Board approves forfeiture of 16,31,580 partly paid-up shares; in-principal nod to raise up to INR 50 crore
Chhatrapati Sambhajinagar (Aurangabad) hotel proposed to start operations in October 2026; Mysuru hotel in Quarter 4 of FY 2026-27.
By ScoutQuest · · 2 min read
- Fund Raise Approved
- up to INR 50 Crore via preferential issue/private placement and/or warrants
- Hotel Operations Start
- Chhatrapati Sambhajinagar (Aurangabad) hotel proposed to start operations in October 2026; Mysuru hotel in Quarter 4 of FY 2026-27
- Shares Forfeited
- 16,31,580 partly paid-up Right Issue Equity Shares whose call money stayed unpaid
Hotel projects update
The Board took note of the update presented by the Management on the operational performance of the existing hotels and the progress of upcoming hotel projects across various locations.
- The Company's hotel at Chhatrapati Sambhajinagar (Aurangabad) is proposed to commence operations during October, 2026.
- The Company's hotel at Mysuru is proposed to commence operations during Quarter 4 of FY 2026-27.
Proposed fund raise
The Board accorded in-principal approval for raising funds up to INR 50 Crore through the issuance of shares on a preferential basis / private placement and/or warrants. Who the shares or warrants can be issued to: eligible investors, promoters and/or members of the promoter group. This is an in-principal approval, and it is subject to receipt of necessary statutory, regulatory, stock exchange and shareholders' approvals and compliance with applicable laws. In simple terms: a preferential issue or private placement means new shares (or warrants, which give the holder a right to receive shares later) are offered to a selected set of investors rather than to all shareholders.
Forfeiture of partly paid-up Right Issue shares
- The Company had issued call notices and subsequent Final Reminder-cum-Forfeiture Notices dated July 25, 2026 and August 17, 2026 to holders of partly paid-up equity shares who had failed to pay the outstanding call money.
- The notices provided that in the event of non-payment of the call money together with applicable interest within the stipulated period, the partly paid-up equity shares, including the amount already paid thereon, would be liable to forfeiture under the Companies Act, 2013 and the Articles of Association of the Company.
- Out of the total 1,28,76,808 partly paid-up Right Issue Equity Shares, the Company received the First Call, Second Call and Third & Final Call money in respect of 1,12,45,228 shares.
- The call money in respect of 16,31,580 partly paid-up Right Issue Equity Shares remained unpaid.
- The Board approved the forfeiture of these 16,31,580 partly paid-up Right Issue Equity Shares, together with the amounts already paid thereon.
- The Board authorized the Rights Issue Committee and/or designated officers of the Company to undertake all necessary actions, updates and compliances in connection with the forfeiture.
What forfeiture means for a holder: the partly paid-up shares, along with the money already paid on them, are forfeited, so the defaulting holder loses those shares and the unpaid call money had remained unpaid.
Meeting details
The Board Meeting commenced at 02:00 p.m. and concluded at 03:15 p.m.
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More numbers
- In-principal approval to raise funds up toINR 50 Crore
- Partly paid-up Right Issue Equity Shares forfeited16,31,580 partly paid-up Right Issue Equity Shares
- Total partly paid-up Right Issue Equity Shares1,28,76,808 partly paid-up Right Issue Equity Shares
- Shares on which call money was received1,12,45,228 shares
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