The Company was converted into a Public Limited Company and the subsequently the name was changed to Vardhman Hotels Limited w.e.f July 28, 2007. The Company entered into a Scheme of Arrangement and De-merger with M/s Asian Hotels Limited (Transferor Company).
A Scheme of Arrangement & Demerger amongst Asian Hotels Limited & its shareholders & creditors (Transferor Company), Chillwinds Hotels Limited & its shareholders (Transferee Company-I) & Vardhman Hotels Limited & its shareholders (Transferee Company-II) [the Scheme] became effective on 11th February, 2010 after the Order dated 13th January, 2010 duly sanctioned & passed by the Honble Delhi High Court was filed with the Registrar of Company, NCT of Delhi and Haryana. Both the Transferee Companies were wholly owned subsidiaries of the Transferor Company. Before effectiveness of the Scheme, Asian Hotels Limited had 3 properties in the form of 5 star hotels situated in New Delhi (Hyatt Regency Delhi), Mumbai (Hyatt Regency Mumbai) and Kolkata (Hyatt Regency Kolkata).
Post effectiveness of the Scheme, assets and liabilities of Mumbai Undertaking and Kolkata Undertaking respectively were demerged, transferred and vested with Chillwinds Hotels Limited being the Transferee Company-I and Vardhman Hotels Limited being the Transferee Company-II and Asian Hotels Limited (Transferor Company) retained the residual assets which mainly consisted of Hyatt Regency Delhi Hotel. The demerger, transfer, vesting and retention of assets & liabilities happened retrospectively w.e.f. 31st October, 2009 being the Appointed Date defined in the Scheme and the 3 undertakings became separate & independent entities from the date.
Upon this Scheme becoming effective on 11th February, 2010, the name of Vardhman Hotels Limited (Transferee Company-II) was changed to Asian Hotels (East) Limited after obtaining permission of the Registrar of Companies. Asian Hotels (East) Limited is into the business of hospitality industries & is managed by a professional Board of Directors consisting of eminent personalities & professionals. Particulars of the Board of Directors are attached.
The Company has already made listing applications to the BSE & the NSE to list its equity shares of the Company.
The Company has around 14,000 shareholders. M/s Karvy Computershare Pvt Ltd, Hyderabad is the Company’s Registrar & Transfer Agent.
The equity paid up capital as on the date is Rs.11,52,77,970/- (consisting of 1,15,27,797 equity shares of Rs.10/- each).