Vits Select hotel at Bharuch and Kamats Legacy restaurant at Mira Road discontinued
Vikram Kamats Hospitality Ltd has informed BSE that operations of the 'Vits Select' hotel at Bharuch, Gujarat, run by its material subsidiary Vitizen Hotels Ltd, and the 'Kamats Legacy' restaurant at Mira Road, Thane.
By ScoutQuest · · 2 min read
- Locations Discontinued
- 'Vits Select' hotel at Bharuch, Gujarat and 'Kamats Legacy' restaurant at Mira Road, Thane
- Entity Operating Hotel
- Vitizen Hotels Ltd (material subsidiary)
- Restaurant Tenure
- run by the company under lease
What the company told the exchange
Vikram Kamats Hospitality Ltd has informed BSE that two operating locations have been shut.
- The hotel operating under the brand name 'Vits Select' at Bharuch, Gujarat, managed by Vitizen Hotels Limited, which the company describes as its material subsidiary.
- The restaurant operating under the company's own brand 'Kamats Legacy' at Mira Road, Thane, which was run under lease and managed by the company itself.
The word used for both is that operations are discontinued.
Why the company says it acted
The decision, according to the disclosure, was taken after due consideration of operational and commercial factors, including business disruption. The company has also said it will ensure compliance with all applicable statutory requirements connected with closing the hotel and the restaurant.
What the company expects the effect to be
The company has stated that the closure is not expected to have any material adverse impact on the overall operations of the company and/or Vitizen Hotels Limited.
How a retail investor can read this
- One of the two closures sits inside a subsidiary that the company itself calls a material subsidiary, so it is a part of the group the company treats as important.
- The other is a leased restaurant, which the company managed directly.
- The company's own stated position is that the overall operations will not be materially hurt, and it has given the reason for the closures as operational and commercial factors, including business disruption.
- This is a disclosure of a decision already taken and already acted upon, not a proposal awaiting approval.
What to keep in mind
This disclosure is an operational update about shutting two locations. The company's assessment of the impact is its own view, stated in the same announcement as the closure itself.
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