India Tourism Development Corporation Ltd Directors Report

Dear Shareholders,

Your Directors have pleasure in presenting the 61st Annual Report together with the Audited Accounts of the Corporation for the year ended 31st March, 2026.

1. During the Financial Year 2025-26, the corporation has recorded a Revenue from Operation of Rs.527.43 crore as against Rs.565.75 crore during 2024 - 25. Despite a slight dip in Revenue from Operations, the profit before tax (PBT) increased to Rs.114.01 crore reflecting an increase of 14.36% over the previous year PBT of Rs.99.69 crore. The profit after tax (PAT) increased to Rs.84.02 crore marking a 2.71% rise over the preceding period figure of Rs.81.80 crore. This is mainly because of various systems improvement measures increasing the operational efficiency.

2. Performance Highlights

The highlights of the financial results of the Corporation (Standalone) are given below:-

S. No.	Particulars	Audited 2025-26	Audited 2024-25
1	Revenue from Operations	527.43	565.75
2	Total Income	558.35	588.33
3	Profit before tax	114.01	99.69
4	Profit after tax	84.02	81.80
5	EPS ( In Rupees)	9.85	9.60
6	Networth	461.61	400.37

3. Division wise financial performance :

The Division wise financial performance of the Corporation is summarized as under:-

i) Hotels Division has achieved turnover of Rs.339.70 crore during the year 2025-26 as against Rs.338.17 crore in the previous year. The Division earned a profit of Rs.87.05 crore as against a profit of Rs.73.17 crore during the previous year 2024-25.

ii) The turnover of the Ashok Events Division increased to Rs.167.45 crore during 202526 from Rs.153.86 crore during 2024- 25 and it has earned a profit of Rs.21.85 crore as against profit of Rs.15.45 crore in the previous year 2024-25.

iii) The turnover of Ashok Travels & Tours (ATT) Division during 2025- 26 is Rs.24.11 crore as against Rs.46.54 crore during the year 2024-25. The ATT Division has earned profit of Rs.1.36 crore as against profit of Rs.11.01 crore in the previous year.

iv) The turnover of Ashok International Trade Division (AITD) was Rs.15.14 crore during the year 2025-26 as against Rs.13.24 crore in the previous year 2024-25. During the year 2025-26, 14 duty free shops were in operation at seaports and one Airport Visakhapatnam.

v) The Engineering Division including SEL Projects achieved a turnover of Rs.8.80 crore during the year 2025-26 as against the turnover of Rs.32.51 crore in the previous year 2024-25.

vi) IHM Ashok formerely known as The Ashok Institute of Hospitality and Tourism Management (AIH&TM) achieved turnover of Rs.3.18 crore during 2025-26 as against a turnover of Rs.3.47 crore in the previous year 2024-25.

4. Capital Structure

There is no change in authorized and paid-up share capital of the Corporation. The Authorized Share Capital of the Corporation is Rs.150 crore and the paid-up Share Capital is Rs.85.77 crore as on 31st March, 2026.

5. Dividend

Board has recommended a dividend of Rs.2.95 per share i.e. 29.5% on the equity share capital of the company aggregating to Rs.25.31 crore approximately Corporations Dividend Distribution Policy is available at the website link https://itdc.co.in/wp-content/ uploads/2019/07/ITDC-Dividend- Distribution-Policy.pdf

6. Transfer to Reserve

No amount has been transferred to the General Reserves.

7. Rating of ITDC vis-a-vis MoU targets

Performance Evaluation against MoU for F.Y. 2024-25 was done by the DPE. ITDC received a Rs.Very GoodRs. MoU rating from the DPE with 79.69 marks out of 100.

Evaluation for 2025-26 is under submission. Earlier ITDC signed the MoU 2025-26 with the Ministry of Tourism on following financial and non-financial parameters:

Financial Parameters:

S. No.	Parameter	Target
1	Revenue from Operations	Rs. 640 Crore
2	EBITDA as per a percentage of Total Income	21.50%
3	Return on Networth	19.80%
4	Asset Turnover Ratio	77%
5	Procurement through GeM (As a percentage of total pro-curement)	100%
6	Trade Receivables (as number of days of Revenue from Operations)	50
7	Total Return to Shareholders	100%

Non-Financial Parameters:

1. DPE guidelines on CSR Expenditures

2. SEBI (LODR) Regulations on Corporate Governance:

a) Composition of Board of Directors

b) Board Committees

c) Holding Board and Committees meetings

d) Related Party Transactions

e) Disclosures and Transparency

3. On boarding of CPSE on all operational TReDS platforms

4. Timely payment to MSE vendors as prescribed in MSMED Act

5. Procurement of goods and services (as percentage of total procurement), from:

a) MSEs overall - 25%

b) SC/ST owned MSEs-4%

c) Women owned MSEs - 3%

6. Steps and Initiatives taken for Health and Safety Improvement of Human Resources in CPSE

7. Targets under PM Internship Scheme of MCA

8. Leadership Development Plan

9. Surplus Non-core Assets (Land and Building) Monetization Plan

8. Management Discussion and Analysis

The report on the Management Discussion and Analysis is placed at Annexure-I.

9. Procurement from MSME

During the financial year 2025- 26, the Corporation has procured 41% (previous year 56%) of total procurement of goods and services from the Micro and Small Enterprises (MSEs) against the prescribed target of 25% as per the procurement policy of Govt, of India. The procurement from MSEs owned by SC/ST entrepreneurs is less than one percent of total procurement from MSEs while procurement from MSEs owned by Women Entrepreneurs is 1.44% of total procurement from MSEs. Further all tenders contained a class for due preference to MSEs as per Gol guidelines. Continuous Vendor Registration for MSEs is allowed through our websites and Vendor Development Programmes are conducted at regular intervals for the MSEs.

11. Conservation of Energy & Technology Absorption

Commitment towards energy conservation remains in the units at various stages of operations. Commercial considerations, energy conservation policies and practices play a vital role in the endeavors made in this direction.

Since your Companys operations do not involve technology absorption, the particulars as per Rule 8(3) (B) of the Companies (Accounts) Rules 2014 regarding technology absorption are not applicable.

12. Foreign Exchange Earnings & Outgo

The Direct Foreign Exchange Earnings during the year 2025-26 increased to ?12.08 crore against n0.90 crore during the previous financial year 2024-25.

13. Subsidiary Companies

As on 31.03.2026, the Corporation has four subsidiary Companies, viz.

(i) Pondicherry Ashok Hotel Corporation Ltd

(ii) Ranchi Ashok Bihar Hotel Corporation Limited.

(iii) Utkal Ashok Hotel Corporation Ltd.

(iv) Punjab Ashok Hotel Company Ltd.

The Hotel Units were set up under the aforesaid subsidiary Companies at Puducherry, Ranchi and Puri respectively. The Hotel project at Anandpur Sahib is incomplete.

The operation of Hotel unit at Puri is closed since March, 2004. Process for its disinvestment has been started. Status of disinvestment has been given elsewhere in the report.

Regarding incomplete project at Anandpur Sahib, Inter Ministerial Group (IMG) set up by the Ministry of Tourism in its meeting held on 29.11.2018 has approved the transfer of the incomplete project to the Government of Punjab. Ministry of Tourism vide its OM dated 26.09.2025 has conveyed the approval of Alternative Mechanism (AM) dated 15.09.2025 for transfer of 51% shareholding of ITDC in Punjab Ashok Hotel Company Ltd. to the Govt, of Punjab/PTDC. Status of disinvestment has been given elsewhere in the report.

Operations of Hotel Ranchi Ashok have been closed w.e.f. 29.03.2018. IMG in its meeting held on 13.09.2018 has accorded approval for sale of equity of ITDC in the JV Company to the Government of Jharkhand. Ministry of Tourism vide email dated 15.07.2025 conveyed approval of Alternative Mechanism (AM) which was obtained by DIPAM.

Status of disinvestment has been given elsewhere in the report.

Hotel Pondicherry Ashok under Pondicherry Ashok Hotel Corporation Limited is also under disinvestment process. All the subsidiary companies are under disinvestment process, the status of disinvestment has been given elsewhere in the report.

The Annual Accounts of all the subsidiary companies have been audited and finalized and the Consolidated Annual Accounts have been prepared and presented in this Annual Report. A statement containing the salient features of the subsidiary companies (AOC-1) is part of the Consolidated Financial Statements.

14. Vigil Mechanism and Whistle Blower Policy

The Corporation has a Whistle Blower Policy which is posted on the website https://itdc.co.in/ wp-content/uploads/2019/07/ Whistle-Blower-Policy.pdf. Being a Central Public Sector Enterprise, the Corporation has a Vigilance Department. Chief Vigilance Officer, the Head of the Vigilance Division, is under the direct control of the Central Vigilance Commission (CVC), an independent Govt. Agency. During 2025-26, no employee approached the Audit Committee through Whistle Blower Mechanism.

15. Board of Directors

During the year, Ten Board meetings were held to transact the business of the Company.

The Board presently (on date of this report) comprises of five directors i.e. Managing Director, Director (Finance), Director (Commercial & Marketing), one Government Nominee Director and one Independent Director. The post of Non-executive Chairman and the post of three Independent Directors including one Woman Independent Director are vacant.

A) Non-Executive Chairman

Post is vacant.

B) Executive Directors

1. Ms. Mugdha Sinha, IAS (RJ:99) appointed as Managing Director w.e.f. 28.04.2025.

2. Shri Lokesh Kumar Aggarwal, appointed as Director (Finance) w.e.f. 24.08.2022.

3. Shri Rajesh Rana appointed as Director (Commercial & Marketing) w.e.f. 17.03.2025.

C) Other Part time Non-Executive Directors

(a) Part-time Government

Nominee Directors:

Ms. Vandana Jain appointed as Government Nominee Director w.e.f. 08.05.2026

(b) Independent part time Directors :

Shri Malay Kumar Singha appointed as Independent Director w.e.f 18.06.2026.

(D) During the financial year 2025-26, following directors were appointed/ceased to be appointed:

Shri M.R. Synrem, IAS, ceased to be the Managing Director w.e.f. 11.04.2025.

Dr. Manan Kaushal re-appointed as Independent Director w.e.f. 16.04.2025 & ceased to be Director w.e.f. 15.04.2026.

Ms. Mugdha Sinha, IAS , appointed as Managing Director w.e.f. 28.04.2025.

As per disclosure received from the Directors, the Directors are not related to one another.

Pursuant to Article 61 of the Article of Association, Shri Rajesh Rana retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment. Details of profile etc. as required under Regulation 36(3) of SEBI (LODR) Regulations, 2015 in respect of Directors liable to retire by rotation and seeking re-appointment have been given at the end of the Notice of AGM. Further pursuant to Regulation 17 (1C) of SEBI (LODR) Regulations and Section 152,196 & 203 of the Companies Act, 2013, approval of shareholders will be sought for appointment of following directors in the upcoming AGM :

1. Ms Vandana Jain (AS&FA, MOT), Govt. Nominee Director- (Ordinary Resolution)

2. Shri Malay Kumar Singha, Independent Director- (Special Resolution)

16. Training Policy and the training imparted to the directors

The Corporation has formulated a training policy for Board Members. As per the policy, ITDC offers training programmes organized by Standing Conference on Public Enterprises (SCOPE), Department of Public Enterprises (DPE) and Indian Institute of Corporate Affairs (IICA) to the Board Members. Further, on induction of nonofficial Directors, ITDC may also arrange training on the role and responsibilities of Directors from the professional institutes like ICAI, ICSI, ICMAI, IIM, SCOPE etc.

Details of Familiarization Programmes are given in the website https://itdc.co.in/wp- content/uploads/2026/04/1 Familiarization Programme 2025 2026.pdf

17. Declaration by Independent Directors

The Company has received necessary declaration from Independent director under Section 149(7) of the Companies Act, 2013, that they meet the criteria of Independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations, 2015. The declaration was placed before the Board.

18. Board Evaluation

The evaluation of the Board including its committees as a whole and the Independent Directors is conducted on the basis of criteria and framework laid down by the Nomination & Remuneration Committee of the Board. Based on the evaluation criteria laid down by the Committee, the performance evaluation of the Board is measured in six areas. The performance evaluation of the Independent Directors is measured also in six areas based on questionnaire designed on a scale of 1 to 5.

ITDC is a Government Company under the administrative control of Ministry of Tourism. The functional directors including Chairman and Managing Director/Managing Director (CMD/MD) are selected on the recommendations of Public Enterprises Selection Board (PESB)/ Appointments Committee of the Cabinet (ACC) in accordance with the procedure and guidelines laid down by Government of India.

The Company enters into Memorandum of Understanding (MoU) with the administrative ministry, i.e., Ministry of Tourism, Government of India every year, containing key performance parameters for the company. The performance of the Company is evaluated by Department of Public Enterprise vis-a-vis MoU entered into with the Ministry of Tourism, Government of India.

The performance evaluation of CMD/MD includes self evaluation and final evaluation by the Ministry of Tourism (based on the MoU rating received). The evaluation of performance of Functional Directors includes self-evaluation by the respective functional directors and subsequent assessment by CMD/MD (on the basis of achievement of MoU targets and MoU rating received), with final evaluation by the Ministry of Tourism (the administrative ministry).

In respect of Government nominee directors, their evaluation is done by the Ministry of Tourism as per the procedure laid down by the Government of India.

The independent directors are appointed by the administrative ministry, their evaluation is also done by the Ministry of Tourism and Department of Public Enterprises as per the procedure defined vide DPE DO dated 08.05.2018, DPE OM No. 9(14)/2009-GM-Part 3/ FTS-9036 dated 22.04.2022 and 30.05.2022.

It is also submitted that Ministry of Corporate Affairs (MCA) vide its circular dated June 5, 2015 had exempted Government Companies from the provisions of section 178(2) of the Companies Act, 2013, which requires performance evaluation of every director by the Nomination & Remuneration Committee. The circular further exempted Govt. Companies from the provisions of Section 134 (3) (p) of Companies Act 2013, which provide about manner of formal evaluation of its own performance by the Board and that of its Committees and Individual Director in Boards Report, if directors are evaluated by the Ministry which is administratively in-charge of the Company as per its own evaluation methodology. Further, Ministry of Corporate Affairs vide its notification dated 5th July, 2017 has exempted the provisions relating to review of performance of Chairperson and non-independent directors and the Board as a whole and evaluation mechanism, prescribed in Schedule IV of the Companies Act, 2013, for Government Companies.

19. Particulars of loans, guarantee and investments

The details of investments made, loans granted and guarantee given by the Company during the financial year 2025-26 under section 186 of the Companies Act, 2013 are disclosed at Note No. 39 to the standalone financial statements.

20. Corporate Governance

As per the requirement of Clause C of Schedule V to SEBI (LODR) Regulations, 2015, a detailed report on Corporate Governance together with the following is given in Annexure-II which forms part of this Report.

(i) CEO/CFO Certificate [as per Regulation 17(8) of SEBI (LODR) Regulations, 2015]; and

(ii) Certificate from the Practicing Company Secretary [Clause E to Schedule V to SEBI (LODR) Regulations, 2015] along with the management reply to observations.

21. Directors Responsibility Statement

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, it is hereby confirmed: -

• that in the preparation of the accounts for the financial year ended 31st March, 2026, the applicable accounting standards have been followed read along with proper explanation relating to departures;

• that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

• that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• that the Directors have prepared the accounts for the financial year ended 31st March 2026 on a ‘going concern basis;

• that the Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;

• that the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

22. Internal Financial Controls

The Corporation has adequate internal controls system commensurate to its nature of business. The Audit of Internal Financial Control was done by the Auditors appointed by the Board. Board has laid down adequate policies and procedures such as Licensing Procedure, Purchase Procedures, Engineering & Works Manual, SoP for Cash & Bank Transactions, Internal Financial Control Policy, Risk Control Mechanism, Delegation of Powers etc. for ensuring the orderly and efficient conduct of business.

Professional services of Chartered Accountant Firms are availed to conduct Internal Audit of all units/ verticals of ITDC. A detailed Internal Audit manual duly approved by the Board of Directors has been circulated to all the units.

Internal Auditors monitor and evaluate the efficacy and adequacy of the internal checks & control systems. Quarterly Internal Audit Reports are submitted by Internal Auditors. Corrective actions, wherever required, are taken by the units/verticals. Significant observations, if any, are reported to the Audit Committee.

23. Related Party Transactions

There are no materially significant related party transactions reportable under Section 188 of the Companies Act, 2013 except the loan to subsidiary companies which have been described at Note No. 39.

The Audit Committee and the Board has approved a policy on materiality of the related party transactions, which is posted on the website of the company https://itdc.co.in/wp- content/uploads/2024/08/RPT- Policy 2024.pdf. This policy has been revised by the Board in the meeting held on 2nd August, 2024.

There was no Related Party Transaction which needs to be reported in the form of AOC-2, in terms of Section 134(3)(h) read with Section 188 of the Company Act, 2013.

24. Disclosure as per OM of Ministry of Parliamentary Affairs

In compliance with the OM F.No. 28(1)/2016-Leg.I dated 24.01.2018 of Ministry of Parliamentary Affairs, Government of India on the recommendations made by the Committee on Papers Laid on the Table (Rajya Sabha), details related to vigilances, Audit Objections and RTI matters etc. are required to be included in the Annual Report of the Company. The relevant details are as under :

Vigilance Cases

i) Vigilance cases:

Number of Vigilance cases disposed off during the FY 2025-26 (i.e., from 01.04.2025 to 31.03.2026) are 38 (Thirty Eight) whereas the pending Vigilance cases are 02 (Two) as on 01.04.2026. The pending disciplinary cases are 10 (Ten) as on 01.04.2026.

The gist of nature of such cases are the procedural lapses in tendering cases, violation of the terms & conditions of the agreement, Award of work without prior approval etc.

ii) Number of Directors/KMPs/ employees/workers against whom disciplinary action was taken by law enforcement agency for charges of bribery/ corruption:

	FY 2025-26 (Current Financial Year)	FY 2024-25 (Previous Financial Year)
Directors	-	-
KMPs	-	-
Employees	02	Nil
Workers	-	-

Audit Objections

There are total outstanding 182 para pending for resolution with CAG for Transaction Audit as on 31.03.2026. The replies to the said para are under submission.

RTI Matters

The Corporation is a Public Authority under clause (h) of Section 2 of Right to Information Act, 2005. The Corporation has taken necessary steps for the implementation of the Right to Information Act, 2005. The Corporation is in compliance with the RTI Act, 2005.

25. Report under section 22 of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Corporation has constituted necessary Internal Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During 2025-26, no complaints were received. Further all women employees are covered under Maternity Benefit scheme as per the law.

26. Corporate Social Responsibility and Sustainable Development

Pursuant to the recommendation of the CSR Committee, Board resolved to donate 1,92,10,500/- in Prime Ministers National Relief Fund.

The Annual Report on CSR Activities and the Report on the Sustainable Development Activities are annexed as Annexure III.

27. Risk Management Measures

ITDC has a Board approved Risk Management Policy laying down a sound process for identification and mitigation of risks. In accordance with the policy, the heads of all strategic divisions/ units have been nominated as Risk Manager and a committee namely Risk Management Compliance Committee (RMCC) presently headed by GM (Hotels) has been constituted to oversee and ensure compliances with the risk management policy of the Corporation.

During the Financial Year 2025-26, two meetings of the Risk Management Compliance Committee were held on 13.06.2025 and 16.01.2026

As per clause 21 of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, a Board level Risk Management Committee has been constituted. Present constitution of the committee is as under :

(i) Shri Lokesh Kumar Aggarwal, Director (F) - Chairman

(ii) Shri Rajesh Rana, Director (C&M) - Member

(iii) Ms. Vandana Jain, Govt. Nominee Director - Member

(iv) Shri Malay Kumar Singha - Independent Director - Member

(v) GM (Hotels) - Member

(vi) VP (F&A),HoD - Member

The role and responsibilities of the Risk Management Committee is defined in Part D of the Schedule II to SEBI (LODR) Regulations which is duly approved by the Board.

During the Financial Year 2025-26, three meetings of the Risk Management Committee were held on 02.07.2025, 19.01.2026 and 24.03.2026. In the meeting held on 24.03.2026, approval of the Board, Audit Committee and the Risk Management Committee was obtained on the revised Risk Management Policy.

Summary of Critical Risks requiring immediate action and medium risks not requiring immediate action having combined score of 6 and above as per new format and Risks in the category of Likely and Almost Certain as per old format as presented in the Risk Management Compliance Committee Meetings and Board Level Risk Management Committee Meetings were as under :

1. Economic Risks: Dependence on Govt. Business, Emergence of new hotels, Dependence on few verticals.

2. Industrial Risks: Threat to Market share- More players from both PSUs and Pvt. Sector are coming in Hospitality and Tourism related services.

3. Management & Operational Risks: Up-gradation of Technology, Data Security & Cyber Security

4. Personnel Risks: Non availability of adequate skill sets, Enhanced liability of Nonpermanent employees due to new labour codes

5. Political Risk: Ongoing disinvestment of ITDC properties

6. Legal Risk: Significant case load

The mitigation measures against the above mentioned identified risks are in place.

28. Auditors and Auditors Report

The Comptroller & Auditor General of India have appointed M/s HDSG & Associates, Chartered Accountants the Statutory Auditors for entire ITDC including its divisions/ units under section 139(5) of the Companies Act, 2013.

Management Reply to the Qualifications given by the Auditors Report (Standalone and Consolidated) are placed at Annexure-IV.

29. Comments of the Comptroller and Auditor General of India

Comments received from the Comptroller & Auditor General of India, under Section 143(6) of the Companies Act, 2013 on the Accounts (Standalone and Consolidated) of the Company for the financial year ended 31st March, 2026 (are placed at Annexure V & the management reply thereto are placed at Annexure VI).

30. Secretarial Auditor and Secretarial Audit Report

ITDC Board in its meeting held on 12th August, 2025 appointed M/s Chandradip Bharati & Associates as the Secretarial Auditors for conducting the Secretarial Audit as required under Section 204 of the Companies Act, 2013 for a period of five years. The Secretarial Audit Report is placed at Annexure- VII and Certificate of NonDisqualification of Directors given by the Secretarial Auditor is placed at Annexure-VIII and management replies to the comments and observations of the Secretarial Auditors on the report are given at Annexure IX.

31. Cost Records

Corporation is not required to maintain cost records in accordance with Section 148 of the Act read with Rule 3 of the Companies (Cost Record and Audit) Rules, 2014 as the service of the Company are not covered under the said rules.

32. Extract of Annual Return

In accordance with Section 134(3)(a) and Section 92 of the Companies Act, 2013, the annual return of company is available on the website and can be accessed at https://itdc.co.in/investor post cat/ annual-return/

33. Significant and material orders

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operation in future.

34. Material changes and commitments affecting the financial position of the Company between the end of the Financial year and the date of the Report

Status of Disinvestment of properties of ITDC and its JV Subsidiaries:

During the Financial Year 202526, three approvals of Alternative Mechanism (AM) were received for disinvestment of three hotel properties as under :

1. Hotel Ranchi Ashok

2. Hotel Jammu Ashok

3. Incomplete Project of Anandpur Sahib

Status of disinvestment of Properties of ITDC and its JV companies as on date is as under:

Name of Property	Hotel Pondicherry Ashok, Puducherry
Current Status	• 41st IMG meeting was held on 2705.2026. IMG decided that in accordance with the procedure laid down by DIPAM vide O.M. dated 01.06.2022, as amended from time to time, ITDC Board is empowered to appoint the TA/Valuer for Hotel Pondicherry Ashok. • The process of appointment of TA/Valuer has been initiated.
Name of Property	Hotel Kalinga Ashok, Bhubaneswar
Current Status	• A meeting was held in ITDC HQ between the MD-ITDC and the Secretary (Tourism), Govt. of Odisha on 02.072025 in which it was in-principal agreed that the Govt. of Odisha will take over both the properties at a mutually decided valuation. Response to the minutes of meeting is awaited. Reminder letter dated 30.07.2025 from MD-ITDC to the Chief Secretary, Odisha has been sent in this connection. • While visiting the ITDC properties in Odisha in September, 2025, MD-ITDC also met with the Chief Secretary in this connection on 4th September, 2025 wherein it was agreed that Odisha Government is keen to take up Hotel Nilachal Ashok, Puri to begin with for which valuation and terms & conditions will need to be drawn up for further discussion. • A reminder letter dated 06.05.2026 was sent from MD-ITDC to Secretary (Tourism), Odisha for expediting the reply of the State Government.
Name of Property	Hotel Ranchi Ashok, Ranchi
Current Status	• Ministry of Tourism vide email dated 15.07.2025 conveyed approval of Alternative Mechanism (AM) which was obtained by DIPAM. • Letter dated 05.01.2026 was sent to Govt. of Jharkhand requesting for clearance of dues and approval of Share Transfer Agreement. A meeting was held with Director (Tourism)- Jharkhand on details of dues in March, 2026. Details of dues sent on 25.03.2026. Reminder email sent on 1704.2026. A D.O. letter dated 29.05.2026 was sent from MD-ITDC to the Chief Secretary, Govt. of Jharkhand for expeditious response in the matter. • Further meetings were held on 12.06.2026 and 30.07.2026 between the officials of ITDC and Director (Tourism) & other officials of Jharkhand Tourism. As per discussions, reply sent to Govt. of Jharkhand on updated dues payable by JV Company to ITDC against loan and outstanding dues amount to 11,73,19,835/- as on 31.08.2026 and other issues.
Name of Property	Hotel Nilachal Ashok, Puri
Current Status	• A meeting was held in ITDC HQ between the MD-ITDC and the Secretary (Tourism), Govt. of Odisha on 02.072025 in which it was in-principal agreed that the Govt. of Odisha will take over both the properties at a mutually decided valuation. A reminder letter dated 30.07.2025 has been sent from the MD-ITDC to the Chief Secretary, Odisha in this connection. • While visiting the ITDC properties in Odisha in September, 2025, MD-ITDC also met with the Chief Secretary in this connection on 4th September, 2025 wherein it was agreed that Odisha Government is keen to take up Hotel Nilachal Ashok, Puri to begin with for which valuation and terms & conditions will need to be drawn up for further discussion. • A reminder letter dated 06.05.2026 was sent from MD-ITDC to Secretary (Tourism), Odisha for expediting the reply of the State Government. • The Agenda for placing the proposal before the IMG for appointment of Valuer/TA for valuation of the property was put up in the Board Meeting held on 23.09.2025. Board approved the proposal. Draft IMG Agenda for appointment of valuer was sent to MoT with the request to call the IMG meeting. • 40th IMG meeting was held on 27.05.2026. IMG decided that in accordance with the procedure laid down by DIPAM vide O.M. dated 01.06.2022, as amended from time to time, ITDC Board is empowered to appoint the TA/Valuer for Hotel Pondicherry Ashok. • The process for appointment of TA/Transaction Advisor has been initiated.
Current Status	• Ministry of Tourism vide its OM dated 26.09.2025 has conveyed the approval of Alternative Mechanism (AM) dated 15.09.2025 for transfer of 51% shareholding of ITDC in Punjab Ashok Hotel Company Ltd. to the Govt. of Punjab/PTDC. In this connection, the approval of AM along with the Draft Share Transfer Agreement (STA) has been sent to PTDC vide email dated 10.11.2025. Some observations received from Govt. of Punjab which have been replied back. Reminder email sent on 17.04.2026. A D.O. letter dated 29.05.2026 and 20.08.2026 were sent from MD-ITDC to the Chief Secretary, Govt. of Punjab for expeditious response in the matter.
Name of Property	Hotel Jammu Ashok, Jammu
Current Status	• Approval of Alternative Mechanism through DIPAM received from MoT on 22.09.2025. Matter was placed before the ITDC Board in the meeting held on 23.09.2025. Board noted the approval of AM. • Draft Transfer documents sent to Govt. of J & K on 10.11.2025 requesting for payment of consideration amount and approval of Draft Transfer documents. D.O. letter sent on 19.11.2025 for expediting. Reminder email sent on 1704.2026. A D.O. letter dated 29.05.2026 and 20.08.2026 were sent from MD-ITDC to the Chief Secretary, Govt. of J & K for expeditious response in the matter.
Name of Property	Hotel Janpath, New Delhi
Current Status	• Pursuant to disinvestment policy of GoI, Hotel Janpath was handed over to the Ministry of Urban Development vide CCEA order dated 24.05.2017. As per the CCEA decision, ITDC to be compensated for loss of business opportunity and disputed liabilities of Hotel Janpath to be sorted out. • Compensation as recommended by the Valuation Committee formed by the Ministry of Tourism was placed in the 8th meeting of IMG for Hotel Janpath held on 27.05.2026. • IMG approved the recommendation of the Valuation Committee. • Accordingly, A D.O. letter dated 10th June, 2026 has been sent from the MD-ITDC to Ministry of Housing & Urban Affairs (MoHUA) conveying the decision of the IMG regarding acceptance of the recommendations of the Valuation Committee and taking further necessary action. • Futther D.O. letter were sent on 13.08.2026 as a reminder.

National Monetization Plan (NMP 2.0)

I. Monetization of Hotel Ashok was initially taken up in NMP 1.0 during 2020-25 which has now officially been closed.

II. During the Budget speech for the year 2026-27, Honble Finance Minister announced the NMP 2.0 which includes Redevelopment of Ashok and Hotel Samrat, the document is available in the public domain.

III. No official communication on NMP 2.0 was received by ITDC. ITDC therefore requested MoT vide email dated 17.06.2026 for communicating NMP 2.0. MoT vide email dated 29.06.2026 communicated the NMP 2.0 document.

IV. As per NMP, the year wise target has been mentioned as under :

For FY27 to FY30 : Redevelopment of Hotel Ashok

For FY30 : Redevelopment of Hotel Samrat

V. After receipt of official communication, ITDC placed the NMP 2.0 in the 410th Board Meeting held on 30.06.2026, Board noted the same.

VI. A Meeting dated 30.06.2026 was also held in Niti Aayog, chaired by CEO Niti Aayog and attended by MD-ITDC & Sr. Economic Advisor-MoT, in which the process regarding NMP 2.0 was informed, inter-alia, it was also brought to Niti Aayogs attention that the figures mentioned in the NMP 2.0 document have not been submitted by either ITDC or MoT.

Acknowledgement

i. The Board places on record its sincere appreciation towards all the stakeholders of the Company including customers/ clients, suppliers/vendors/service providers for the support and confidence reposed by them in the organization and look forward to the continuance of this relationship in future.

ii. The Board gratefully acknowledges the support and guidance received from various Ministries of the Government of India particularly the Ministry of Tourism, in Companys operations and developmental plans.

iii. The Board also wishes to record its deep gratitude to all the members of ITDC family whose enthusiasm, dedication and co-operation, put the Company on the path of progress.

For and on behalf of Board of Directors	Sd/-	Sd/-
	Lokesh Kumar Aggarwal	Mugdha Sinha
Date: 24.08.2026	Director (Finance)	Managing Director
Place: New Delhi	DIN 09714805	DIN 03527870