Enter the first few characters of Company and click 'Go'

Asian Hotels (North) Ltd. Company History and Annual Growth Details

YEAR EVENTS
1980 - The Company was incorporated on 13th November, and the
Certificate of Commencement of Business was obtained on 14th
January, 1981. It was promoted by R. S. Saraf, R. K. Jatia and
C. K. Gupta, three non-resident Indians together with R. G.
Saraf, S. K. Gupta and S. K. Jatia. The Company operates on
hotels of international standards.

- The Company undertook to set up a 5-star hotel comprising 588
rooms of international standards at Cama Place Complex, New Delhi
(South), to form part of the tourist package for the 1982 Asian
Games and to cater to the increasing foreign tourist traffic
thereafter.

1982 - 700 shares subscribed for by the signatories to the Memorandum &
Articles of Association and 4,96,500 shares taken up by promoters
etc., 1,05,02,800 shares issued at par of which 62,42,800 shares
reserved and allotted to promoters, etc. (including 55,00,000
shares allotted to non-resident Indian promoters). Out of the
balance 42,60,000 shares, 20,60,000 shares were reserved for
allotment on preferential basis to NRIs with repatriation rights
and 22,00,000 shares offered for public subscription during Oct.

1985 - 26,40,000 rights shares issued in the prop. 6:25 in 1983. Only
24,50,000 shares taken up. On 24.9.1984, 1,51,500 shares
forfeited. Subsequently, forfeiture on 21,800 shares annulled
and 80,000 forfeited shares reissued. Unsubscribed portion of
the rights issue of 1,90,000 No. of equity shares issued to New
Delhi Equipment Leasing Co. Ltd. on 28.8.1985. Forfeiture on
another 44,421 shares annulled or these shares reissued.

1986 - Forfeiture on 1,877 shares annulled and 3,402 shares sold in the
open market at price higher than the nominal value.

1988 - 14,08,660 shares issued to financial institutions at par on
conversion of loans.

1990 - The proposal for the construction of a hotel at Lucknow was
dropped and the land was returned to the Lucknow Development
Authority. The Company enbarked on a programme of substantial
renovation programme of the entire hotel to be completed within a
period of 24 months.

- The Company entered into a franchise agreement with M/s. Hyatt of
Hong Kong Ltd., valid for a period of 10 years from the date of
formal opening of the hotel. In terms of the agreement, the
Company was to pay Hyatt an amount equal to 3% of the gross room
revenue of the hotel during the currency period of the agreement
as franchise and marketing fee.

- Under the Franchise Agreement Hyatt was to render services and
assistance to the Company in the fields of marketing and sales,
international reservations and publicity, technical assistance
relating to the planning, design and operational requirements of
the hotel prior to its opening and technical assistance after its
opening such as the use of trade name and logos, operational
planning, financial control systems, etc. The hotel is a member
of the Hyatt International Chain and is named "Hyatt Regency"
Delhi.

- 12,39,600 No. of equity shares allotted.

1993 - On 31st December, the technical services, sales and market
agreement expired. A new sales and marketing and management
services agreement was entered into with Hyatt International for
a period of 15 years effective 1st January, 1994 and term of
agreement was approved by the Government.

1995 - The Company has acquired 50,000 Equity shares of Rs 10 each at
par of `J.S.G. Hotels Ltd.' hitherto board controlled subsidiary,
thereby making it a wholly owned subsidiary.

- During the year the Company has also acquired a majority stake in
the equity share capital of `Regency Convention Centre And Hotels
Ltd.'

1996 - 65,15,104 bonus shares issued in prop. 2:5.

2001 -Asian Hotels Ltd has reported a 38.91 per cent decline in net profit for the quarter ended September 30, 2001.

2002

-Mr R G N Swamy resigns from the Directorship of the company.

2003

-Mr. Ritesh Kumar has been appointed by ICICI as their Nominee Director on the BOD on October 24, 2000. His nomination was subsequently withdrawn w.e.f July 9, 2003.

2007

-Asian Hotels Ltd has appointed Mr. Arun K. Saraf as Alternate Director to Mr. R.S. Saraf by the Board of Directors at its meeting held on 8th January, 2007.

-Asian Hotels Ltd has appointed Mr. Radhe Shyam Saraf as Additional Director on the Board of the Company.

2010

- Asian Hotels Ltd has appointed the following persons as additional directors pursuant to Section 260 of the Companies Act, 1956, in the capacity of Independent Non-Executive Directors:
(1) Mr. Lalit Bhasin;
(2) Mr. Dinesh C Kothari;
(3) Mr. Gautam R Divan;

- Asian Hotels (North) Ltd has has decided to appoint Mr. Adarsh Jatia as Executive Director of the Company w.e.f. June 01, 2010, for a period of five years, subject however, to the requisite approvals under the Companies Act, 1956.

2010

-Company has changed its name from Asian Hotels Ltd. to Asian Hotels (North) Ltd.

2011

-Asian Hotels (North) has recommended a dividend of Rs. 2.50 per share, i.e. 25%

2012

-Asian Hotels (North) has recommended a dividend of Re.1 & paisa 50 per share, i.e. 15%

2013
-Asian Hotels (North) Ltd has recommended a dividend of Re. 1/- (Rupee One only) per share,

2014
-Asian Hotels (North) Ltd recommended a dividend of Re. 1/- (Rupee One only) per share, i.e. 10% for the year under review, to the Equity Shareholders.

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article