Sayaji Hotels (Indore)

Sayaji Hotels (Indore) Limited has approved alterations to its Articles of Association through a special resolution passed by postal ballot on October 16, 2025. The changes establish governance framework for existing promoters and incoming promoters including Century 21 Officespace Private Limited, M.P. Entertainment and Developers Private Limited, and Print Solutions Private Limited. Key amendments include: both promoter groups can nominate two directors each to the board, share transfer restrictions requiring consent between parties, right of first offer provisions for share sales, tag-along and drag-along rights for shareholders, and reserved matters requiring approval from both promoter groups for major decisions including acquisitions exceeding Rs. 50 lakh, capital structure changes, and dividend declarations. The rights remain valid only while respective promoter groups hold at least 26% shareholding. Board meetings require representation from both promoter groups for quorum, with independent directors to be mutually elected as chairperson. The changes were previously approved by the Board of Directors on September 01, 2025.

Sayaji Hotels (Indore) Limited regularized the appointments of Mr. Karan Singh Chhabra and Mrs. Riya Chhabra as Non-Executive Non-Independent Directors effective October 16, 2025. Both directors were initially appointed as Additional Directors on September 1, 2025, and their regularization was approved by company members through postal ballot via remote e-voting. Mr. Chhabra holds a B.A. (Hons) in Business Studies and has over 10 years of experience in real estate, rental business, and mall management, currently leading the C21 Group with oversight of 20+ group companies. Mrs. Chhabra brings over 12 years of experience in real estate sector operations and management of commercial properties including malls and hotels. Both directors are related to each other and are part of the company's Promoter Group. Neither director is debarred from holding directorship by SEBI or other authorities.

Century 21 Officespace Private Limited, along with Persons Acting in Concert, has completed an open offer to acquire up to 7,92,118 equity shares representing 26% of Sayaji Hotels (Indore) Limited's equity share capital at Rs. 1,250 per share. The open offer was conducted under SEBI regulations and has been confirmed as completed by the manager Systematix Corporate Services Limited. Following the completion, the acquirer and PACs will be reclassified from 'Public' to 'Promoter and Promoter Group' category. The new promoter group includes Century 21 Officespace Private Limited as promoter, along with Century 21 Town Planners Private Limited, Gurjeet Singh Chhabra, and several other entities and individuals in the promoter group category. The company has informed the depository and registrar to carry out necessary changes in shareholder categorization.