Recorded Transcript of the 41st AGM

ASIAN HOTELS (NORTH) LiMiTED

RECORDED TRANSCRIPT OF THE 418? ANNUAL GENERAL MEETING OF ASIAN

HOTELS (NORTH) LIMITED SCHEDULED ON WEDNESDAY, THE 28™ SEPTEMBER,

2022 AT 10:30 A.M. IST} THROUGH VIDEO CONFERENCING/ OTHER AUDIO-VISUAL

MEANS AT ITS REGISTERED OFFICE AT BHIKAIJI CAMA PLACE, M, G. MARG, NEW

DELAI-110066, BEING THE DEEMED VENUE

AT 10.30 AM. WELCOME Good Morning Ladies and Gentlemen, I am Tarun Srivastava,

ADDRESS BY MR. TARUN Company Secretary & Compliance Officer of the Company.

SRIVASTAVA, COMPANY

SECRETARY & It gives me immense pleasure to welcome you all at the 41*

COMPLIANCE OFFICER Annual General Meeting of the Company. I hope all of you are staying safe & are in good health.

This AGM is being held through video conferencing or other audio-visual means in terms of General Circulars issued by the

Ministry of Corporate Affairs and Securities and Exchange

Board of India.

I would like to take you through certain important aspects regarding the participation at this AGM,

This Facility is available for up-to 1000 Members, on a first come-first-served basis. The members who have joined this meeting are kept on mute mode by the host to avoid any disturbance arising from the background noises and to assure smooth & seamless conduct of the meeting.

The video conferencing platform for convening this meeting and that for remote e-voting as well as e-voting facility during the AGM has been provided by KFin Technologies Limited,

Registrar & Transfer Agent of the Company (RTA).

The Company has made all the efforts to enable the Members to participate through video conferencing and to vote electronically.

As the AGM is being held through video conference, the facility for appointment of proxies was dispensed with.

The Company has also received authorizations under Section

113 of the Companies Act, 2013 from corporate shareholders.

The Company has provided the facility to cast the votes electronically, on all resolutions set forth in the Notice.

Members attending the AGM who have not cast their votes earlier through remote e-voting will have an opportunity to cast their votes during the meeting.

Members are requested to refer to the instructions provided in the notice for a seamless participation through video conference. In case Members face any difficulty, they may reach out on the helpline numbers provided in the Notice.

ASIAN HOTELS (NORTH) LIMITED

Participation of Members through video conference is being reckoned for the purpose of quorum as per the circulars issued by Ministry of Corporate Affairs and provisions of the

Companies Act, 2013.

Accordingly, I have been informed that we have the requisite quorum to conduct the proceedings of this meeting.

I take this opportunity to introduce the Directors and other

COMPANY SECRETARY &

ASIAN HOTELS (NORTH) LIMITED

COMPLIANCE OFFICER

MODERATOR Yeah, you are audible now sir. Thank you,

MR. TARUN SRIVASTAVA, Thank you Sir!

COMPANY SECRETARY &

COMPLIANCE OFFICER The Register of Directors, Key Managerial Personnel and the

Register of Contracts or Arrangements are available electronically at KFintech Platform till conclusion of this meeting for inspection by the Members, Members seeking to inspect such documents can send their requests to [email protected]

Members of the Company who held shares in physical form or in dematerialized form, as at the closure of business hours on the cut-off date, ic. Wednesday, the 21* September, 2022 are entitled to vote on the proposed resolutions; and their shareholding on such date is to be reckoned for the purpose of arriving at the results of the remote e-voting and Insta Poll at the AGM.

The remote e-voting facility was kept open from 9.30 a.m. on

Saturday, the 24" September, 2022 up to 5.00 p.m. on

Tuesday, the 27" September, 2022.

As the Notice of the AGM has already been circulated, it may be taken as read. With the permission of the Chair, I would like to explain to the Members, the objective and implication of each agenda item sequentially. There are ‘eight resolutions’ in the notice to be approved by the members at this AGM.

Item No. 1 relates to consideration and adoption of the

Audited Standalone and Consolidated Financial Statements for the financial year ended on 31° March, 2022, and is being taken up as an Ordinary Resolution;

May I inform the esteemed Members present that there are no adverse qualifications, observations or comments in the auditors’ report in Standalone and the Consolidated Financial

Statements for the Financial year 2021-22.

With the permission of the Chair and the Members present, the same may be taken as read.

Further,

The Secretarial Auditors in their report dated 9" August,

2022, have expressed modified opinicn(s) in respect of the

MODERATOR, QUESTION AND ANSWER SESSION

MR. RAJ KUMAR KALE

Thank you Sir,

This is your Moderator for the day. So we will call the pre- registered speakers one by one on the screen to ask their questions.

The first speaker of the day is Mr. Lokesh Gupta. I request

Mr. Lokesh Gupta to unmute yourself, switch on your camera and ask your question please, Mr. Lokesh Gupta

MR. LOKESH GUPTA Hello, Sir aap mujhe sun pa rhe h?

(SHAREHOLDER)

MODERATOR, Haan Lokesh Ji hum aapko sun paa rhe h,

MR. RAJ KUMAR KALE

MR. LOKESH GUPTA Chairman Sir , me Lokesh Gupta aapka aur sabhi Board

(SHAREHOLDER) members ka swagat krta hum. Sir kafi lambey samay se hum company ke shareholders he. Physical meeting me bhi aathe dhe, VC mode per bhi aate hain sir. Sir, aapne Chairman

Speech me sabh kuch bataya hain. Sir, covid ka bura daur gaya hain usmein sabse jyada impact hum per hua hain sir. Lekin hum ne haar nahi mani, aap ne bhi haar nahi maani. Hume bhi vishwas tha aap par ki ye samay chala jayega lekin hum dubara uth kr ichade hoge sir woh who cheez sahi sabit huyi hain. Sir me kuch nahi janana chahtha hun, Me janna chahta hun ki current Financial Year and Next Financial Year ko lekar k

ASIAN HOTELS (NORTH) LIMITED hamari kya g uidance rahegi aur humare pas jo abhi wedding season aa rha hain us k liye kya tyyari hain humari, Sir kyuki 2 saal k baad ye samay aa raha hain sir is ke liye humari kya tayyari hai? or kis tarah ki booking humari chal rahi hai sir. Sir baaki aap se ek request jaroor hai acha platform mila hai hume aap se judne ka, ek bhavishya me humari AGM esi platform par hogi to acha rahega sir, Company Secretarial ki poori team,

Company Secretary unka poori team jis tarah se kaam karti he usme kayi naam aese h jo saarmme nahi aate jese Mahendra ji huye or bahut se log huye jis tarah meeting ko karane keliye poore saal mehnat karte hai me unko bahot bohot dhanywaad doonga aur mujhe aapke sath joda us ke liye bhi bohot bohot dhanywaad.

Thank you Sir.

MODERATOR, Thank you Mr . Lokesh Gupta ji

MR. RAJ KUMAR KALE

We will move on to the next registered speaker. Next speaker is Mr. Sanjay Kathpal. May I request Mr. Sanjay Kathpal to unmute yourself and switch on your camera and speak please.

Mr. Sanjay Kathpal from New Delhi.

MR. SANJAY KATHPAL Hello, Aap me ri awaz sun pa rehe hai Sir. Sir are you hearing

(SHAREHOLDER) my voice?

MODERATOR, Sun paa rahe hai Sir aap apna question pooch sakte hai Sir.

MR. RAJ KUMAR KALE

MR. SANJAY KATHPAL

Respected Ch airman, Directors, Esteemed Shareholders, and

(SHAREHOLDER) all Secretarial Department of Asian Hotels North, Sir, I am delighted that our hotel is open for public from July, 2022 after the decision to open from Central Government. Our Tarun

Srivastava has joined, I am wishing him good luck for his joining. I met him and happy with his depth and hope that hope that he would also helpful for our Company as our last

Company Secretary had also done the same. Sir I want to know one thing about our Company’s Road map of next twelve months so that I understand our future plans. Thanks Sir and wishing you and all Secretarial Department who had done a lot for us to join this meeting, I am conveying my regards to all

Secretarial Department and my best wishes for Happy Diwali and coming festivals. Thank you Sir. Thank You. Thank You very much.

MODERATOR,

Thank you Mr . Sanjay Kathpal ji

MR. RAJ KUMAR KALE

We will move on to next speaker. Next speaker is Mr.

Mahendra Pal Bhutani. May I request Mr. Mahendra Pal

Bhutani Ji to unmute yourself and switch on your camera and ask your question please.

Mr. Mahendra Pal Bhutani from New Delhi.

As Mr. Mahendra Pal Bhutani is not able to speak right now, we will go back to him once again, we will go to the next speaker, Mr. Narendra Singh Chauhan. Mr. Narendra Singh

Chauhan May I request you to switch on your camera, unmute

ASIAN HOTELS (NORTH} LIMITED yourself and speak please. Mr. Narendra Singh Chauhan

As Mr. Narendra Singh Chauhan is also not able to speak, we will go to the next registered speaker, Mr. Vijay Kumar

Kochar. Vijay Kumar Kochar, may I request you to unmute yourself and speak.

MR. VIJAY KUMAR Sir Am. I audi ble?

KOCHAR

(SHAREHOLDER)

MODERATOR, Yes, you are audible Mr. Vijay. You can ask your questions.

MR. RAJ KUMAR KALE

MR. VIJAY KUMAR Just two minu tes Sir, I am asking the same. I hope you guys

KOCHAR are doing well. Hello...

(SHAREHOLDER)

MODERATOR, Yeah, You c an go ahead sir, Go ahead. It is not a common

MR. RAJ KUMAR KALE question & answer session.

MR. VIJAY KUMAR Good morning , I would like to thank the Directors, CFO and

KOCHAR the Secretarial Department of the Company for their effort to

(SHAREHOLDER) run the Company so efficiently during this Covid time and post lifting of Covid restrictions. I have been a shareholder and customer of Asian Hotel. I am interested to know about the future of Company, what projects and innovations are under the pipeline through which the Company can uplift the revenue and do much more better than their competitors. As the class quality, standard, name, goodwill and size of the property we have a customer and a stakeholder what is in the Company that keeps me invested for longer time.

MODERATOR, Yeah, Was that was the last question Vijay Kumar? Or

MR. RAJ KUMAR KALE anything else?

MR. VIJAY KUMAR

No, that’s it S ir.

KOCHAR

(SHAREHOLDER)

MODERATOR, Thank you, V ijay. Thank You. Thank you so much for your

MR. RAJ KUMAR KALE question.

We will move on to the left-out speakers who joined but not able to speak. Mr. Mahendra Pal Bhutani.

Mr. Mahendar Pal Bhutani ji please unmute yourself and switch on your camera and speak please. Mahendar Pal

Bhutani ji aap unmute kar ke baat kar sakte hai.

MR. MAHENDRA PAL Meri awaz aa rahi hai Sir.

BHUTANI

(SHAREHOLDER)

MODERATOR, Awaz arahi ha i Sir, aap baat kar sakte hai.

MR. RAJ KUMAR KALE

ASIAN HOTELS (NORTH) LIMITED

MR, MAHENDRA PAL

Good Mornin g to all and Jai Hind Sir, Firstly I would like to

BHUTANI

convey my good wishes to all the Board members on this 41*

(SHAREHOLDER) Annual General Meeting of the Company. I am thankful to the management for giving me this opportunity to interact and put my queries before you. Sir, after going through the Annual

Report which I have received in time, all sections has been covered in very lucid and transparent manner. Sir there is no queries related to the Annual Report, but still I have some query, General query Sir. Your Medium and long term strategy roadmap on the challenges and to counter competitive platform

Sir now the season is coming for tourist and this coming quarter i.e. 3 quarter hum umeed rakhte hai ki ye jo remaining

2 quarters hai woh humar Company k liye bahot ache rahenge.

Humari company ki Hospitality Delhi me bahot uunche darje par hai. Haan us darje per hai me keh sakta hu or Humari company ka jo past record hai woh bhi behatarine raha hai.

Mushkilen aayi thi or un mushkilo ka hal bhi management ne bahut ache se address kiya hai, bohot ache se hal nikala hai or jo ki 2 wave aur 3 wave ka jo prakop the woh humari industry par bahut buri tarike se raha hai even then humari company ne apni performance bohot ache se rakhi hai or apne sabhi employees ki safety k liye sabhi measures rakhe iske liye me apni puri team ko, directors aur management ko tahe dil se shukriya adaa karta hun aur aane wale samay keliye bahot bahot shubh kamnayen aur humare beech Tarun Srivastava Ji aye he, Company Secretary, ek young, ek bahot hee abhinya aur me unka company me swagat karta hu aur umeed rakhta hu ki unka sahyog aur unka jo Board aur Directors ke beech ka jo taal mel bahot ache se nibhayenge aur aage aap ka jo bhi vision hai aur jo bhi strategy rahegi woh company ko ek nayi udaan aur nayi uchayi par lekar jayegi. Aisi humari aasha hai aur

Kahte hai ki manjile unhi ko milti hai jin ke irado me jaan hoti hai aur humari jo management hai who har tarike se saksham hai kyuki humari Management, me keh sakta hun ki ye pankho se nahi buland irado se apne ache or strong vision se udaan bharti hai aur ye udaan humari company ko bahcet uche le ke jayegi aur hume ek ache mukaam par pohachayegi jahan pe hume achi appreciation milegi or acha hume dividend imilega is aasha ke sath me MP Bhutani aur Santhosh Bhutani awem anya saathiyo ke saath aapka punah dil se aabhar prakat karta hun or bahet bahot dhanyawaad, shubh kamnayen ye Navratri ki aur aane wale tyoraho ki aur khas tor par Diwali ki aur humara jo ek nikharta hua ab jo quarter ayega jo Company ko achi shape dega uske liye bohot bohot shubh kamnayen, bohot bohot dhanywaad, poori team ko aapse lekar ke last person tak,

Company Secretary se lekar ke Mahender Singh ji aur unki puri team ko jinhone jab bhi kabhi koi queries ho chahe who dividend ko lekar k ho hume asaani se hal mil jaata hai or humey bohot khushi hai isse bdhkar ek investor ko Company se kya chahiye. Thank you very much and thanks to the

Coordinator. Karvy people, they are very brilliant people. Ye ek bahot acha platform hai sir. Kal humne dekha dusre platform me NSDL me hum jud nahi pa rahe the lekin iste humey bada acha lagta hai. Thank you very much Sir.

ASIAN HOTELS (NORTH) LIMITED

MODERATOR, Thank you, T hank you Mr. Mahendra Pal Bhutani ji, We will

MR. RAJ KUMAR KALE move on to the next speaker Mr. Narendra Singh Chauhan. Mr.

Narendra Singh Chauhan, if you are able to unmute yourself and speak please because you're joined but you are not able to unmute yourself.

Okay, as Mr. Narendra Singh Chauhan is not able to speak with this we have completed the question and answer session,

Sir and the desk is given back to the Chairman Sir, Thank You.

MR. AMRITESH JATIA, Thank you, T hank you for your questions and thank you for

CHAIRMAN your support and kind words. It means a lot to the Company, and to all the skateholders, including the employees, management etc. I think you know, the last two years have been very difficult for the Company specially 2020-21 and

2021-22 with the first wave sees a lockdown and then in 2022, second and third wave, deadly second wave which I think affected the entire world, hospitality was obviously hit by the lockdowns and even despite that we were able to you know stay on our feet, so this year, since the lockdown, this financial year since the lockdowns have now been removed systematically over the last 6-8 months. We belicve that, you know, we will be going back to performance which the Hotel used to do back in 2019 and 18, so this financial year will be a stepping stone to going back to where we were and from next financial year with large events, you know, like G-20 in

November 2023 we expect the revenue to go higher and profitability to go higher of the Company then it was before the pandemic, so, you know we are all prepared to, we are prepared with the surge and demand, we are happy to let the shareholders know that we are expecting good times ahead.

Thank you

MR, TARUN SRIVASTAVA, I believe that we have answered all the queries. Still if some

COMPANY SECRETARY & members have questions they can send their queries to the

COMPLIANCE OFFICER email ID dedicated to the investors ie, [email protected]

I would now like to inform the members that the Board of

Directors had appointed Mr. Rupesh Agarwal failing him, Dr.

S. Chandrasekaran, failing him, Mr. Shashikant Tiwari,

Partners, M/s. Chandrasekaran Associates, Company

Secretaries, as the Scrutinizer for conducting the remote e- voting process as well as the e-voting at the AGM in a fair and transparent manner.

The Scrutinizer shall prepare a consolidated Scrutinizer’s

Report of the total votes cast in favour or against, not later than the prescribed time and shall submit the same to the Chairman of the 41° Annual General Meeting of the Company or in his absence to Mr. Sanjeev Agarwala, Independent Non-Executive

Director and Chairman of Audit Committee, as authorized by the Board, whereupon the Chairman or Mr. Agarwala, as the

ASIAN HorTELs (NORTH) LIMITED case may be, shall declare the result forthwith,

Immediately after declaration, the said results will be uploaded on the Company’s website and displayed on the Notice Board of the Company at its Registered office for information of the

Members. Similarly, the said results shall be uploaded on the website of the RTA, and be intimated to the Stock Exchanges forthwith.

Now on behalf of the Chairman, I request the RTA to open the

Insta Poll i.e. electronic voting at the AGM. May I request those Members attending this meeting, who have not cast their votes earlier through remote e-voting, to proceed and cast their vote now. This facility is available on the video conferencing screen in the form of a “Thumb’ sign. The Members may click on the same to take them to the ‘Insta Poll’ page where they can exercise their vote. This electronic voting window is open for next 15 minutes.

As informed earlier, the consolidated results of the remote e- voting and Insta Poll shall be declared and intimated to the authorities concerned immediately upon receipt of the

Scrutinizer’s Report, but not later than the prescribed time.

Subject to requisite majority, the resolutions, as set forth in the

Notice, shall be deemed to be passed today.

Now I request Mr. Chairman to deliver his concluding remarks.

Thank You!

MR. AMRITESH — JATYA, | Dear Members, I thank you all for your active and constructive

CHAIRMAN participation in the meeting. Further I take this opportunity to convey our appreciation for your continuous support over the years and especially during these challenging times and now I hereby declare the proceedings as closed.

I wish all the Members a safe and healthy future. Thank You