|POLO HOTELS LIMITED, a Public Limited Company, was originally incorporated on 20th January 1984 under the name of POHLO ESTATES HOTELS AND INVESTMENTS PVT LIMITED with 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, Chandigarh-160019.
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.
- Polo Hotels Ltd has has considered and approved the Scheme of Amalgamation of A.R.D. Realty Pvt. Ltd., a closely held group Company with the Company itself and the valuation report thereof.