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Kamat Hotels (India) Ltd. - News Clarification

By Religare

Kamat Hotels (I) Ltd. has informed regarding a clarification on news item captioned "Kamat Hotels close to selling VITS Mumbai for Rs.190 Crore". The Company has clarified that "As per the terms and conditions of Corporate Debt Restructuring (CDR) Package approved by CDR Empowered Group on February 15, 2013, an Asset Sale Committee consisting of three banks had been formed to deal with prospective buyers for sale of assets of the Company including Hotel VITS, Mumbai and the Company is intending to sell the assets for the last thirty months. We have also mentioned the above information in our Annual Report 2012-13 and 2013-14. However, at present no event has occurred requiring the Company to make disclosure in terms of Clause 36 of the Listing Agreement".

Story first published: Monday, September 7, 2015, 12:10 [IST]
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