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India Tourism Development Corporation Ltd.

BSE: 532189 Sector: Services
NSE: ITDC ISIN Code: INE353K01014
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VOLUME 2759
52-Week high 419.30
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P/E 363.63
Mkt Cap.(Rs cr) 1,934
Buy Price 224.00
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OPEN 226.45
CLOSE 225.40
VOLUME 2759
52-Week high 419.30
52-Week low 104.95
P/E 363.63
Mkt Cap.(Rs cr) 1,934
Buy Price 224.00
Buy Qty 12.00
Sell Price 225.45
Sell Qty 200.00

India Tourism Development Corporation Ltd. (ITDC) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 54th Annual Report together with theaudited accounts of the Corporation for the year ended 31st March 2019.

Your Corporation has achieved a total turnover of ? 371.72 crore during the financialyear 2018-19 as against ? 366.42 crore in the previous year 2017-18. During the financialyear 2018-19 the Corporation has recorded a Total Comprehensive Income (TCI) of ?43.93crore as against TCI of ? 13.22crore in previous year 2017-18 a jump of 232.29%.

Performance Highlights

The highlights of the financial results of the Corporation (Standalone) are givenbelow:

(? in crore)
Particulars Audited 2018-19 Audited 2017-18
Income from Operations 349.96 339.71
Operating Expenses 323.90 349.80
Operating Profit/Loss 26.06 (10.09)
Other Income 21.77 26.71
Profit/Loss before
Depreciation Finance
Cost Exceptional Item 47.83 16.62
Depreciation 7.12 6.87
Finance Cost 0.53 0.48
Profit / Loss before
Exceptional Items 40.18 9.27
Exceptional Items (22.05) (30.85)
Profit / Loss beforeTax 62.23 40.12
Provision for Income Tax 13.91 15.98
Deferred Tax 5.16 (7.28)
Provision for Income Tax for earlier years written back (1.21) 0.05
Profit/Loss from continuing operations after tax 44.37 31.37
Net Profit/(Loss) from
Discontinuing Operations (4.31) (18.87)
Tax expense of
Discontinued operations (2.10) (5.21)
Net Profit/ (Loss) from Discontinued Operations after tax (2.21) (13.66)
Net Profit/ (Loss) for the period 42.16 17.71
Other Comprehensive
Income -
(i) Items that will not be reclassified to Profit or Loss 2.73 (6.28)
(ii) Income tax relating to items that will not be Reclassified to Profit or Loss (0.95) 1.79
Other Comprehensive Income for the Period (i+ ii) 1.78 (4.49)
Total Comprehensive Income for the Period 43.93 13.22

Note : Financials for the year 2017-18 has been re-casted during the year 2018-19 dueto impact of prior period items for making the financial Ind AS compliant.

Operating Ratio The Operating Ratio has decreased to  92.55% from 102.97% in theprevious financial year.

Division wise Financial Performance

The Division wise financial performance of the Corporation is summarized as under :

(i) Hotels Division has achieved a turnover of ? 251.65 crore during the year asagainst  ? 269.84 crore in the previous year and earned the profit before tax (PBT)of ? 33.01 crore as against the PBT of ? (0.55) crore in the previous year.

ii) The turnover of A.I.T. Division was ? 18.47 crore against ? 15.03 crore in theprevious year. During the year 2018-19 13 duty free shops were in operation at seaportsi.e. Goa Haldia Kolkata Chennai Mangalore Visakhapatnam Mumbai Paradip KakinadaCochin Krishnapatnam Tuticorin and Kamarajar. The AIT division has earned Profit beforeTax (PBT) of ? 3.27 crore as compared to PBT of ? 0.52 crore in the previous year.

iii) The turnover of ATT Division has increased to ? 34.50 crore during 2018-19 from  ? 29.65 crore in the previous year 2017-18. The ATT Division has earned a PBT of ?1.62 crore as against the PBT of  ? 2.13 crore in the previous year.

iv) The turnover of the Ashok Events Division increased to ? 43.41 crore during 2018-19from ? 37.12 crore during previous year  2017-18 and has earned a Profit before Tax(PBT) of ? 4.93 crore as against PBT of ? 4.91 crore in the previous year.

v) The Engineering Division including SEL

Projects achieved a turnover of ? 5.73 crore during the year 2018-19 (previous year ?8.72 crore) with net loss of  ? 4.14 crore as against net loss of  ? 4.32 crorein the previous financial year.

vi) The Ashok Institute of Hospitality and Tourism Management (AIH&TM) achieved aturnover of ? 4.85 crore during 2018-19 as against a turnover of ? 3.61 crore in theprevious year 2017-18 and earned a profit before tax of ? 0.56 crore against Net loss of ?0.81 crore in previous year 2017-18.

vii) The Corporate HQ being the administrative office has earned an income of ? 21.60crore (previous year ? 26.68 crore) mainly constituting income from interest on short termdeposits with banks from the surplus funds available with it. During the year 2018-19apart from interest income HQ has also earned profit from disinvestment of hotelunits/subsidiary companies of  ? 16.36 crore.

Note :Division-wise Turnover and Profit comprises of Turnover and Profit of bothContinuing as well as Discontinued Operations.

Capital Structure

There is no change in authorized and paid-up share capital of the Corporation. TheAuthorized Share Capital of the Corporation is ? 150 crore and the paid-up Share Capitalis  ? 85.77 crore as on 31st March 2019.

Compliance of Clause 38 of SEBI (LODR) Regulations:

ITDC is a Central Public Sector Enterprise (CPSE). Process of dilution of Governmentequity in CPSEs is undertaken by Department of Investment and Public Assets Management

(DIPAM). DIPAM has already appointed SBI

Capital Ltd. and IDBI Capital Ltd. jointly as the Merchant Banker and M/s CyrilAmarchand

Mangaldas as the legal advisor for dilution of equity of Government of India in ITDC.ITDC is following with the Ministry of Tourism to pursue the matter with DIPAM forcompliance of Minimum Public Shareholding norms in ITDC.

Dividend

The Board of Directors recommended a dividend of 21% for the financial year 2018-19 onthe equity share capital of the Company.

Corporation's Dividend Distribution 

Policy is available at the website link https://www.theashokgroup.com/images/investors/2018120_170913.pdf

Transfer to Reserve

No amount has been transferred to the General Reserves.

Rating of ITDC vis--vis MoU targets Performance of the Company for the year 2017-18has been notified as ‘FAIR' with Composite Score 39.66 by Department of PublicEnterprises (DPE) in terms of the MoU signed with the Government of India.

Management Discussion and Analysis

The report on the Management Discussion and Analysis is placed at Annexure-I.

Procurement from MSEs

During the financial year 2018-19 the Corporation has procured 24.85% of totalprocurement of goods and services from Micro and Small Enterprises (MSEs) against theprescribed target of 20% as per the then procurement policy of Govt. of India. Theprocurement from

MSEs owned by SC/ST entrepreneurs was 0.025% against the target of 4%. Further alltenders contained a clause for exemption of tender fee and EMD for MSEs. Tender alsocontained  the clause for due preference to MSEs as per GoI guidelines.

Implementation ofOfficial Policy Language

During the year 2018-19 the Company continued its efforts to give impetus to the useof Hindi in day-to-day official work through motivation and training. Cash incentives weregranted to employees on doing prescribed quantum of work in Hindi. Hindi workshops wereorganized to provide practical training of noting-drafting Unicode Google voice type andother works in Hindi. Various Hindi competitions were also organized during Hindi Parv(Fortnight) celebrations. A cultural program and Hindi Kavi Gosthi were organized at HotelThe Ashok on 26th September 2018 to celebrate "Hindi Parv" which includedperformances by prominent Hindi poets as well as various performances like songs dramaetc. by ITDC's own employees besides Rajbhasha Prize Distribution Function to encourageOfficial Language in the Corporation.

Conservation of Energy & Technology Absorption

Commitment towards energy conservation remains in the units at various stages ofoperations. Commercial considerations energy conservation policies and practices play avital role in the endeavours made in this direction.

Since your Company's operations do not involve technology absorption the particularsas per Rule 8(3)(B) of the Companies (Accounts)

Rules 2014 regarding technology absorption are not applicable.

Foreign Exchange Earnings & Outgo

The Direct Foreign Exchange Earnings during the year 2018-19 has increased to ? 18.65crore as against ? 15.27 crore in the previous financial

Subsidiary Companies

As on 31.03.2019 the Corporation has four subsidiary companies viz.

(i) Pondicherry Ashok Hotel Corporation

Ltd

(ii) Ranchi Ashok Bihar Hotel Corporation Limited.

(iii) Utkal Ashok Hotel Corporation Ltd

(iv) Punjab Ashok Hotel Company Ltd.

The Hotel Units were set up under the aforesaid subsidiary companies at Puducherry andRanchi respectively. The operation of Hotel at Puri is closed since March 2004 and theHotel has been planned to be leased out. The Hotel project at Anandpur Sahib isincomplete. Due to continuous losses the operations of Hotel Ranchi Ashok have also beenclosed w.e.f. 29.03.2018. All the subsidiary companies are under disinvestment processthe status of disinvestment is being shown elsewhere in the report.

The Annual Accounts of all the subsidiary companies have been audited and finalized andthe Consolidated Annual Accounts have been prepared and presented in this Annual Report. Astatement containing the salient features of the Financial Statements of subsidiarycompanies forms part of the Consolidated Annual Accounts 2018-19.

Vigil Mechanism and Whistle Blower Policy

The Corporation has a Whistle Blower Policy which is posted on the website http://www.theashokgroup.com/Aboutus/rti. Being a Central Public Sector Enterprise theCorporation has a Vigilance Department. Chief Vigilance Officer the Head of the VigilanceDivision is under the direct control of the Central Vigilance Commission (CVC) anindependent Govt.

Agency.

Board of Directors

During the year seven Board meetings were held to transact the business of the

Company.

The Board presently comprises of eight

Directors i.e. Director (C&M) being given the additional charge of Chairman &Managing

Director w.e.f. 15.07.2019 (A/N) Director (Finance) two Government Nominee Directorsand four Independent Directors as under:

A) Executive Directors

1. Shri Piyush Tiwari Director (C&M) from 28.05.2015 (Additional charge ofChairman & Managing Director given w.e.f. 15.07.2019)

2. Shri Pradip Kumar Das Director

(Finance) from 25.02.2016

B) Non-Executive Directors

(a) Part-time Government Nominee Directors:

1. Smt Meenakshi Sharma (IA&AS) from 11.07.2016

2. Shri Rajesh Kumar Chaturvedi IAS from 20.05.2019

(b) Independent Part time Directors:

1. Shri Ajay Swarup from 08.08.2016

2. Shri Patel Karshanbhai Bhikhabhai from 08.08.2016

3. Dr. Paragbhai M. Sheth from 30.07.2018

4. Shri K. Padmakumar from 30.07.2018

During the financial year 2018-19 following directors were appointed/ceased to beappointed :

Part time Govt. Nominee Directors :

1. Shri Bipin Mallick IAS appointed as

Government Nominee Director vide order dated 16.04.2018 w.e.f. March 13 2018 andceased as Director on 05.07.2018

2. Shri Shambhu Singh IAS appointed as Government Nominee Director w.e.f. 10.08.2018and ceased as a Director on 26.10.2018.

3. Dr. Dharmendra Singh Gangwar IAS appointed as Government Nominee Director w.e.f.26.10.2018 and ceased as a Director on 20.05.2019.

Independent Directors :

1. Shri K. Padmakumar appointed w.e.f. 30.07.2018

2. Dr. Paragbhai M. Sheth appointed w.e.f. 30.07.2018

3. Dr. Kamala Singh was appointed w.e.f. 30.07.2018 but ceased to be on the Board dueto her sad demise.

As per disclosure received from the

Directors the Directors are not related to one another.

Pursuant to Article 61 of the Article of Association Shri Piyush Tiwari and ShriPradip Kumar Das retire by rotation at the ensuing

Annual General Meeting and being eligible offer themselves for re-appointment. Detailsof profile etc. as required under Regulation 36(3) of SEBI (LODR) Regulations 2015 inrespect of Directors liable to retire by rotation and seeking re-appointment have beengiven at the end of the Notice of AGM.

Training Policy and the training imparted to the Directors

The Corporation has formulated a training policy for Board Members. As per the policyITDC offers training programmes organized by SCOPE and DPE to the Board Members. Furtheron induction of non-official Directors ITDC may also arrange training on the role andresponsibilities of Directors from the professional institutes like ICAI ICSI ICMAIIIM SCOPE etc.

During the financial year 2018-19 Dr. Paragbhai M. Sheth and Shri K. Padmakumarparticipated in training programme organized by DPE at Mysuru from 17.09.2018 and18.09.2018.

Further Familiarization programme conducted by ITDC for Non-official directors on14.02.2019 which was attended by the four Non-official directors. Details are given in thewebsite www. theashokgroup.com/aboutus/investorcorner

Declaration by Independent Directors

The Company has received necessary declaration from each independent director underSection 149(7) of the Companies Act

2013 that he/she meets the criteria of independence laid down in Section 149(6) of theCompanies Act 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations 2015.

Board Evaluation

The evaluation of the Board as a whole and the Independent Directors is conducted onthe basis of criteria and framework laid down by the Nomination & RemunerationCommittee of the Board. Based on the evaluation criteria laid down by the Committee theperformance evaluation of the Board is measured in six areas.

The performance evaluation of the Independent Directors is also measured in six areasbased on questionnaire designed on a scale of 1 to 5.

Particulars of loans guarantee or investments

During the year under review ITDC released loan of total ? 700000/- on 25.06.2018 ata rate of interest of 12.5% per annum to M/s Utkal Ashok Hotel Corporation Ltd. a jointventure subsidiary of ITDC for meeting expenditure of Security Services MiscellaneousExpenses and Legal Expenses. In ITDC Board Meeting held on 14.02.2019 a loan of ? 10 lakhwas approved to M/s Utkal Ashok Hotel Corporation Ltd. @ rate of interest of 12.5% perannum or such revised rate after reconsideration by ITDC. It was approved that this loanof ? 10 lakh would be disbursed in instalments on the request of M/s UAHCL. On 01.03.2019a loan of ? 250000 was released to M/s Utkal Ashok Hotel Corporation Ltd.

Corporate Governance

As per the requirement of Clause C of Schedule V to SEBI (LODR) Regulations 2015 adetailed report on Corporate Governance together with the following is given in Annexure-IIwhich forms part of this Report. (i) CEO/CFO Certificate [as per Regulation 17(8) of SEBI(LODR) Regulations 2015]; and (ii) Certificate from [Clause E to Schedule V to SEBI(LODR) Regulations 2015].

Directors' Responsibility Statement

Pursuant to the requirement under Section 134(5) of the Companies Act 2013 it ishereby confirmed: -

• that in the preparation of the accounts for the financial year ended 31st March2019 the applicable accounting standards have been followed read along with properexplanation relating to departures;

• that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of state of affairs of the Company at the end of the financialyear and of the profit of the Company for the year under review;

that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

• that the Directors have prepared the accounts for the financial year ended

31st March 2019 on a ‘going concern' basis;

that the Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively;

• that the Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

Internal Financial Controls

The Corporation has adequate internal control system commensurate to its nature ofbusiness. Board has laid down adequate policies and procedures such as LicensingProcedure Purchase Procedures Engineering & Works Manual SoP for Cash & BankTransactions Delegation of Powers etc. for ensuring the orderly and efficient conduct ofbusiness.

Professional services of Chartered Accountant Firms are availed to conduct InternalAudit of all units/verticals of ITDC. A detailed Internal Audit manual duly approved bythe Board of Directors has been circulated to all the units.

Internal Auditors monitor and evaluate the efficacy and adequacy of the internal checks& control systems. Quarterly Internal Audit Reports are submitted by InternalAuditors. Corrective actions wherever required are taken by the units/verticals.Significant are reported to the Audit Committee.

Related Party Transactions

There are no materially significant party transactions reportable under Section 188 ofthe Companies Act 2013. The Audit

Committee and the Board has approved a policy on materiality of the related partytransactions which is posted on the website of the companyhttp://www.theashokgroup.com/Aboutus/

Investorcorner.

Disclosure as per OM of Ministry of Parliamentary Affairs

In compliance with the OM F.No. 28(1)/2016-Leg.I dated 24.01.2018 of Ministry ofParliamentary Affairs Government of India on the recommendations made by the Committee onPapers Laid on the Table (Rajya Sabha) details related to vigilances Audit Objectionsand RTI matters etc. are required to be included in the Annual Report of the Company. Therelevant details are as under :

Vigilance Cases

Number of Vigilance cases disposed off during the financial year 2018-19 are 19(nineteen) whereas the pending Vigilance/ Disciplinary cases are 13 (thirteen). The gistof the nature of such cases are irregularities in tendering of Sound and Light Show CBIcase of demanding bribe for releasing payment violation of procedure in refund of ticketsof ATT delay in payment to suppliers irregularities in engineering cases pertaining toinstallation of machineries irregularities in misappropriation of funds in Ashok EventsDivision and irregularities observations if any in purchases etc.

Audit Objections relatedThere are total outstanding 127 para pending for resolutionwith CAG.

RTI Matters

The Corporation is a Public Authority under clause (h) of Section 2 of Right toInformation Act 2005. The Corporation has taken necessary steps for the implementation ofthe Right to Information Act 2005. The Corporation is in compliance with the RTI Act2005.

Report under Section 22 of The Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 During 2018-19 one case was registered.

Report submitted on 05.04.2019.

Corporate Social Responsibility and Sustainable Development

ITDC has undertaken the following activities under CSR.

1. Sanitation and hygiene for Swachh Bharat Swachh Paryatan Project by undertakingcleanliness and maintenance of Qutub Minar Red Fort and Purana Quila.

2. Procurement and Provision of Advance Life Support Ambulance to District FerozpurPunjab. (Aspirational District listed by Niti Aayog).

3. ITDC has contributed ? 5.00 lakh to Prime Minister's National Relief Fund.

Expenditure on above activities during 2018-19 was approximately Rs.  44.01 lakh.

The Annual Report on CSR Activities and the Report on the Sustainable Development

Activities are annexed as Annexure III.

Risk Management Policy and its Implementation

ITDC Board in its meeting held on 11th May 2010 has laid down the Risk ManagementPolicy laying down a sound process for identification and mitigation of risks. Inaccordance with the policy the unit head of all strategic divisions have been nominatedas Risk Manager and a committee namely Risk Management Compliance Committee (RMCC)presently headed by VP (Engineering) has been constituted to oversee and ensurecompliances with the risk management policy of the Corporation.

As per revised Regulation 21 of SEBI  (Listing Obligation and DisclosureRequirement) Regulation 2015 relating to reconstitution of Risk Management Committeeapplicable to top 500 listed entities w.e.f. 01.04.2019 ITDC has formed a Risk ManagementCommittee in the Board Meeting held on 26.09.2018. As per the requirement of SEBIRegulation this committee may consist of Board Members as well as non-board members butmajority of members shall consist of members of the Board and the chairperson shall be amember of the board.

The Board in its meetings held on 26.09.2018

14.11.2018 and 22.07.2019 has approved the constitution of the Committee as under:

i) Shri Piyush Tiwari (Director- C&M) - Chairman

ii) Shri Pradip Kumar Das (Director-

Finance) - Member iii) Dr. Paragbhai M. Sheth - Member iv) VP (Hotels) - Member v) GM(F&A) HOD - Member vi) Company Secretary - Member

The role and responsibilities of the Risk

Management Committee in ITDC as approved by the Board in its meeting held on 14.11.2018is as under:

To see that the Risk Management Functions are being taken as per Risk Management

Policy approved by the Board.

To review the Risk Management policy from time to time.

To review the action taken to mitigate the risks identified by different divisions.

Company's specific risks (Level of Risks : Likely/ Almost Certain) :

Economic Risk:

i) More Dependence on one segment of clients i.e. Government

ii) Loss of Chain/Group advantage

Industrial Risk:

Low Margin in Airline Ticketing business Arrival of new and technologically strongplayers in the field of Hospitality and Tourism.

Management & Operational Risk: Change in Technology/upgradation.

Personnel Risk: Non-availability of adequate executives and skilled staff.

Political Risk: Uncertainty on the continuation of ITDC due to disinvestment ofhotels/ properties of ITDC.

Legal Risk: Contractual Risk and Tax risk.

Auditors and Auditor's Report

The Comptroller & Auditor General of

India have appointed M/s Agiwal & Associates

Chartered Accountants as Statutory Auditors of the Company and also various BranchAuditors for the year 2018-19 under 134(5) of the Companies Act 2013.

Secretarial Auditor and Secretarial Audit Report

ITDC Board in its meeting held on 29th March 2019 has appointed M/s K J&Associates Company Secretaries as the Secretarial Auditors for conducting theSecretarial Audit as required under Section 204 of the Companies Act 2013. TheSecretarial Audit Report is placed at Annexure-IV and CertificateNon-Disqualification of Directors given by the

Secretarial Auditor is placed at Annexure-V.

Extract of Annual Return

In accordance with Section 134(3)(a) of the Companies Act 2013 an extract of theannual return in the prescribed format is appended as Annexure -VI to the Board'sReport.

Significant and Material Orders

There are no significant orders passed by the regulators or courts or tribunalsimpacting the going concern status and company's operation in future.

Comments of the Comptroller and Auditor General of India

The Comments of the Comptroller &

Auditor General of India under Section 143(6) of the Companies Act 2013 on theAccounts (Standalone and Consolidated) of the Company for the financial year ended 31stMarch 2019 are set out elsewhere in the Annual Report.

Details of dues of Income Tax which have been shown as contingent liability in thefinancial statements for the year ended 31-03-2019 and not been deposited on account ofdispute are given as below:

Period (FY) to which amount relates Amount (? In lakh) Forum where dispute is pending
2013-14 388.15 ITAT
2014-15 107.65 CIT (A)
2015-16 59.75 CIT (A)
1997-98 250.37 Joint Commissioner
2002-03 239.27 Joint Commissioner
2004-05 119.08 Joint Commissioner
2006-07 of 20.80 Joint Commissioner
Earlier Years 21.56 CPC/Income Tax Department
Earlier Years 8.15 CPC/Income Tax Department
Total 1214.77

Material changes and commitments affecting the financial position of the Companybetween the end of the Financial year and the date of the Report Status of Disinvestmentof properties of ITDC and its JV Subsidiaries:

No. of hotels disinvested during 2018-19 (upto the date of Report) material

Date of Disinvestment Name of Property Amount of Revenue received by ITDC
1 Share Transfer Agreement signed on 17.05.2018 51% Equity stake in Donyi Polo Ashok Hotel Corporation Ltd. (Hotel Donyi Polo Ashok Itanagar) ? 1.98 crore
2 Transfer documents signed on 25.05.2018 Lalitha Mahal Palace Hotel Mysore ? 7.45 crore
3 Hotel handed over on 03.04.2019 Hotel Patliputra Ashok Patna ? 13.005 crore

Status of disinvestment of other hotels are as under :

Name of Property Current Status
1 Hotel Pondicherry Ashok Puducherry (Joint Leasing) M/s CBRE South Asia Pvt. Ltd. has been appointed as Transaction Advisor (TA).
TA has submitted the Inception Report which is under study.
2 Hotel Kalinga Ashok Bhubaneswar (O&M Contract) RFP floated on 27.03.2019. Last date of receipt of bids was 30.04.2019. Total 5 bids have been received. Bids are being evaluated.
3 Hotel Ranchi Ashok Ranchi Due to continuous losses in operating the property operations of the Hotel have been closed w.e.f. 29.03.2018 with the approval of IMG. M/s DIMTS the TA made a detailed presentation on the valuation of Hotel Ranchi Ashok in the IMG meeting held on 13.09.2018. IMG approved the valuation based on Discounted Cash Flow on as is where is basis along with payment of loans and other dues of ITDC and BSTDC. Approval from Government of Jharkhand is awaited.
4 Hotel Nilachal Ashok Puri (Joint Leasing) Hon'ble Supreme Court in its hearing on 15.04.2019 extended the date of FDs deposited by M/s. Paulmech for another 6 months. Matter is subjudice.
5 Incomplete Project of Anandpur Sahib (Joint Leasing) In the IMG meeting held on 29.11.2018 it was decided to handover the incomplete project to the State Government on the same principle as was applied in the case of Hotel Gulmarg Ashok.

Acknowledgement

i. The Board places on record its sincere appreciation towards all the stakeholders ofthe Company including customers/ clients suppliers/vendors/service providers for thesupport and confidence reposed by them in the organization and look forward to thecontinuance of this relationship in future.

ii. The Board also gratefully acknowledges the support and guidance received fromvarious Ministries of the Government of  India particularly the Ministry of Tourismin Company's operations and developmental plans. The Board also wishes to record its deepgratitude to all the members of ITDC family whose enthusiasm dedication and co-operationput the Company on the path of progress.

For and on behalf of Board of Directors

Sd/-
(Piyush Tiwari)
Date: 06.08.2019 Chairman &
Place: New Delhi Managing Director
Din 07194427

.