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Advani Hotels and Resorts (India)

BSE: 523269|NSE: ADVANIHOTR|ISIN: INE199C01026|SECTOR: Hotels
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Company History - Advani Hotels and Resorts (India)
YEAR                      EVENTS
 1987 - The company was incorporated on 13th March, at Mumbai and 
        obtained it's Certificate of commencement of business on 15th
        July.  It was promoted in technical & financial collaboration
        with Ramada (U.K.) by Sunder G. Advani & Haresh G. Advani. 
 The  
        main objective of the company is to manufacture Setting up of
 a
        5-Star Luxury resort.
 
 1989 - The company undertook to set up a 5-Star luxury resort
 comprising
        140 rooms (including 6 villas) in a terraced garden pattern in
 an
        estate on the Lova beach, Veria, Goa. Gherzi Eastern Ltd; was
 to
        provide detailed architectural planning & designing of
 technical
        installation & utilities, as also day-to-day supervision at
 the
        site through out the implementation of the project.  The
 project
        was expected to be commissioned by October/November.
 
      - Allotted 10,64,000 shares to promoters, directors, etc. and  
 
        1,63,919 shares to NRIs on repatriation basis.  3,00,000
        cumulative convertible Pref. shares (CCPs') were privatley
 placed
        with UTI at par.  
 
      - 32,72,081 No. of equity shares were then issued at par out of
        which the following shares were reserved and allotted: 
 
      - (i) 3,36,000 No. of equity shares to Indian resident
 directors,
        their friends etc.; 
 
      - (ii) 4,50,000 No. of equity shares to Ramada (U.K.) Ltd.;
 
      - 7,36,081 No. of equity shares to NRIs in repatriation basis. 
 
 
      - Out of the remaining 17,50,000 No. of equity shares, 2,25,000
        shares reserved for preferential allotment to employees, etc.
 but
        only 300 shares taken up.  
 
      - The balance 15,25,000 shares along with 2,24,700 shares not
 taken
        up by employees' were offered for public subscription during
        September.  Additional 1,87,200 No. of equity shares were
        allotted to the public to retian oversubscription.
 
 1990 - However, due to non-availability of the company's hotel from 
        `Ramada Hotel' to Ramada Renissance, Resort' the completion
 was
        delayed.  The soft opening of Ramada Renaissance Resort was
 made 
        in June to April 1991.
 
 1991 - The end of the September, all but beauty parlour and billiard
        room were commissioned.  These two were to be commissioned in
        October.
 
      - The company had entered into an agreement with Ramada (U.K.)
        Ltd. for pre and post opening technical marketing & sales   
        assistance, assistance in recruiting & training of personnel
        etc.  As per the franchise agreement entered into with Ramada
        (U.K.) Ltd., the collaborators were to provide assistance in
        marketing and defining strategies for advertising & promotion.
  
        The company would be linked to Ramadas computerised
 reservation
        system operated throughout its sales offices worldwide.
 
      - During May, the Company issued 10,80,000 No. of equity shares
 of
        Rs. 10 ach for cash at par to the then existing equity
        shareholders on rights basis in proportion 23:100.  All were
        taken up.
 
      - The Company also offered 54,000 No. of equity shares of Rs.
 10
        each for cash at par to the employees of the Company.  None
 were
        taken up and all were allowed to lapse.
 
      - Simultaneously, 4,80,000 No. of equity shares of Rs. 10 each
 were
        issued at par and allotted to promoters by way of conversion
 of
        their unsecured loan into equity capital.  The allotment of
        shares was made in June.
 
      - Each preference share of Rs. 10 each fully paid up is
 convertible
        at par into one equity share of Rs. 10 each after three years
 but
        before the expiry of 5 years from the date of allotment.
 
 1993 - 11,55,900 No. of equity shares issued at par to promoters,
        directors and their relatives against the outstanding
 interest
        free deposit.
 
 1994 - To meet the increasing demand during the peak season the
 company
        started the construction work for a 62 guest room wing and 6
 two
        bed room villas at the existing site in Goa.  6 villas and
 rooms
        expected to be ready for occupancy by November and January
 1995
        respectively.
 
 2007
 
 - The Company has splits its face value from Rs10/- to Rs2/-.
 
 2008
 
 -Advani Hotels & Resorts (India) Limited has appointed Mr. Ajay
 Vichare as the Compliance Officer, who is the Senior Manager-
 Corporate Finance.
 
 -Advani Hotels & Resorts (India) Limited has appointed Mr. Kumar
 Iyer, as a Company Secretary
 
 2010
 
 -The Company recommend a dividend of Rs. 0.10 per equity share for
 the year.
 
 - Re-appointment of Mr. K. Kannan and Mr. Prakash V. Mehta as
 Directors of the Company.
 
 2011
 
 -The Company  recommended a dividend of Rs. 0.20 per equity share
 (i.e @ 10%) for the year
 
 -Re-appointment of Mr. Anil Harish and Mrs. Menaka S. Advani as
 Directors of the Company.
 
 -Registered Office of the Company has been shifted To 18A& 18B, Jolly
 Maker Chambers-II Nariman Point Mumbai-400021.
 
 2014
 - Advani Hotels & Resorts (India) Ltd has appointed Admiral Sureesh
 Mehta (Retired) and Mr. Adhiraj Harish as the Non-Executive
 Independent Directors of the Company.
Source : Dion Global Solutions Limited
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