1. The results for the quarter & year ended March 31, 2009 were considered by the Audit Committee and have been approved by the Board of Director at the meeting held on June 27, 2009.

2. The Board of Directors has recommended a dividend of Rs 0.40 per Equity Share for the year ended March 31, 2009.

3. With respect to the Auditors´ observation about the balance due from HUDCO as reflected in the Annual Report 2008-09, the Company has recognised interest receivable at the rates confirmed by the Supreme Court of India while dismissing the appeal of HUDCO and upholding the Arbitral Award in our favor.

4. Exceptional items represent reversal of provision for revaluation of foreign currency loans in line with the option given in the Ministry of Corporate Affairs Notification No GSR 225 (E) dated March 31, 2009 & amortisation of Foreign Currency Monetary Item Translation Difference Account.

5. Extraordinary items represent profit earned on buyback of Foreign Currency Convertible Bonds & cancellation of same.

6. Promoters have further pledged 19,04,990 shares as on date & the total pledged shares stood at 8,17,51,445 shares representing 21.64% of the outstanding shares of the Company and 41.96% of the total promoters holding in the Company (19,48,17,507 shares).

7. As the Company operates in a single segment, segment-wise reporting is not applicable.

8. The Company has expanded its presence in both the business and leisure segments with the opening of Gurgaon and Udaipur Hotels.

9. Figures have been regrouped or rearranged, wherever necessary.

Capt. C P Krishnan Nair
Chairman