Vistra ITCL (India) Limited has filed a comprehensive regulatory disclosure with BSE Limited and National Stock Exchange of India Limited regarding significant share encumbrance arrangements involving Asian Hotels (North) Limited. The disclosure, submitted on March 13, 2026, pertains to obligations under SEBI Takeover Regulations concerning debenture trust arrangements and related financing agreements.

Share Encumbrance Details

The disclosure reveals encumbrance over substantial equity holdings in Asian Hotels (North) Limited. The key shareholding details are presented below:

Regulatory Framework and Compliance

Vistra ITCL (India) Limited submitted this disclosure in its capacity as debenture trustee under Regulation 29(1) read with Regulation 29(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company is acting on behalf of multiple parties in connection with the relevant financing arrangements.

The debenture trustee represents:

• Touchstone Capital Limited, representing Touchstone Trust Scheme VIII of Touchstone Trust (registered as Category II Alternative Investment Fund)
• ECP Ind V Pte. Limited as agent for financing arrangements with Elana Holdings Pte. Ltd.

Key Transaction Documents and Timeline

Several critical documents form the foundation of these arrangements:

Undertakings and Restrictions

Elana Holdings Pte. Ltd. has provided comprehensive undertakings regarding the Target Company shares, including restrictions on transferring, disposing, or encumbering securities held in Asian Hotels (North) Limited. Additionally, Asian Hotels (North) Limited has agreed that no changes will be made to its shareholding pattern without prior written consent from the debenture trustee.

The financing arrangements include strict compliance mechanisms. Any breach of the relevant undertakings will trigger mandatory prepayment of the financing arrangements and constitute an event of default under the terms of the relevant financings.

Current Holdings Status

Before these arrangements, Vistra ITCL (India) Limited held no shares, voting rights, or encumbrances in Asian Hotels (North) Limited. Following the creation of encumbrance, the company now holds encumbrance over 54.37% of the paid-up equity share capital carrying voting rights, while maintaining no direct shareholding or voting rights in the target company.

The disclosure represents a supplemental filing to earlier disclosures dated January 28, 2026, and February 11, 2026, submitted following receipt of listing approvals from both stock exchanges where Asian Hotels (North) Limited shares are traded.

Asian hotels (north) Limited has announced the completion of an Independent Director's tenure, marking a significant board transition for the hospitality company.

Director Term Completion Details

The company informed stock exchanges on March 13, 2026, that Mr. Deena Nath Pathak's second and final term as Independent Non-Executive Director will conclude on March 15, 2026. Mr. Pathak, who holds DIN: 02104727, will cease to be a director with effect from the closure of business hours on March 15, 2026.

Regulatory Compliance

The intimation was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, in its disclosure.

The notification was sent to both major stock exchanges where the company's shares are listed:

• BSE Limited: Scrip Code 500023/ASIANHOTNR
• National Stock Exchange: Symbol ASIANHOTNR

Corporate Communication

The formal intimation was signed by Tarun Srivastava, Company Secretary & Compliance Officer, on March 13, 2026. The company provided the required annexure detailing the reason for change, cessation date, and other regulatory particulars as mandated under the listing regulations.

This board transition represents the natural conclusion of Mr. Pathak's maximum permissible tenure as an Independent Director under corporate governance norms, which typically limit independent directors to two consecutive terms.