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Polo Hotels Ltd. Company History and Annual Growth Details

POLO HOTELS LIMITED, a Public Limited Company, was
originally incorporated on 20th January 1984 under the name
the main object of setting and running of Hotels &
Resturants. The company was converted into a public limited
company and the name was also changed to POLO HOTELS
LIMITED vide a fresh certificate of incorporation No.5708
of 1984 dated 6-05-1989 issued by the Registrar of the
Companies, Punjab, H.P and U.T. (Chandigarh) at Jalandhar.
The Registered office of the company is situated at Hotel
North Park, Village Chowki, Panchkula, Haryana and the Head
Office at SCO 13-A, First Floor, Madhya Marg, Sector 7-C,

Consequent upon passing of Special Resolution in the Extra
Ordinary General Meeting of the Company held on 20.2.93 for
shifting the Registered Office of the company from HP to the
state of Haryana an application was made to the company law
board for shifting of Registered Office from the state of
H.P (Shimla) to Haryana, on 30th April, 1993. The Company
Law Board has accorded its approval vide its order No.
146/17/93/CLB date 8th March 1994. And the same has been
registered with Registrar of Companies, NCT of Delhi and
Haryana at Delhi on 21st July, 1994.

During the Year 1986, the company purchased the land from
various land owners at chowki (Panchkula) Haryana.
Subsequently the company approached the Director, Town and
Country Planning, (DTCP) Government of Haryana for the
approval of its Hotel Project vide its latter No.PHL/59/
dated 27.03.1987. The company received the approval from
the DTCP vide their letter No.4346 dated 16.03.1992 and
approval of building Plan for Hotel cum Resort Complex by
DTCP vide their memo No.10109 dated 9.07.1992. Because
of the delayed approval the Project of the company was
delayed considerably. As the Government approval was not
forthcoming, the company acquired the assets of
Rs.2,854,893 of Terminal I Restaurant situated on lease
permises at SCO 196-197 Sector 17 Chandigarh on 27.12.1991.
Initially it was proposed to run the Restaurant as a
business proposition and a sum of Rs.378,870 was spent for
renovation and preoperative expenses. By the time the
renovation etc was completed, the company received the
awaited approval from DTCP. Moreover in comparison to
Hotel Project, the Restaurant venture being small it was
thought prudent to concentrate only on the Hotel Project.
Hence it was decided to hand over the management and
operations to an another party under the arrangement, the
party has to bear all the losses and in case of profit 20% of
the same will be passed on to the company without providing
for depreciabon. Unfortunately the Restaurant was
incurring losses hence on the request of other party, the
assets of Rs.3,233,763 were sold to M/s Hot Million and
other parties. There was no Profit/Loss on the sale of
these assets.

The Company is now softing up a Three Star Resort Hotel at
Panchkula, Haryana in the assisted Sector along with
Haryana State Industrial Development Corporation Ltd.
(HSIDC) The Resort hotel is being sat up on a six acre and
04 Biswas plot on the bank of River Ghaghar at Village
Chowki in Panchkula and will have 43 rooms, restaurants,
Banquet Hall, Coffee Shop, Shopping Arcade and
recreational/health facilities.

Hotel industry forms the back bone of the tourism
industry. Due to the industry's great foreign earning
potential, it enjoys an important place on the policy
making agenda of the government. If the national action
plan for tourism and its objective of achieving a foreign
exchange turnover of 100 billion by 2000 AD is considered,
the present hotel accomodation available is short. Hence
there is substantial scope of development in the industry in
the future. But the development of this industry depends
on the flow of tourist/business traffic which is sensitive
to socio-politcal conditons within the country and outside
and also level of economic actvity in that particular area.
The proposed location is ideal from marketing angle as
explained under the paras of Location and Marketing, hence
the company do not foresee any problem in the operation of
the project.