Oriental 52nd AGM Transcript

Sreyas Arumbakkam

Dear shareholders, good morning. This is Sreyas Arumbakkam, Chief

Financial Officer. I am very pleased to welcome you all to the 52nd Annual

General Meeting of Oriental Hotels Ltd., held through video conference.

I would like to take you through certain points regarding participation at this meeting. The facility of joining the AGM through video conference or other audio/visual means has been made available for members on first come first serve basis. All those who have joined the meeting are by default placed on mute mode to avoid any disturbance, background noise, and ensure smooth and seamless conduct of the meeting.

Once the Q&A session starts, Chairman will announce the name of the shareholder who have registered to speak one by one. Only the audio of the shareholder will be thereafter unmuted by the host. To start speaking, the shareholder is requested to click the video on button and wait till the video is on. If the shareholder is not able to join through video for any reason, the shareholder can speak through the audio mode. While speaking, we would request the speaker to use the earphones so the voice is clearly audible, minimize any voice in the background, ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper lighting to have a good video and audio experience.

If there is a connectivity problem at the speaker shareholder end, we would ask the next speaker to join. Once the connectivity improves, the speaker shareholder maybe called again to speak, once the other shareholders complete their turn. We would like to request the shareholders to limit their speech to three minutes. During the AGM if a member face any connectivity issues, he may contact the helpline number mentioned in the notice of the

AGM. Thank you.

Now I request the Chairman to commence the proceeding of the meeting.

Puneet Chhatwal

Good morning ladies and gentlemen, I would like to welcome all the shareholders to the 52nd AGM of the Company. As the requisite quorum is present, I now call the meeting to order.

Before I start the proceedings, I would like to call on the directors who are on the video conference to introduce themselves. I request Mr. Pramod

Ranjan to introduce himself.

Pramod Ranjan

Good morning shareholders. I am Pramod Ranjan, Managing Director and

CEO of Oriental Hotels Ltd. I am also a member of the Stakeholders

Relationship Committee and the CSR committee of the board. I am attending this meeting from my office in Chennai. Thank you.

Puneet Chhatwal

Mr. Vijay Sankar.

Vijay Sankar

Hi, good morning. I am Vijay Sankar, independent director on the board of

Oriental Hotels Ltd. I am also chairperson of the audit committee and the

CSR committees of the board. I’m attending the meeting from my office in

Chennai. Thank you.

Puneet Chhatwal

Ms. Gita Nayyar.

Gita Nayyar

Good morning shareholders. I am Gita Nayyar, Independent Director on the board of Oriental Hotels Ltd. I am also the Chairperson of the Risk

Committee and a member of the Audit and Nomination and Remuneration committee. I am attending the meeting from Mumbai.

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Puneet Chhatwal

Mr. Harish Lakshman.

Harish Lakshman

Good morning shareholders. I am Harish Lakshman, independent director on the board of Oriental Hotels Ltd. I’m attending the meeting from my office in Chennai. Thank you.

Puneet Chhatwal

Mr. Phillie Karkaria. You have to un-mute yourself Mr. Karkaria.

Phillie Karkaria

Good morning shareholders. I am Phillie Karkaria, independent director on the board of Oriental Hotels Ltd. I’m also a chairperson of the nomination remuneration committee and a member of the audit committee and the risk management committee of the board. I’m attending the meeting from my residence in Mumbai. Thank you.

Puneet Chhatwal

Ms. Nina Chatrath.

Nina Chatrath

Good morning shareholders. I’m Nina Chatrath, independent director on the board of Oriental Hotels Ltd. I’m also chairperson of the stakeholders relationship committee of the board. I’m attending the meeting from my residence office in New Delhi. Thank you.

Puneet Chhatwal

Mr. Giridhar Sanjeevi.

Giridhar Sanjeevi

Vanakkam (greetings) shareholders, I hope all of you are well. I am Giridhar

Sanjeevi, non-executive director on the board of Oriental Hotels. I serve as a member of the audit committee and the risk management committee of the board. I’m attending the meeting from my office in Mumbai.

Puneet Chhatwal

Mr. Vijayagopal Reddy.

Vijayagopal Reddy

Good morning dear shareholders. I am Vijayagopal Reddy, non-executive director on the board of OHL. I also serve as a member of the stakeholder relationship committee and also CSR committee. I am participating in the meeting from my residence in Chennai. Thank you.

Puneet Chhatwal

Thank you all. Mr. Ramesh Hariani has requested for leave of absence. All the directors of the Company, other than Mr. Ramesh Hariani, are present at this meeting. We also already heard from Sreyas Arumbakkam, chief financial officer, who is present together with representatives of our statutory auditor and secretary of auditor who are also present in this meeting through video conference. I would, first of all, like to thank all the members for joining the meeting. I hope the members are safe and in good health. This meeting is being held through video conference in compliance of the circulars issued by the ministry of corporate affairs and SEBI. The Company has taken the requisite steps to enable members to participate and vote on the items being considered at this AGM.

Your Company has received eight letters along with board resolutions from corporate shareholders, appointee and authorizing representatives under

Section 113 of the Company’s Act 2013 in respect of 6,98,33,790 equity shares representing 39.1% of the paid up equity capital. Since there is no physical attendance of members, the requirement of appointing proxies is not applicable. The registers, as required under the Company’s Act 2013 and the documents that are required to be kept open in terms of the resolutions provided in the AGM notice are open for inspection.

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Members who have not voted earlier through remote e-voting, can cast their vote in the course of the meeting through e-voting facility. Since the notice is already circulated to all the members, I take the notice convening the meeting as read.

Dear shareholders, with your permission, let me begin my formal address with a short update of the Indian hospitality sector and the Company’s performance, as well as, the future of it.

The world has witnessed a path to recovery during the last financial year despite the challenges posed by the extended pandemic and the resurgence of new variants of COVID-19. The emerging trends hold promise for growth opportunities for the hospitality industry in the medium to long term. Moving onto macro economic scenario, after the economic contraction witnessed in global economies during 2020, global growth of advanced economies is estimated at 5.2% while that of emerging markets and developing economies is pegged at 6.8% during 2021.

The Indian GDP growth during financial year ’21-’22 at 8.7% compared to contraction of 6.6% in FY2021. Consequent to repeated waves and emergence of new variants of COVID-19, travel restrictions continued to be imposed which impacted global tourism industry significantly in quarter 1 of

FY’21-’22. However, Indian hospitality and tourism industry made slow recovery during the last financial year after the initial hitch from the second wave of the pandemic in the subsequent quarters. This recovery was mainly driven by domestic travel both on the business and the leisure travel.

The normal response as a Company, your Company remained cautious and was watchful of the emerging trends in order to benefit from emerging opportunities and to react with agility against the contingencies. The effective implementation of the group wide strategy R.E.S.E.T. 2020 immensely helped your company to minimize the negative impact of the pandemic on its performance. The health and safety of our guests and employees remained as our foremost priority. The safety protocols followed at our hotels along with the vaccination drive have helped in creating a safe working environment for our associates and in delivering, safe, and healthy destinations for our guests.

Moving on to our Company’s performance or your company’s performance and key highlights, your Company witnessed softer revenues during the first quarter on account of the second wave of the pandemic. The Company witnessed a gradual recovery in occupancies immediately after the second wave of the pandemic in the second and third quarters of the year. The recovery after the third wave was even faster. On a standalone basis, your

Company reported a total revenue of 225.73 crores and minimized its losses significantly to an amount of 13.38 crores showing strong recovery during the year. The Company achieved an 83% growth in total revenue over

FY2021 and reported a positive EBITDA of 29.92 crores as compared to

EBITDA loss incurred in previous financial year. During the year, the

Company continued to focus on optimizing expenditure by renegotiating operating supplies, reorganizing people, reducing fixed operating cost, and discretionary spends.

We value very much, the idea of giving back to the society and this ideology rises to create shared value for all. During the year, the Company remained committed to its social responsibilities and continued to support various programs in collaboration with local communities around our hotels.

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From the dividend, in view of the losses incurred by the Company during the year in the absence of retained earnings, the board did not recommend any dividend for FY’21-’22 in line with the dividend distribution policy of the

Company. Keeping in mind the sentiments of the shareholders and the difficult times we have undergone in the last financial year, I’m pleased to announce that we will continue the special offer that we announced last year, wherein shareholders will be given special discount coupons which will entitle them to a 25% of bill value up to a maximum of Rs. 10,000 subject to certain conditions.

On our new strategic initiatives after drawing inspiration from the success of

ASPIRATION 2022 and R.E.S.E.T. strategies, Indian Hotels Company

Limited launched AHVAAN 2025 with focus on reengineering margins, reimagining brandscape and restructuring the portfolio. As your Company is recovering from the pandemic, AHVAAN 2025 shall help the Company scale greater heights of excellence in the coming years. The industry leading

ESG+ Framework PAATHYA launched by IHCL would drive the sustainability and social impact measures in your own Company.

Looking ahead, domestic tourism will continue to drive the recovery of the travel and tourism sector, while international tourism bounces back. While micro economic and geopolitical challenges like the Russia-Ukraine war, spike in inflation, etc., create downside risk that threaten the ongoing recovery of the tourism sector. Increased vaccination coverage and reduced business disruptions will help boost demand from domestic as well as international travelers.

With our strong relationship with IHCL and support from our stake holders, we are well positioned to capitalize from future growth opportunities. I count on your continued support to overcome these challenging times and continue with our aspiration to drive profitable growth and maximize value for all our stakeholders in a sustainable manner. Thank you.

I now request the chief financial officer, Sreyas Arumbakkam, to explain the sequence of the meeting and process of voting all the resolutions in the meeting.

Sreyas Arumbakkam

Thank you Chairman. The Company’s Act 2013 and SEBI listed regulations provided for electronic voting accordingly the Company had provided the facility to cast their vote through electronic voting facility administered by

NSDL. Facility for voting at the meeting is also provided for members here and who have not voted. Members may please go to the voting page of

NSDL e-voting website, using the login method detail on Page 39 of the annual report and cast their vote, while at the same time, watch the proceedings of the meeting. The facility for e-voting will also be made available 15 minutes post this meeting. Ms. Deepa Ramani of KSM

Associates practicing Company secretary has been appointed as scrutinizer to scrutinize the vote cast at the meeting and the remote e-voting.

Since the AGM is being held through video conference or other audio/visual means, and the resolutions mentioned in the noticed considering in this

AGM, have been already put forth through remote e-voting. There will be no proposing and seconding of the resolutions. Thank you, over to Chairman.

Puneet Chhatwal

Thank you Sreyas. I will now call, one by one, those members who have registered to speak. The first speaker we have is Dr. Arun Kumar Bopanna.

Arun Kumar Bopanna

Hello?

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Moderator

Mr. Bopanna, please un-mute your webcam. Thank you.

Arun Kumar Bopanna

Yes. Can you see me and hear me?

Puneet Chhatwal

Yes, we can hear you and see you, Dr. Bopanna.

Arun Kumar Bopanna

Good morning Puneet and good morning to everybody else there.

Vanakkam to all my colleagues here from Tamil Nadu. Compliments, Taj has been ranked as the world’s strongest brand and Taj is ranked as India’s strongest brand too, because the lessons are self taught and wisdom self gained. The prestige awards are won and all have found the compass for success through generations.

AHVAAN 2025 annual report is colorful and all Oriental shareholders are cheerful too. With Tata’s backing in commitment there is no lacking sir. In this world terrorism has become a religion, Taj value’s terrorist could not destroy but Taj valuable they could destroy. I admire the spirit of Taj employees and I compliment you for improving health, infra, testing vaccination drives, and handling behaviors in people too.

My questions, after Corona, there is a change in attitude of staff, what is attrition, because that’s a major problem today in all the companies. And how are you handling people’s low self-esteem and depression and what are the plans to turn water and plastic positive? And when I would increase our portfolio, I think they have only seven, some our own, some are on lease on

MSA? When I would increase, particular I would like to see ginger brand, because that will be more economical and lot of work is being done, Modi ji, so I hope you increase budget hotels too in all the cities. Taj says unwavering affection and trust, Taj says unrelenting efforts and trust too. I hope you continue with more spirit.

What will be economic benefits with the new normal, new opportunities with

Taj brand? What are additional cost to train in hygiene and safety measures for safety of guests and employees too? I think ‘She Remains the Taj” a woman centric initiative. I hope Oriental Hotel also continues the Taj spirit.

Sir, one thing which I can’t digest is a wild card ventures, something like

OYO, claiming to be $12 billion market CAP. Where are we? Of course, you won’t like to comment on that, but somehow I can’t digest the damn thing claiming to have $12 billion of market CAP. And Modi has got this aggressive plan of smart cities, economic corridors, International manufacturing hubs, solar power energy hub, etc. So, are we looking aggressively to participate in those various serving from budget hotels to our expensive hotels too?

Lastly sir, Oriental should continue to do human work at the last ounce of our strength like you did in the Corona crisis. Guided by the vision of

AHVAAN 2025 Oriental should reach a large portfolio than seven. AHVAAN

’25 will accelerate Oriental journey with ESG + framework PAATHYA.

In conclusion, Oriental has Taj supremacy. Oriental should always carry that legacy. I wish Oriental to continue and chart a new tomorrow for the Indian travel and tourism industry. Thank you Puneet, thank you very much. Nice seeing you after two years or a year I think, Yes. Thank you very much.

Puneet Chhatwal

Thank you Dr. Bopanna. We move to the next member, Mr. Manoj Kumar

Gupta.

Manoj Kumar Gupta

Hello, good morning.

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Moderator

Mr. Gupta, please turn on your webcam.

Manoj Kumar Gupta

Good morning respect Chairman, Board of Directors, fellow Shareholders.

My name is Manoj Kumar Gupta, I am equity shareholder of Oriental Hotels

Ltd. First of all, I thank you and your team to take the efforts to turn around the Company.

And we are very happy to see your smiling face because you run the Taj

Group and we believe that you will turn around the Company like Indian

Hotels and you will pay the dividend as early as possible to the Oriental Hotel shareholders also because we have seen your leadership in Taj Indian

Hotels parent Company of Oriental Hotel. Taj is a brand, not in India, a global and visitor want to see the Taj Hotel. So, Taj is a brand we feel proud and being an Indian, I am proud because you are running and you are taking away on head the legacy of Jamsetji Tata who started this service in 1907 by the Taj Hotel in Mumbai. So, I believe that Company will come in track very soon under your leadership and with all the staff’s efforts.

And sir, what is the average room rate and how much is your occupancy and what’s your future plan? And what’s your future outlook for hotel business?

And what’s your plan in your mind to return to investors, because your market CAP as on today is Rs. 1,115 crore and your share price is Rs. 65 today. Share price is 65, market CAP is Rs. 1,115 crore. And sir, how you will reward to the investors, those who have lost and those who have burnt their fingers in last six years? So, when they will get return? And just now you have mentioned in your speech, you are giving a discount of 25%, up to

10,000. So, it should be increased by 20,000 because if 4% will go in Taj, the cost will come Rs. 15,000. So, it should be 20,000 so that a family can use that coupon.

Or in the off season you offer some discount on the stay in your hotel, sir, that investors can enjoy the Taj brand hotels and sir, you are fulfilling the legacy because Kaviraj says, Jamsetji has done that work that, ‘Kaviraj jab paida hue jag hase hum roye. Kuch aisi karni kar chalo hum hase jag roye.’

So, Jamsetji has done that that people remember him. Because he gave two things to India, Tata Steel and Taj brand which are still around even after

100 years, Tata Steel and Taj brand. So, we can pray to God that it keeps doing good and Oriental Hotel does good.

And last but least, my special thanks to Mr. Hari in share department who always takes care of the investors. Whenever he got our request to register ourselves as speaker, he called immediately. And special thanks to him and entire secretarial department who has helped us to join this meeting through

VC and I believe that Company will come back in track to pay that dividend and you will take efforts to pay that dividend at the earliest. Thank you, sir.

Puneet Chhatwal

Thank you. Mr. Dnyaneshwar Bhagwat

Dnyaneshwar Bhagwat

Hello?

Puneet Chhatwal

Yes, Mr. Bhagwat.

Sreyas Arumbakkam

Sir, you are audible.

Dnyaneshwar Bhagwat

Can you hear me sir? Yes, can you hear me sir?

Puneet Chhatwal

Yes, please.

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Dnyaneshwar Bhagwat

Yes. Thank you, thank you sir for calling my name. My name is Dnyaneshwar

K. Bhagwat. First of all, I would like to say thanks to our Company secretary,

Mr. Hariharan who has sent me the soft Company well in advance, which is full of knowledge, easy to understand. So, thanks to him for doing this excellent work.

Secondly, about the financial part, sir, in the opening remarks you had given all the details about the discounts and all that. So, I know our Company is doing very good to the customer as well as shareholders. So, in the financial part, I don’t have any more, so, no more question about that. Rest, I support all the resolutions, and coming festival, I wish good luck to the Company and for the shareholders and all the team. Thank you very much sir.

Puneet Chhatwal

Thank you, Mr. Bhagwat. Mr. Yusuf Yunus Rangwala

Yusuf Rangwala

Yes, respected Chairman and my fellow shareholders. Sir, my name is Yusuf

Rangwala and I am speaking from Mumbai. Can you hear me? Can I go ahead? Can you hear me?

Puneet Chhatwal

Yes, we can hear you.

Yusuf Rangwala

I am speaking from Mumbai sir. I am your shareholder, I am a shareholder of the entire Taj Group. It’s been 52 years, but we are not in the dividend list.

I understand, hello?

Puneet Chhatwal

Yes?

Yusuf Rangwala

I understand we are not in the dividend list, because hotel was closed, that is why we are at loss. Sir, you have my full support, I support all the resolutions. I can’t thank Hari sir enough and also the Chorus people. Last year you had sent a coupon for cake, if possible, do send a gift coupon for us this year also. It is my humble request, it’s the 52nd year this year, if possible do send us this year also what you sent last year so that we can remember you, while eating the cake during Diwali. We are not sorry that you didn’t give us dividend, but we are with you and will remain so, because it’s a very good group to be in the Taj group of companies. It’s down today, but we will get dividends tomorrow and I hope you give us three times the dividend. Our rate is Rs. 65 today when we meet next year it will be more than 130, that’s how much I trust you and your board of directors. You are hardworking people sir. When you have the Taj Group name, you don’t need to look back. Taj Group is more than enough. Tata group of companies have a very good track record. They always give dividends. This is the first time you haven’t given us a dividend, we are with you sir. Don’t worry sir. I am with you sir. Just send us a discount coupon of 30% on purchase and if possible, it is my small humble request that you accept. I wish you the best for all forthcoming festivals of Diwali, Dussehra and all other festivals. And I can’t thank our Chorus people enough. Thank you, Jai Hind. 15th August is coming up, I wish you a very Happy Independence Day and we are celebrating our 75th. Thank you very much. Thank you, sir. Jai Hind, Jai

Maharashtra, Vande Mataram. ‘Bharat Mata ki jai.’ Thank you, sir. I have nothing more to add sir. Thank you, sir.

Puneet Chhatwal

Mr. Gaurav Singh. Sorry, Mr. Bharatraj Kankanala.

Bharatraj Kankanala

Sir, Good morning sir.

Moderator

Please unmute your webcam.

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Bharatraj Kankanala

Yes, yes. Just a minute sir. Hello? Hello sir, I’m audible sir. My video is not available sir due to technical reasons, I cannot access. Sir, first of all entire board of directors, I am happy to see you all healthy, safe, and fine. Thanks for the wonderful performance under the leadership of Mr. Puneet.

Mr. Chhatwal, you are looking so young and dynamic compared with the last year. Under your leadership your Company is growing fast and increasing wonderfully. Mr. Ranjan is also working hard to make the Company perform.

Sir, I am happy the way you created the Goliath of South India.

Sir, regarding my question, I have posted few questions but question now is regarding the Sri Lanka issue sir. How the Company is handling sir? What is your future plan? And how the hotel now is going on or is it closed? How are you facing the challenges in Sri Lanka?

One request I had put in my mail sir, last year you had provided a coupon of a cake. Sir, but unfortunately when I was transferring / shifting my house lost the gift coupon of cake sir. Once again, kindly provide me two gift coupons, for myself and my mother sir.

If you want, you can check from Hyderabad Taj Groups. I am also shareholder of the GVK Taj also. Regularly we meet in Hyderabad sir.

Request also put before secretary Mr. Hari sir. Please consider my request also sir. Mr. Hari is working hard. He is always accessible 24*7 sir, thanks to his secretarial services. Once again, Mr. Chairman, entire Board of

Directors, all the best in coming years. We are always with you sir, we’ll support you and entire resolutions, and thank you very much best wishes in the coming years, we expect physical AGM sir. Mr. Chairman, kindly arrange physical AGM next year sir, and we’ll meet face to face sir. And thanks for everything and expect dividend from the next year sir. All the best in the coming years. God bless you, sir.

Puneet Chhatwal

Thank you. Mr. Gaurav Singh.

Gaurav Singh

Greetings Chairman, am I audible?

Puneet Chhatwal

You’re audible. You can switch on your camera please.

Gaurav Singh

I have.

Puneet Chhatwal

Thanks.

Gaurav Singh

Respected Chairman, Board of Directors and all the members of the

Company. I have looked through your annual report and it’s actually quite impressive. So, I wanted to place on record, my congratulations and all best wishes for the impressive performance that has been done by the Company.

And like all the earlier speakers had really appreciated it, I also place my appreciation for the same. And I right now don’t have any other questions because I think it’s been addressed earlier. So, thank you and congratulations once again Chairman.

Puneet Chhatwal

Thank you very much. Mr. V Rangan.

Moderator

Mr. Rangan, please un-mute your webcam and proceed with your question.

V Rangan

Hello? Hello? Are you able to hear me sir?

Puneet Chhatwal

Yes. Yes, we are.

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V Rangan

See, I have already given a list of questions. I would like to know the loans are on the heavy side actually with 226 crores and when you are likely to pay back and all these things. Because the last five years some dividend has been skipped like that except for two years. Now, I would like to know what is the position in Sri Lanka now, because we have got some two hotels like that. And what is the occupancy and what is the position of that hotel because that is having a bearing on the revenue of the hotel, on the

Company, correct?

Two days back, I stayed in the Taj Chennai, okay. But the rooms are not at all good, because they were charging on the very high side in relation to the last six months. They have all increased 100%. But I find the rooms are all pathetic actually, because in 1974, from that onwards, I am using Taj and wherever I go, whether to Rambagh. Even when I went to Rambagh, there is your hotel at Jaipur, it was very difficult in spite of being Taj inner circle member, executive member, I find it very difficult to enter even. That lady was telling, no minimum cover, this one, no. like that. So, I went to the restaurant for lunch with the family. We were only five of us actually. When this is business, I am just putting that why they should do that for a frequent member? It is very, very bad. It’s a hospitality Company, correct? I am

Epicure and Taj InnerCircle and shareholder of this one, what is the point?

Also, you have already stopped Taj inner circle card and Epicure is only

25%. You have to fine tune all these things. Because you have all increased the prices and what is the point actually? Because the discount coupon was of 30%. You have to fine tune all these things, sir, because you are making loss, what are the plans for repaying the loan first? Instead of addition, what are the plans you have got? Because interest coverage, is of 22 crores you are paying every year.

And also because nothing is less, in the ratios in the Page 153. If you go on, it’s all simply very horrible. And, of course, you have got a brand and wherever I go, I use first only Taj because the food quality is very good. No doubt about it. Because being an aged person, there is no problem over that aspect. Only thing I want is that, what is the current average rate of interest you are paying for all the loans? I would like to know that. And you have given some Indian Dairy, something like that. What is that investment on

Page 126? Indian Dairy Entrepreneurs. What is that? And you have made investments of 46 crores. Which are all the hotels? Any expansion is not there I hope so, because already you have too much with the existing level of occupying. I mean, how much is the percentage utilization of the occupying, I don’t know that. But from the existing level, how much you can increase? Last year you had doubled actually. Further you can double that, it’s not possible I think. Can you just give me some idea as to how you are increasing the top line? That’s all. Thanks.

Puneet Chhatwal

Thank you. Mr. Santosh Kumar Saraf.

Santosh Kumar Saraf

Yes, can you hear me?

Puneet Chhatwal

Yes, we can hear you. Sir, please switch on the camera.

Santosh Kumar Saraf

Just a minute, I am switching on the camera. Give me a minute. Respected

Chairman, Board of Directors, and my colleagues, my name is Santosh

Kumar Saraf, I am from Kolkata. I hope Puneet, you and your team are in good health and safe.

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First of all, I would like to thank you. I shouldn’t say this over a video call, but

I would still like to say, the last time when you had sent me a coupon, it was useful for my birthday and I enjoyed a lot. I felt as through Oriental Hotels has sent me a birthday gift. So, I would like to thank you very much, sir.

Your performance is very good and the performance will be good under your leadership. I have complete trust in that. What else could I say? I had sent a letter and I had asked about employee and about the establishment. So, do look at that. Once again, I would like to pray to god that our Company grows over leaps and bounds under your leadership. I wish you and your family a long life. I pray to god for all the directors and their family. It was very difficult two years, but I wish 2022 would be healthy and safe. Lastly, I would like to say about video conference. I am able to speak today from Kolkata because of this video conference. None of us knows what will happen next year. If you hold a physical meeting, do keep a video conference also, so that I can speak my mind sir. So, I hope you hold a physical and also think of a hybrid meeting, which would be very good. Kesoram Industries Ltd. had recently adopted this in Kolkata and it’s been a success and Infosys has also adopted it.

I would like to stop here. Once again, greetings to all of you. Jai Hind, Jai

Bharat. Thank you.

Puneet Chhatwal

Mr. Ashok Chakravarthi

Moderator

Mr. Chakravarthi please un-mute your webcam and proceed with your question. Please un-mute your audio from your side and proceed with your question. Mr. Chakravarthi please proceed with your question.

Puneet Chhatwal

We’ll move to the next. Mr. Bimal Kumar Agarwal.

Bimal Kumar Agarwal

Hello, can you hear me?

Puneet Chhatwal

Yes, yes we can.

Bimal Kumar Agarwal

Hello? Can you hear me? This side, Bimal Kumar Agarwal.

Puneet Chhatwal

Yes, we can hear you.

Moderator

Yes, sir, we can hear you.

Bimal Kumar Agarwal

Good morning to everyone. First of all, I thank the Company secretary and his team. I also personally thank you for the last year coupon you had sent for the cake. We are expecting this year also if you don’t mind. And one I’ll just come to the main point. One sec, just hold on. Hello?

Puneet Chhatwal

Yes, yes, please ask your question.

Vimal Kumar Agarwal

The Company has reported losses over the last three years, Please provide the guidance for the current year. What is the Company’s CapEx plan? And other questions have been asked by the other shareholders. I don’t have anything to say. Thank you very much. That’s all from me.

Puneet Chhatwal

Thank you. Thank you Mr. Agarwal… Ms. Annmaria Francis

Annmaria Francis

Good morning Chairman and all of the members present in the meeting. As

I am facing some issues in video connectivity, I would like to speak through audio mode only. Hope I am audible.

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Puneet Chhatwal

Yes, you are.

Annmaria Francis

Sir, I would like to thank Company management and all the team members for the gradual recovery and sustainable performance of the Company in line with industrial growth in the midst of all the negativity such as COVID etc. And I wish all the best to your team for the coming year. I would like to ask a few questions sir. These are my questions.

First of all, how much the Company has saved due to usage of renewable power? And what is other operating expenses in the P&L account and why there is an increase in the other operating expenses? As industry expenses are higher, what is the present rate of interest on borrowing? And why related party transitions with IHCL only are shown in AOC-2. And under key audit matters in the audit report covered in Page Number 96, about the impairment of Coimbatore unit, what is the issue? And is there any impairment required due to COVID impact or what is the issue in that? And these are my questions sir, thank you.

Puneet Chhatwal

Thank you. Mr. Reddeppa Gundluru

Moderator

Mr. Gundluru please proceed with your question. Please un-mute your audio and proceed with your question.

Reddeppa Gundluru

Am I audible sir?

Moderator

Yes.

Puneet Chhatwal

Yes.

Reddeppa Gundluru

Thank you Mr. Chairman, Puneet Chhatwal sir and Pramod Ranjan and

Company secretary and other independent directors of my Company. Good morning, Namasthe. My name is Reddeppa Gundluru from Hyderabad sir.

I’m a financial advisor on business Motilal Oswal. Sir, as a shareholder, I’m very happy about the Company’s performance this financial year ’22. Sir, nice AGM report, colorful report, wonderful AGM report with all information.

Chairman Sir, you have given very good informative speech. Thank you so much.

Sir, I would like to highlight on corporate governance point. Sir, my Company is doing wonderful corporate governance like, accountability, transparency, integrity. So, it’s a wonderful corporate governance sir. So, I would like to thank all key persons, management persons, KMPs and my Company secretary and the other head of the departments. Sir, financial point of view sir, congratulations on wonderful numbers you have posted. I can understand last couple of years we’ve struggled a lot as the world is struggling in this sector. So, my Company CEO and other team mates, consistent financial performance, quality management, technical momentum and growth. Thank you so much. And also especially congratulating the management and other team for achieving double digit growth of 218 crores.

You have achieved this wonderful double digit growth. And hopefully in coming financial year sir, we’ll receive many more recognition awards through under Chairman sir’s leadership.

Chairman sir, I have a few questions sir. Sir, there is almost 90% growth in revenues, Company still reported net losses. So, what is in the view of management has to do better report positive, especially PAT next year.

Second question is, receivable days has gone up by six days. The reason for this increase and you have given business is low. Our over the counter,

Page 12 of 20 can you please give some information on this? The third question is Mr.

Chairman, almost 100% increase on cost to consultants. What is the cost for consultants pertains to? The final question is, Mr. Chairman, there is huge jump in operating general expenses. Any strategies to bring this down sir?

So, mainly general expense is there, please give some information on this.

These are my four questions. I have other financial questions but I’ll mail to company secretary department sir. Thank you so much.

Finally, I would like to thank Company secretary department, wonderful services. Especially Hariharan, wonderful person sir. He is doing wonderful dedicated services because he is calling every time and resolving our queries and supporting. I would like to say, he is one of the assets of the

Company, Hariharan. Thank you so much Hariharan. And finally sir, thanks once again. I personally believe that our Company will achieve many more higher awards, recognition in hospitality areas and further heights especially this financial target of ’23 under the leadership of my Chairman. I wish both good health and happiness to continue to support the society and the industry. Thank you so much sir for giving this opportunity. Thank you

Chairman sir.

Moderator

Thank you. Mr. Ashok Chakravarthi is reconnected, should we allow him?

Puneet Chhatwal

Yes, please. Yes.

Moderator

Thank you.

Puneet Chhatwal

Mr. Ashok Chakravarthi

Ashok Chakravarthi

Hello?

Moderator

Mr. Chakravarthi, please un-mute your audio and video.

Ashok Chakravarthi

Yes, sir.

Puneet Chhatwal

Mr. Ashok Chakravarthi, please speak.

Ashok Chakravarthi

Sir, whether my audio is visible sir?

Puneet Chhatwal

Audio, I can hear you and video, we cannot see you at the moment. Now we can see you.

Ashok Chakravarthi

Sir, very good morning to the board and all the co-shareholders also sir. Sir

I am very happy to be present, participate in this meeting, sir. My name is,

Ashok Chakraborty. I am speaking from Bangalore, sir. Sir, the management and everyone knows, the hospitality sector has revived and has got lot of momentum in our country also sir. And in this regard, just I wish to know from the management about any expansion plans for this current financial year sir. And one more request or suggestion in this expansion, as a

Banglorian, I am requesting any possibility of opening a 3 star hotel in

Bangalore under your expansion plans, to make as an inclusive hospitality for all the people sir. All five star hotels are there, but a three star hotel if possible in your expansion plans in Bangalore. I will be thankful to you sir.

Thank you very much sir.

Puneet Chhatwal

Thank you to all the members. Let me first also thank once more all the members for all the positive remarks you have made on the Company on the leadership, and we’ll continue to do what we can to mitigate all the risks that the Company and the world is fronted with. So, I think as you all also

Page 13 of 20 mentioned, the last two years have been devastating for the hospitality, tourism, and the aviation sector with revenues many times because of the lockdown almost became zero. So, it’s very difficult to operate when there is a lockdown and the revenue is zero. In line with our own values, our philosophy, our founder’s philosophy, our purpose, not only did we continue to work with the society but also we continued to pay all our staff, our permanent staff, full salaries and also looked after their health, provided vaccination, etc. So, it was one of the, I would say in my career, the most difficult two years that I have seen in the last 40 years.

Having said that, now let’s move to the outlook. What we have seen since

15th of March was a rapid recovery till the 15th of April. And as of 15th of April, we have seen that the revenues across the industry and across our portfolios with a few exceptions here and there are trending higher than pre-COVID level. So, it would be fair to assume that the hospitality industry in India is witnessing a double digit growth over the ’19-’20 same corresponding period whether it’s April or May or June or month to date July. So, that’s very positive because we had fallen, as I said, in sometimes to 0% and sometimes to 15% or 20% or 30% of the revenue in the corresponding period in the last two years that we’ve had as a comparable to pre-COVID level.

The second thing is about and these are some issues because they came out in different member’s question. So, I’m addressing it upfront all the general issues. Second is the growth in the Company. We did have plans for growth but because of COVID, we had to put them on hold. Your

Company is working on now adding a few events to the portfolio and hopefully we’ll be able to give some positive news at the next AGM on the growth perspective. Of course, we are very well positioned with our brands and also the last speaker, Mr. Chakraborty, mentioned about hotel in

Bangalore and in different categories and another speaker also mentioned about the growth of Ginger brand, and also Dr. Bopanna mentioned as the very first speaker, that we would like to see growth of Ginger which we are so glad to hear, because we are re-launching the Ginger brand, repositioned it. And within our portfolio, it is the fastest growing brand today and has a huge-huge potential in the country like India because it’s not just metros or

Mumbai, Bangalore or Chennai, Kolkata, etcetera, but there are lot of primary, secondary, tier A1, tier 2, tier 3 series which are very important destinations including temple tourism, especially in the south of India. So, I think there will be a lot of focus on growth going forward.

The other two issues which you raised, without having had the chance to review with the board, but I am sure the entire board will be supportive of it,

I’m very happy to increase the discount sealing of 25% or 10,000, taking it to 25,000. I think the second speaker had asked or the second member had asked for, I think it was Mr. Manoj Kumar Gupta, who had asked for 20. We are taking this 25% discount to 25,000. I hope that will please all of you. And all of you mentioned about the coupons for the cake. We have been giving that one coupon. I think it would be fair to give you a coupon to be used every quarter. So, we will increase the number of coupons to four. Then I think that’s the best we can do coming after such a negative period.

Now moving on to the other questions. These were the general remarks. On

Dr. Bopanna, water and plastic development, we have announced

PAATHYA as our ESG + Initiative member which we target to have, it’s a very important figure I want to give, 100% of waste water recycle by 2030.

It’s not 90, it’s not 50. It will be 100%. The Company has saved 113,384 kilo liters of water through recycling and rainwater harvesting in ’21-’22. We have eliminated utilization of single use plastic in most of our hotels and I’ve

Page 14 of 20 committed to go single use plastic free in the coming years. Glass bottling plants have been commissioned both at Taj Coromandel and at Taj

Fisherman’s Cove Resort and Spa. So, I think that will eliminate all plastic bottles with water and we’ll have our own PAATHYA bottles with the water made onsite which is tested and is very pure.

Now, in terms of attrition that was the second question. The attrition rate is around 5% of the last two financial years which is very low compared to industry standards. Therefore attrition has not been a problem for OHL and one of the reasons is the way we’ve treated our people and our associates, especially during the pandemic in having help lines, in having counseling, in having all the assistance needed to the family members who got infected by

COVID, in terms of, as I said, giving them compensation etc. I think people are, at the end of the day, very fair, very loyal, and very committed because of the way we have treated them not only now, but I think, as some of the speakers mentioned, it’s over a century of trust that has been built in our brands.

In terms of addition cost for training hygiene and safety, I think most of these trainings were done in-house. There were very significant learning and development department. So, there were no incremental expenses. We’re also very pleased on your comment on ‘She Remains the Taj’ campaign.

This campaign has had viewing of more than 200 million. We have never seen this kind of attention that this campaign brought. Most of our campaigns in the last five years put together and also as a bench mark in the industry would not come to 200 million viewing. So, that was a very important thing and a very important course that we have said that our goal is to have a women workforce in general around our brands is around 17%, we want to take it up to 25% by 2025. And also, we have committed to skilling more than

100,000 people over the next five years where we say 25% will be women.

I would not want to mention too much about other startups and their evaluations. I think we read about that enough in news and what’s happening on those evaluations and where they stand today versus where those evaluations were from a year ago. But what I would definitely like to mention is our focus on digital and that has accelerated maybe also because of the pandemic and digital growth and digitization in general has accelerated throughout our Company’s associates and our brands.

In terms of your comment on honorable prime minister’s plan of smart cities and economic corridors and manufacturing hubs like, solar power energy hub and with ultimatum project of Aatmanirbhar Bharat, we are continuing to explore opportunities. Definitely, any good opportunities that come we would like to take advantage of that. The economic benefits in the new normal and new opportunities with Taj brand, I think this is already happening. Being rated as world’s strongest hotel brand for two years in a row, and even the strongest brand across all sectors in India for three years, and one year we were number 2, but two years we have held the number 1 position, obviously helps us in driving our top line, in driving our market share and also driving profitable growth. So, I think that’s a very big positive.

And how many properties, was your last question are owned or how many are managed. OHL is not in the business of managing hotels. All OHL hotels are managed by IHCL under IHCL brands. OHL operates seven hotels of which three are owned and four are under lease or licensed agreements.

Moving on to member number two on the questions. What was the ARR and occupancy, for 21-22 it was around 6,750, to be precise INR 6,747. Overall occupancy for OHL for 21-22 is at 54%. Now this 54% is despite the second

Page 15 of 20 and the third wave. You all remember the second wave came in April-May and June and the third wave started just before Christmas and also lasted till middle of February.

On dividend paid, due to the losses incurred by the Company during the year and in the absence of the retained earnings, the board did not recommend dividend. But the way the business is bouncing back, the way the pent-up demand is having a positive impact, we expect to have better financial performance going forward that is the opinion of most of the analyst, most of the industry gurus and all those who write about the industry. If we take their consensus the industry is well positioned, subject to any events like COVID or any geopolitical tensions, we expect this to be a positive financial year.

I think the discount and the coupons have already been addressed. I think on Mr. Yusuf Yunus Rangwala question, dividend has been already explained. What is the total number of staff, total number of staff including contractual associates is 991 of which around 600 are permanent associates and for your 1 kilo of cake, I think we have already addressed it. So, thanks for that question, it’s for their benefit

Then, moving on to Mr. Kankanala Bharatraj, the average room revenue has already been addressed which is, I think you mean the average rate. And the salary cut to employees during COVID, the Company did not, as I mentioned, stop any voluntary contribution schemes from executives. So, we paid full salary but anybody who wanted to contribute towards the Taj public service welfare trust initiatives through the fund for Taj families, there were contributions made at various levels between even 10% to 30% and I think the top management would, on an average 25% and the rest was less, but under that mandate, we were able to help any of the contractual associates which were employees of our contractors to give them a few months of salaries and the approximate amount goes a little less than

50,000, has to be lower than 50,000, that disbursement was made throughout the system.

Your next question was about breakup for professional fees. Total professional fees is 4.38 crores, major breakup is as follows. IT support services cost is around 2.24 crores. Professional fees for consultants which includes the GST, internal audit, income tax, retainer certification another

2.14 crores. Then you also breakup for expenses on Page 199, Note 27.2. total other expenses is 4.82, major breakup of other expenses is reversal of

SCIS Scheme as you would recall, that was done by the government and it came as a negative surprise especially in very bad time for the hospitality industry, but that’s how the Govt. control and that cost the Company or your

Company 1.02 crores. Then conveyance and vehicle hire add another 0.69 crores, ALT fees of 0.57, contribution and subscription of 0.47 crore, freight and courier 0.39 crore, listing fee of 0.14 crore, sundry operating expenses comprising car parking, festival decorations and equipment hire charges of another 0.07 crore.

Sri Lanka issue, management is closely monitoring the situation. We are confident there is no requirement of any impairment at this point of time. We have business beat at a very low level. But we do believe that in the next three months or the next 100 days, the situation will start normalizing.

Already, in the last few days, we hear less and less about the bad situation that we have been witnessing in Sri Lanka. So, that is a positive development.

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Physical AGM, we obviously want to have a physical AGM and hopefully we all do this in person next year.

And the booster dosage to staff, that was your last question, 100% of our employees have completed their second dose. The Company has provided facilities for employees to take the booster vaccination as per prescribed guidelines.

Then, Mr. Rangan, moving on to your questions, refer to Page 126.

Investment of 46 crores. 46 crores investment represent investment in OHL

Hong Kong, which is wholly in subsidiary. These are long term strategic investments, through OHL Hong Kong. The OHL Group owns a part of some of the iconic assets such as St. James Court, London, Taj Bentota, Taj

Samudra, Colombo, Bentota both being in Sri Lanka. Taj Exotic Maldives and Taj Golden Reef Resort also in Maldives.

The borrowings at 267 crores is very high and why? Increase in borrowings are due to substantial losses during the last two years on account of severe impact on the business due to COVID-19 pandemic. And to keep adequate funds on hand to meet, maintain the liquidity for any unforeseen events that may arise due to pandemic. Net increase in borrowing goes around 27 crores.

The investment related to Indian Dairy Entrepreneurs Agriculture Company,

This investment was made in ’79-’80 or ’80-’81, almost 40 years ago. This has been written off in 2011 due to negative net worth of the Company.

What are the plans for repayment of loan or if we are planning to sell any hotel. Such plans are off as of now. We expect to repay loans through internal accruals and free cash flows.

On Page 34, we have only given six years of financial highlights. Financial highlights of six years are provided in Page Number 34 of the annual report.

The financial performance of the Company are available on of Page 157.

Then your question, please refer Page 32, where we have stated three hotels as Taj Hotels, which are the three. Please give me the breakup of which hotel and its profit if any. Three OHL hotels that are branded as Taj are Taj Coromandel, Taj Fisherman’s Cove, and Taj Malabar Resort and

Spa which is in Cochi and Fisherman’s Cover and Coromandel in Chennai.

Hotel wise breakup of revenue and profit will be e-mailed to you by our secretarial department after the meeting. Revenue and EBITDA negative is given in brackets. Taj Coromandel 77 crores revenue and Rs. 10 crore

EBITDA. Taj Fisherman’s Cove 67 and 23 respectively, Malabar 23 crores as a negative in three. Vivanta Coimbatore 28 crore and Rs. 5 crore positive.

Gateway Madurai, 11 crore in revenue and 0.025 crore EBITDA negative.

Gateway Bangalore and IHCL Selection 7 crore on revenue and 2 crore positive and Gateway Bangalore Rs. 5 crore on the revenue and 3 crore negative but maybe because of the ongoing renovations and the repositioning of the hotel which is almost finished now.

The average interest rate of borrowing you had asked, the interest rate is in the rate of 7.2 to 8.87%. Please refer to 144 page number on the annual report for borrowing wise interest cost.

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Suggestions to improve the services at Taj Coromandel is noted. All stakeholder’s feedback has been an integral part of our learning curve and we shall continuously improve our offering and services.

I already touched on the expansion plans. And then, your last question was, how the room income and restaurant income has doubled over one year.

Room income for the year was higher by 108% from the previous year with an average occupancy at 54% at an average rate of 6,747. The Company witnessed a gradual recovery in occupancies immediately after the second wave and through some of the initiatives that we came up on Taj Holidays, on our campaign on the 4D dream, your drive, you discover and delight yourself and this has doubled because we also fell to a very low level. And we will keep seeing this disproportionate increases or unusual increases because the base was low and also the pent up demands. As I said, in the future outlook of the industry I think we expect definitely a double digit growth in the top line going forward.

Mr. Santosh Kumar Saraf had asked on e-wastages of our Company. We are continuously working towards implementing responsible waste management practices at our hotels. Waste management system aims at creating value from effectively disposing waste. E-waste are disposed off through authorized vendors responsibly.

What are lessons learnt from this pandemic by the management for better readiness of the Company. I think it has reinforced our belief in our people and processes and the learnings are a lot of learnings. And besides investing in people, community, stakeholders, I think the resilience of the industry at e-learning, adaptability and agility is definitely demonstrated by this industry across all brands, I would say, which none of us had really imagined would be done so well and so capably.

I think, very important throughout these two years and different waves of the pandemic was the importance of communication. I think communication on a constant basis to the workforce was the hallmark of your Company whether we did it through video conferencing, video messaging, through our staff magazine, through our internal e-mails, through our help lines. I think that is a key learning that you can never communicate and also keep communication at the core of whatever you do. Our purpose continue to associate for a larger purpose and standing together and representing the industry to achieve greater results, not just your Company and your brand, rather to stand together as an industry, I think the industry came together very well whether it happened under the Hotel Association of India or under the CCI National Council for Tourism or with the WTTC or with the FICI. I think all these associations played an important role, at least, in getting the emergency credit line guarantee scheme and the extension of that to a much significant amount.

I think steps taken by the Company to eliminate single use plastic has already been addressed. Gender gap also I have already addressed. The expenses incurred for physical meeting in 2019 and expenses incurred to organize VC meetings, the savings due to shifting to virtual AGM are in different heads which includes, hall hire charges and various expenses at the venue associated with the physical meeting. Based on past experiences the savings would be approximately Rs. 23 lakh. Rs. 10 in the current year for virtual and Rs. 33 lakh being for physical meeting.

Number of employees who are covered with health insurance, accident insurance, maternity benefits, paternity benefits, and day care facility. Our

Page 18 of 20 medical insurance coverage has been covered for staffs working in Taj

Coromandel, in Taj Fisherman’s Cove Resort and Spa. Staffs working in other hotels are eligible for medical reimbursement as per policy or as per their employment contract. The booster, I have already addressed.

What steps are taken to settle claim in terms of income tax cases which are pending since 2010? Tax demands are disputed by Company and appealed in appropriate forums. Certain long pending income tax appeals were settled already under Vivad Se Vishwas, VSV Scheme. The Company expects the remaining issues will be resolved without any further impact on the financial statements.

Steps taken to increase capacity of harvesting rainwater and renewal energy? That was addressed under the question also asked by the first member, Dr. Bopanna. Moving on to Ms. Annmaria Francis, what is other operating expenses and why there is an increase? Operating expenses increased from 40.54 crores of previous year to 66.33 representing an increase little over 25 crores. This was primarily due to increase in variable cost, corresponding to higher business volume. So, if your business volume increases at the rate that it did, there will be certain variable cost that come into play. These include also cost for power, maintenance, linen, room supplies, transportation, distribution cost in terms of pollutions, travel agencies, credit card charges and cost of hosting and banqueting events.

How much has the Company saved due to usage of renewable power was the second question? We have entered into power purchase agreements with private power producers in the wind segment and solar powered hotels in Tamil Nadu. The total supply to power purchase agreements with private producers was about 128.43 lakhs units out of total consumption of 148.98 units has resulted into the savings of Rs. 2.8 crores approximately during the year.

The rate of borrowing has already been addressed in another member’s question. In key audit matters in audit reports is covered in the report under this Page 96 about impairment of Coimbatore unit. The issue you had asked in view of the significant investment made with Vivanta Coimbatore in the last decade. Auditors have performed extensive testing for a need to provide for impairment. They have been satisfied that no impairment provision is required based on management estimates of scenario at this point in time.

In view of the above prevailing auditing standards, this was captured as key audit record.

Moving on to Mr. Bimal Kumar Agarwal, there are no major CapEx plans other than routine operational CapEx.

With that, I come to the second last question which was from Mr. Reddeppa

Gundluru. Why net loss? I think I have explained. Increase in general expenses is in line with the increase in revenue. Increase in fee to consultants is not the consultant, it represents the management fee, which is variable and also in line with the revenue.

And finally, the questions from Mr. Chakravarthi. All the questions have been addressed. There was no real question from Mr. Chakravarthi, because expansion plans was the only question you had asked, which I have addressed in my general comments that we will have, hopefully some positive news to share by the next AGM.

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Having answered all your questions, I now authorize Mr. Sreyas

Arumbakkam, chief financial officer, to conduct the voting procedure and conclude the meeting. The e-voting facility will remain open for the next 15 minutes to enable members to cast their vote. The results should be announced within two working days of the conclusion of the meeting, and the same would be intimated to the stock exchanges and uploaded on the website of the Company and NSDL.

I thank, the shareholders for attending the meeting and for their continued support, and also all the positive remarks that have been made in today’s

AGM. I also thank the directors for joining the meeting remotely. With your consent, I and the other board members would like to leave the meeting. I request all shareholders to please stay safe and stay healthy. Thank you very much. Over to you Mr. Sreyas.

Sreyas Arumbakkam

Thank you Chairman. Members, who have not cast their vote may do so in the next 15 minutes. Thank you.

Moderator

Dear shareholders, as instructed by the scrutinizer, we request all the shareholders participating in the AGM and who have not yet cast their vote, to do so in the remaining period of 5 minutes. Thank you.

Sreyas Arumbakkam

The e-voting has been kept open for 15 minutes as mentioned by the

Chairman. We now close the e-voting. The requisite quorum was present throughout the meeting. Results of the Annual General Meeting will be announced by the Company within two working days of the conclusion of the meeting. With this, I declare the meeting concluded. Thank you.

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