of energy is annexed as Annexure VI to this report.
Technology absorption: Not applicable to your Company.
Material Changes and Commitments
There have been no material changes and commitments affecting the financial position of your Company, which have occurred between the end of the financial year to which the financial statements relate and the date of this report.
Your Directors would like to thank the shareholders for the support received during the IPO and their continued confidence in the Company. Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the regulatory and statutory authorities, government and its agencies, stock exchanges, depositories, merchant bankers, monitoring agency, banks & financial institutions, legal counsels, registrar & share transfer agent, advertising agencies, auditors, hotel operators, vendors and other key stakeholders. Your Directors place on record their gratitude to the employees at all levels.
For and on behalf of the Board of Directors of Chalet Hotels Limited
|Date: May 10, 2019||(DIN: 00106895)|