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Oriental Hotels Ltd. Company History and Annual Growth Details

YEAR EVENTS
1970 - The company was incorporated on 18th September, 1970. The
company was promoted by Reddy Group of South India to set up and
operate a hotel of international standards.

- The company entered into a Technical Assistants Agreements and an
Operating Contract with the Indian Hotels Company Ltd. (IHC).
IHC owns and operates Taj Mahal Hotel and Taj International
Hotel at Mumbai.

- Under the Technical Assistance Agreement, IHC were to provide the
Company with a detailed project report, review and advise in the
preparation of civil, mechanical and electrical plans and
specifications, render certain services in decorating the hotel
and inspect the site periodically.

1972 - All shares issued to promoters, etc. (1,50,000 shares without
payment in cash).

1974 - In Jan. 1974, 10,000 Pref. and 8,10,000 No. of equity shares were
offered at par for public subscription.

1975 - By the middle of February, the entire hotel was functioning with
224 guest rooms including 2 large suites, a coffee shop, an
Indian restaurant called 'Mysore', a Chinese restaurant called
the 'Golden Dragon', a bar, banquet hall, 2 conference rooms and
a swimming pool.

- 32,350 No. of equity shares forfeited. These were reissued to
the existing members at Rs 7.50 per share. 1,00,000 No. of
equity shares offered at par to The Indian Hotels Co. Ltd. and
D.S. Reddy's relatives and friends.

1985 - The Company signed an agreement with Covelong Beach Hotel
(India), Ltd., to operate their Fisherman's Cove Beach Resort
near Chennai from 1st April.

1988 - The Company entered into an agreement with the International
Airports Authority of India (IAAI) for operating the snack bars
at the domestic and international terminals at Chennai airport.

- Pref. shares redeemed on 1.10.1988. 5,80,000 bonus equity shares
issued in prop. 2:5.

1989 - The Company offered 4,06,000 rights equity shares at a premium
of Rs 15 per share in the proportion 1:5. Additional 60,900
shares were allotted to retain oversubscription.

- The Company issued 20,300 equity shares at a premium of Rs 15 per
share to the employees under the Employees' Stock Option Scheme.
Additional 3,040 shares were allotted to retain oversubscription.

1990 - Effective from 1st April, the Company obtained the licence to
operate the 28 cottages, 10 cabanas and the shopping arcade at
Fisherman's Cove Beach Resort, Chennai.

- The Company proposed to expand its activities in the form of a
cake shop and a fast food outlet at Anna Nagar, Chennai.

- Effective 15th May, the Company suspended the operation at Sea
Pearl Hotel, Visakapatnam for renovation and expansion. The
renovated hotel was recommissioned for operation in August 1992.

1993 - The Company offered 21,17,002 Rights equity shares of Rs 10 each
at a premium of Rs 60 per share in proportion 3:5 (all were taken
up).

- Another 1,05,850 No. of equity shares of Rs 10 each were issued
at a premium of Rs 60 per share to employees of the company and
associate companies on an equitable basis. (1,05,688 shares taken
up).

1994 - The lobby, lobby lounge and the bar of the Company's flagship
hotel Taj Coromandel Chennai were commissioned after renovation
in November.

- The Company concluded an agreement with OHL International (HL)
Ltd. for reordering technical services for the operation of
Executive Plaza Hotel, Chicago, USA.

- The Company issued 23,52,941 GDRs at an issue price of US $12.75.

- Orient Holdings Ltd., OHL International (HK) Ltd. and Coromandel
Hotels Ltd. are the subsidiaries of the Company.

1996 - The Company has signed a Licence Agreement for setting up a
luxury full service apartment adjoining the proposed leisure time
club at Chennai.

- 54,89,740 bonus shares issued in prop. 1:2.

2000 - The Company has introduced a Voluntary Retirement Scheme (VRS) to rationalise
employee deployment and made payments aggregating to Rs.8.65 crores.

2001 - Mr. P Keswani has been appointed as a director of Oriental Hotels Ltd.

2002

-Members approve for the scheme of amalgamation of Covelong Beach Hotel (India) Ltd and Coromandel Hotels Ltd with the company.

-Mr Dodla Subbarama Reddy acquires 8050 equity shares of the company.

-Board approves the amalgamation of Orient Holding and Fishcove leasing and Investments Ltd.

-Appoints Mr Raymong Bickson as the Director of the company in the casual vacancy of
Mr S Ramakrishnan.

2003

-Members approve scheme of amalgamation

-Co-opts Mr D P Hariani as Additional Director

-Mr. Raymond Bickson appointed as Director of the company in the casual vacancy caused by the resignation of Mr. S Ramakrishnan
 
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