apologies for inadvertently causing you worry. i didn’t mean without any idea, just that the mathematics involved corresponding to the moving average and price is a little nuanced, but the overall idea obviously we do get and are confident in the same too.

The board is meeting on 19.05.2024. An increase in authorized capital and issuance of bonus shares is on the agenda.

@Anand_Jain The specimen sheet is somewhere in the thread, but please find below link with the latest update.

Hi @Deepesh_Punetha with reference to your questions i have read the annual reports and will try to address your queries

1)The hotel land for orchid mumbai is owned by promoter entity (Plaza hotels) and is given on long term lease to kamat hotels. It is mentioned as owned as technically it is owned by group company but actually it is a leased hotel. Kamat hotels pays royalty charges to promoter entity.

2. Even though agreement will end in 2024 this agreement is extendable for another 30 years so it will be extended.

3)The royalty payable is basically for orchid vile parle mumbai which is based on the percentage of sales as decided by the board. It is basically lease expenses but it is paid as royalty so it would be accounted in other expenses and not as lease as per ind as.For FY23 it was 3 percentage of sales and for FY24 it was increased to 5 percent of sales. Going forward not sure what will this be. Maybe management can provide clarity.

4. Loan was given by kamat hotels to promoter entity (plaza hotels) at 20 percent which was the same rate at which the company had raised ncd’s. The loan was given to enable promoter entity to clear outstanding dues with prudent arc which was taken for construction of a hotel project in nagpur which the promoter entity was undertaking and which was to be handed to listed entity but this project was shelved.

5. The contingent liabilities are mainly income tax issues due to misreporting by the banks of loan settlement as the loans were assigned to arc’s and arc’s also subsequently reported it so as per the company it led to double counting of income by the it department. The company believes these dues are not payable and should be set aside by the courts so hence it has not provided for them.

In case you received any further update from the company kindly let us know

Overall i feel valuations are attractive and the legacy issues of debt have been resolved. Now the company is on a strong growth trajectory which would kick in from Q1FY25. Moreover expansion would mainly be through the lease route rather than management contract so this would significantly contribute to topline.