Integrated Filing — IndAS



General information about company

Scrip Code 533221
NSE Symbol AHLWEST
MSEI Symbol NA
ISIN INE915K01010
Name of company ASIAN HOTELS (WEST) LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2024
Date of end of financial year 31-03-2025
Date of board meeting when results were approved 23-09-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 16-09-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Hotel Industry
Start date and time of board meeting 23-09-2025   16:30:00
End date and time of board meeting 24-09-2025   14:35:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2025 01-04-2024
B Date of end of reporting period 31-03-2025 31-03-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 11,476.66 41,050.91
Other income 268.41 1,000.54
Total income 11,745.07 42,051.45
2 Expenses
(a) Cost of materials consumed 1,033.55 3,999.58
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 1,409.07 5,223.36
(e) Finance costs 1,268.89 6,807.30
(f) Depreciation, depletion and amortisation expense 1,031.12 4,082.81
(f) Other Expenses
1 Consumption of linen, room, catering and other supplies/services 148.73 578.44
2 Consumption of stores and spares 141.66 772.50
3 Operating equipments and supplies 824.63 2,781.83
4 Power & fuel 518.58 2,471.71
5 Contract services 287.60 1,065.68
6 Repairs and maintenance: 367.17 1,410.04
7 Rent Rates & Taxes 199.24 478.47
8 Legal and professional expenses (including payment to auditors) 312.16 1,102.09
9 Commission and brokerage 363.03 1,095.96
10 Remaining Other Expenses 1,299.31 3,043.11
Total other expenses 4,462.11 14,799.83
Total expenses 9,204.74 34,912.88
3 Total profit before exceptional items and tax 2,540.33 7,138.57
4 Exceptional items (810.70) (2,679.78)
5 Total profit before tax 1,729.63 4,458.79
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 1,824.36 479.05
9 Total tax expenses 1,824.36 479.05
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (94.73) 3,979.74
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period (94.73) 3,979.74
17 Other comprehensive income net of taxes (4.80) (21.86)
18 Total Comprehensive Income for the period (99.53) 3,957.88
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (94.716) 3,979.743
Total profit or loss, attributable to non-controlling interests (0.02) 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent (4.801) (21.862)
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 1,165.12 1,165.12
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve (8,965.95)
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -0.81 34.16
Diluted earnings (loss) per share from continuing operations -0.81 34.16
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -0.81 34.16
Diluted earnings (loss) per share from continuing and discontinued operations -0.81 34.16
24 Debt equity ratio 0 -11.7400
25 Debt service coverage ratio 0 0.1600
26 Interest service coverage ratio 0 2.300
27 Disclosure of notes on financial results



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2024
Date of end of reporting period 31-03-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 61,400.60
Capital work-in-progress 292.28
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 0.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other financial assets 3,396.96
Total of other non-current financial assets 3,396.96
Total non-current financial assets 3,396.96
Deferred tax assets (net) 4,013.71
Other non-current assets
1 Right-of-use assets 15,932.86
2 Income tax assets (net) 731.58
3 Other non current assets 1,754.65
Total of other non-current assets 18,419.09
Total non-current assets 87,522.64
2 Current assets
Inventories 477.01
Current financial asset
Current investments 7.35
Trade receivables, current 1,525.78
Cash and cash equivalents 4,536.95
Bank balance other than cash and cash equivalents 990.16
Loans, current 0.00
Other current financial assets
Total of other current financial assets 376.10
Total current financial assets 7,436.34
Current tax assets (net)
Other current assets
1 Other current assets 1,394.11
Total of other current assets 1,394.11
Total current assets 9,307.46
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 96,830.10
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,165.12
Other equity (8,966.27)
Total equity attributable to owners of parent (7,801.15)
Non controlling interest
Total equity (7,801.15)
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 29,667.99
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Lease liabilities 21,313.57
2 Other financial liabilities 759.35
Total of other non-current financial liabilities 22,072.92
Total non-current financial liabilities 51,740.91
Provisions, non-current 241.55
Deferred tax liabilities (net) 1,384.97
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non current liabilities 322.84
Total of other non-current liabilities 322.84
Total non-current liabilities 53,690.27
Current liabilities
Current financial liabilities
Borrowings, current 39,000.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 8.07
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,619.90
Total Trade payable 2,627.97
Other current financial liabilities
Total of other current financial liabilities
Total current financial liabilities 41,627.97
Other current liabilities 5,566.35
1 Lease liabilities 1,542.19
2 Other financial liabilities 4,024.16
Total of other current liabilities 5,566.35
Provisions, current 347.30
Current tax liabilities (Net) 3,399.36
Deferred government grants, Current 0.00
Total current liabilities 50,940.98
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 1,04,631.25
Total equity and liabilites 96,830.10
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2025 01-04-2024
Date of end of reporting period 31-03-2025 31-03-2025
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2025 01-04-2024
B Date of end of reporting period 31-03-2025 31-03-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 10.14 29.21
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss (5.34) (7.35)
5 Total Other comprehensive income (4.80) (21.86)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2024
B Date of end of reporting period 31-03-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 4,458.79
Adjustments for reconcile profit (loss)
Adjustments for finance costs 6,807.30
Adjustments for decrease (increase) in inventories 128.88
Adjustments for decrease (increase) in trade receivables, current (49.73)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (5,005.60)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 709.97
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 292.44
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 4,082.81
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 9.71
Adjustments for provisions, current 104.02
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 2,679.78
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 9,759.58
Net cash flows from (used in) operations 14,218.37
Dividends received 0.00
Interest paid 0.00
Interest received (135.78)
Income taxes paid (refund) 283.64
Other inflows (outflows) of cash (20.75)
Net cash flows from (used in) operating activities 13,778.20
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 0.00
Proceeds from sales of investment property 0.00
Purchase of investment property 2,067.60
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 135.78
Income taxes paid (refund) (57.08)
Other inflows (outflows) of cash 2,044.26
Net cash flows from (used in) investing activities 169.52
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 1,900.00
Repayments of borrowings 12,470.42
Payments of lease liabilities 2,177.00
Dividends paid 0.00
Interest paid 0.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (2,375.00)
Net cash flows from (used in) financing activities (15,122.42)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (1,174.70)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (1,174.70)
Cash and cash equivalents cash flow statement at beginning of period 5,711.61
Cash and cash equivalents cash flow statement at end of period 4,536.91





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Adverse opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 J C Bhalla & Co. Yes 31-12-2027


Financial details

Amount in (Lakhs)

Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 42,051.45 42,051.45
2 Total Expenditure 37,592.66 40,657.90
3 Net Profit/(Loss) 4,458.78 1,383.55
4 Earnings Per Share 34.16 7.76
5 Total Assets 96,830.10 96,830.10
6 Total Liabilities 1,04,631.25 1,08,936.00
7 Net Worth (7,801.15) (12,105.90)


Audit qualification

Amount in (Lakhs)

Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Adverse opinion Whether appeared first time Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)
2 Textual Information(6) Adverse opinion Whether appeared first time Textual Information(7) Textual Information(8) Textual Information(9) Textual Information(10)
3 Textual Information(11) Adverse opinion Whether appeared first time Textual Information(12) Textual Information(13) Textual Information(14) Textual Information(15)
4 Textual Information(16) Adverse opinion Whether appeared first time Textual Information(17) Textual Information(18) Textual Information(19) Textual Information(20)
5 Textual Information(21) Adverse opinion Whether appeared first time Textual Information(22) Textual Information(23) Textual Information(24) Textual Information(25)


Text Block

Textual Information(1) tWe draw attention to Note 46 to the consolidated financial statements: na.tAs per clause (v) of Schedule 2 to the Framework Agreement, Saraf Group shall have the option to buy the Hyatt Regency, Mumbai (the principal asset of the Holding Company) from the Holding Company any time after the successful withdrawal of CIRP and revocation of the Trading suspension. Moreover, in case of exercise of such option by Saraf Group, neither the Holding Company nor Saraf Group shall be liable to pay any other amount to each other. Though the Holding Company is not a party to the said Framework Agreement, the subsequent actions of the Board of Directors of the Holding Company, in seeking and obtaining the approval of the shareholders of the Holding Company to secure the amounts received from Saraf Group to create charge / lien over Hyatt Regency, Mumbai indicates that the Board of Directors of the Holding Company have taken cognizance of the Framework Agreement. We also note that in the audited financial statements of Novak Hotels Private Limited, the party who has been identified by Saraf Group as the person who has funded the said amount of Rs. 39,000 lakhs has stated these amounts as advances for acquiring Hyatt Regency, Mumbai. n nIn this regard, the following matters are noted and hereby reported: ni.tConsidering the provisions of the Framework Agreement providing an option to Saraf Group to acquire Hyatt Regency, Mumbai and manner of presentation of such amounts by the Group Company of Saraf Group, we are unable to state if the classification of amounts received is in the nature of a borrowing or an advance for sale of assets and the presentation of such amounts as non-current. nii.tSection 180(1)(a) of the Act restricts the power of the Board of Directors from sale, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company without the prior approval of the members of the Holding Company. In the instant case, the approval of the members of the Holding Company was obtained only for creating security on the assets and the information regarding the exercise option granted to Saraf Group was not informed to the members. niii.tThough the members of the Holding Company approved creation of a charge / security on Hyatt Regency, Mumbai, the Holding Company is yet to file the necessary forms with the Ministry of Corporate Affairs and therefore is not in compliance with the requirements of the Act. niv.tIf the intention is to sell Hyatt Regency, Mumbai in return of the fund infusion by Saraf Group, these financial statements should have been prepared considering the requirement of Ind AS 105 “Non-current assets held for sale and discontinued operations” consider the requirement of Ind AS. Also refer our reporting on Going Concern assumption in paragraph 3 below. n nb.tThe Holding Company has not recognized interest expense of Rs. 3,837.93 lakhs and certain expenses of Rs. 453.84 lakhs towards reimbursement, as claimed by Saraf Group. In the absence of agreed terms and conditions in respect of the amounts received, we are unable to comment on the amount of interest that should have been accrued by the Company in these consolidated financial statements. Notwithstanding the above, if the amounts received are in the nature of borrowings as considered by the Holding Company, as per section 186(7) of the Companies Act, 2013, such borrowings shall have a minimum interest rate that is not lower than the prevailing yield of one year, three year, five year or ten year government security closest to the tenor of the loan. However, even considering the minimum rate of interest as stipulated in Section 186(7) of the Act, such interest amount that has not been recognised in these consolidated financial statements is expected to be material and will represent a substantial proportion of the consolidated financial statements. n nc.tFurther, there is an unreconciled balance of Rs. 242.64 lakhs in the amounts stated as borrowings in note 22 to the consolidated financial statements for the year ended March 31, 2025, the recorded balance in the consolidated financial statements being lower.
Textual Information(2) Novak Hotels Private Limited (Saraf Group or lender) had advanced an amount of Rs. 37100 lakhs till March 31 2024 and further Rs1900 Lakhs during the year thus aggregating to Rs 39000 Lakhs to the Holding Company which was utilized for making all payments to creditors all other regulatory and necessitated expenses The amount was received in terms of a framework agreement between the promoters of the Holding Company and Saraf Group entered into as part of the insolvency resolution process of the Holding Company Whilst the Holding Company is not a party to the framework agreement the Holding Company has been informed by its promoters who are also on the Board of Directors of the Holding Company that the amount was in the nature of a loan and has accordingly been disclosed as Borrowings in note 22 to the consolidated financial statements The Holding Company had recognized an interest expense of Rs. 2200 lakhs during the previous year ended March 31 2024 Further during the year the Company has recognized an interest expense of Rs 198 lakhs being 9percent on Rs. 2200 lakhs and further discussions are going on with respect to quantum of interest to be provided
Textual Information(3) The impact of audit qualifications are not quantifiable
Textual Information(4) The impact of audit qualifications are not quantifiable
Textual Information(5) Adverse opinion
Textual Information(6) 2.tWe draw attention to note 50 in the consolidated financial statements, wherein, the Holding Company has written off and written back certain old outstanding balances during the year ended March 31, 2025 which are amounting to Rs. 1,229.51 lakhs (net write off) and have been disclosed as “Exceptional Items” in the consolidated financial statements. The balances written off/written back relate to the balances that existed as on March 31, 2024 and should have been written off/written back as on such date or earlier, as applicable. As per para 42 of IND AS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”, the prior period errors shall be corrected retrospectively. Consequently, the exceptional items (net) and consolidated loss for the year ended March 31, 2025 are overstated by Rs.1,229.51 lakhs
Textual Information(7) There were certain old outstanding balances in the books of accounts for which the complete and proper details were not available. During the year ended March 31 2025 an amount of Rs. 2970.66 Lakhs written off and Rs.290.90 lakhs have been written back in respect of such balances resulting into net difference of Rs. 2679.76 Lakhs which has been disclosed under Exceptional Items in the consolidated financials statement during the year ended March 31 2025 As per assessment of the Board, these balances were no longer receivable payable by the Company and this has been taken on record by the Board in its meeting held on May 30 2025
Textual Information(8) The impact of audit qualifications are not quantifiable
Textual Information(9) The impact of audit qualifications are not quantifiable
Textual Information(10) Adverse opinion
Textual Information(11) 3.tWe draw attention to note 48 to the consolidated financial statements, wherein, the Holding Company has prepared these consolidated financial statements on a going concern basis considering the approved the settlement proposal under Section 12A of IBC 2016 and the steps being taken by the Holding Company to meet its regulatory requirements and reporting obligations. However, the Group’s current liabilities exceeds the current assets by Rs. 41,633.52 lakhs as at March 31, 2025. Considering the above and in the absence of sufficient appropriate audit evidence to support the Holding Company’s ability to meet its obligations, a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern and the consolidated financial statements have not been prepared on any other basis of accounting acceptable in the circumstances and also do not adequately disclose this matter.
Textual Information(12) The Holding Company owns Hotel Hyatt Regency in Mumbai Hotel. The lockdown and restrictions imposed on various activities due to COVID -19 pandemic in India had significantly and adversely affected the operations of the Hotel. The Holding Company could not run its Hotel operations as funding restrictions had been imposed by one of the lender banks. Despite Central Government’s/Reserve Bank of India’s scheme to provide financial support to the beleaguered hospitality industry through the Emergency Credit Line Guarantee Scheme (ECLGS), the lender bank of the Hotel refused to release the funds that the Company was entitled to under ECLGS and needed as a lifeline for normalizing its operations. Such actions of the lender bank led to suspending of the operations of the Hotel in June 2021, which in turn resulted in the Company’s financial distress. On August 19, 2021 lender bank filed Section 7 application before the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench IV claiming a default of an amount of Rs. 26,407.35 lakhs. The Adjudicating Authority (NCLT), New Delhi passed an order dated September 16, 2022 admitting the section 7 petition and initiated Corporate Insolvency Resolution Process (CIRP) against the Company. On January 09, 2024, the National Company Law Appellate Tribunal (NCLAT) has approved the settlement proposal under Section 12A of IBC 2016 submitted by the promoters and suspended Directors of the Holding Company. With the approval of the settlement proposal, the order dated September 16, 2022 admitting section 7 application under Insolvency and Bankruptcy Code 2016 has been set aside and the CIRP of the Holding Company has been closed. The Holding Company is in the process of complying with all regulatory requirements and reporting obligations. Considering the above, these consolidated financial statements have been prepared on a going concern basis assuming that the Holding Company will continue as going concern and realize its assets and discharge its liabilities in the normal course of business from the date of approval of these consolidated financial statements by the Board of Directors.
Textual Information(13) The impact of audit qualifications are not quantifiable
Textual Information(14) The impact of audit qualifications are not quantifiable
Textual Information(15) Adverse opinion
Textual Information(16) 4.tThe Holding Company has neither provided us with proper records showing full particulars, including quantitative details and situation of property, plant and equipment nor has provided us with the information regarding the physical verification of property, plant and equipment. Therefore, we are unable to comment on the existence of the property, plant and equipment balance of Rs. 1,617.11 lakhs as stated in note 3.1 to the accompanying consolidated financial statements.
Textual Information(17) The Holding Company is revived on 9th January 2024 since than the Management is busy with doing pending compliances with respect of BSE and NSE Stock Exchange and other concerned Authorities The Mumbai hotel is in shut condition as on date however, the Holding Company is in process to evaluate PPE (Property, Plant & Machinery) by way of physical verification alongwith location of each item before commencing the operation
Textual Information(18) The impact of audit qualifications are not quantifiable
Textual Information(19) The impact of audit qualifications are not quantifiable
Textual Information(20) Adverse opinion
Textual Information(21) 5.tOutstanding recoverable/payables balances with the Government Authorities are subject to reconciliation with the statutory records and consequential adjustment, if any. Further, in the absence of complete period details of “statutory dues payable” as referred in note 51 to the consolidated financial statements, we are unable to comment on the adequacy of interest expense on statutory dues recognized in the consolidated statement of profit and loss for the year ended March 31, 2025.
Textual Information(22) In view of management disputes financial and operational issues and subsequent commencement of CIRP in respect of the Company w.e.f. 16th September 2022, the Holding Company was not able to comply with certain compliance requirements as stated the Secretarial Audit Report. Also, certain records of the Company could not be retrieved due to lack of resources. However, after the closure of CIRP on 9th January 2024 the Holding Company is in the process of complying with all applicable laws and earnest efforts are being made by the Holding Company in this regard. Some of the old liabilities which are under reconciliation with the books, however doing thing any material consequential impact will not be arisen.
Textual Information(23) The impact of audit qualifications are not quantifiable
Textual Information(24) The impact of audit qualifications are not quantifiable
Textual Information(25) Adverse opinion


Signatories detail

Name of CEO / Managing director Not yet appointed
Name of CFO Harish Kumar Gautam
Name of audit committee chairman Mr. Shekhar Gulzari Lal Gupta
Name of statutory auditor J.C.Bhalla & Co.
Name of other signatory, if any, with designation Nidhi Khandelwal, Company Secretary
Place New Delhi
Date 23-09-2025