1987 - The company was incorporated on 13th March, at Mumbai and
obtained it's Certificate of commencement of business on 15th
July. It was promoted in technical & financial collaboration
with Ramada (U.K.) by Sunder G. Advani & Haresh G. Advani. The
main objective of the company is to manufacture Setting up of a
5-Star Luxury resort.
1989 - The company undertook to set up a 5-Star luxury resort comprising
140 rooms (including 6 villas) in a terraced garden pattern in an
estate on the Lova beach, Veria, Goa. Gherzi Eastern Ltd; was to
provide detailed architectural planning & designing of technical
installation & utilities, as also day-to-day supervision at the
site through out the implementation of the project. The project
was expected to be commissioned by October/November.
- Allotted 10,64,000 shares to promoters, directors, etc. and
1,63,919 shares to NRIs on repatriation basis. 3,00,000
cumulative convertible Pref. shares (CCPs') were privatley placed
with UTI at par.
- 32,72,081 No. of equity shares were then issued at par out of
which the following shares were reserved and allotted:
- (i) 3,36,000 No. of equity shares to Indian resident directors,
their friends etc.;
- (ii) 4,50,000 No. of equity shares to Ramada (U.K.) Ltd.;
- 7,36,081 No. of equity shares to NRIs in repatriation basis.
- Out of the remaining 17,50,000 No. of equity shares, 2,25,000
shares reserved for preferential allotment to employees, etc. but
only 300 shares taken up.
- The balance 15,25,000 shares along with 2,24,700 shares not taken
up by employees' were offered for public subscription during
September. Additional 1,87,200 No. of equity shares were
allotted to the public to retian oversubscription.
1990 - However, due to non-availability of the company's hotel from
`Ramada Hotel' to Ramada Renissance, Resort' the completion was
delayed. The soft opening of Ramada Renaissance Resort was made
in June to April 1991.
1991 - The end of the September, all but beauty parlour and billiard
room were commissioned. These two were to be commissioned in
- The company had entered into an agreement with Ramada (U.K.)
Ltd. for pre and post opening technical marketing & sales
assistance, assistance in recruiting & training of personnel
etc. As per the franchise agreement entered into with Ramada
(U.K.) Ltd., the collaborators were to provide assistance in
marketing and defining strategies for advertising & promotion.
The company would be linked to Ramadas computerised reservation
system operated throughout its sales offices worldwide.
- During May, the Company issued 10,80,000 No. of equity shares of
Rs. 10 ach for cash at par to the then existing equity
shareholders on rights basis in proportion 23:100. All were
- The Company also offered 54,000 No. of equity shares of Rs. 10
each for cash at par to the employees of the Company. None were
taken up and all were allowed to lapse.
- Simultaneously, 4,80,000 No. of equity shares of Rs. 10 each were
issued at par and allotted to promoters by way of conversion of
their unsecured loan into equity capital. The allotment of
shares was made in June.
- Each preference share of Rs. 10 each fully paid up is convertible
at par into one equity share of Rs. 10 each after three years but
before the expiry of 5 years from the date of allotment.
1993 - 11,55,900 No. of equity shares issued at par to promoters,
directors and their relatives against the outstanding interest
1994 - To meet the increasing demand during the peak season the company
started the construction work for a 62 guest room wing and 6 two
bed room villas at the existing site in Goa. 6 villas and rooms
expected to be ready for occupancy by November and January 1995
- The Company has splits its face value from Rs10/- to Rs2/-.
-Advani Hotels & Resorts (India) Limited has appointed Mr. Ajay Vichare as the Compliance Officer, who is the Senior Manager- Corporate Finance.
-Advani Hotels & Resorts (India) Limited has appointed Mr. Kumar Iyer, as a Company Secretary
-The Company recommend a dividend of Rs. 0.10 per equity share for the year.
- Re-appointment of Mr. K. Kannan and Mr. Prakash V. Mehta as Directors of the Company.
-The Company recommended a dividend of Rs. 0.20 per equity share (i.e @ 10%) for the year
-Re-appointment of Mr. Anil Harish and Mrs. Menaka S. Advani as Directors of the Company.
-Registered Office of the Company has been shifted To 18A& 18B, Jolly Maker Chambers-II Nariman Point Mumbai-400021.
- Advani Hotels & Resorts (India) Ltd has appointed Admiral Sureesh Mehta (Retired) and Mr. Adhiraj Harish as the Non-Executive Independent Directors of the Company.