Asian Hotels (West) Ltd filed revised XBRL results for the quarter and year ended March 31, 2025, following a query from the National Stock Exchange of India Limited regarding discrepancies in the initial submission. The company submitted a Statement on Impact of Audit Qualifications, revealing that the statutory auditors, M/s J C Bhalla & Co., have issued an adverse opinion on the standalone and consolidated financial statements for FY25. The auditors cited a material uncertainty that casts significant doubt on the entity's ability to continue as a going concern, as current liabilities exceed current assets by ₹42,051.61 lakhs as of March 31, 2025.

The adverse opinion stems from several key issues, including the classification of ₹39,000 lakhs received from Novak Hotels Private Limited (Saraf Group). The auditors noted that while the company classified these amounts as borrowings, the Framework Agreement between the promoters and Saraf Group suggests the funds may be an advance for the sale of the principal asset, Hyatt Regency, Mumbai. Consequently, the auditors are unable to determine if the classification is correct or if the financial statements should have been prepared under Ind AS 105 for non-current assets held for sale.

Furthermore, the company did not recognize an interest expense of ₹3,850.91 lakhs and certain expenses of ₹453.84 lakhs claimed by Saraf Group. The auditors stated that even considering the minimum interest rate stipulated under Section 186(7) of the Companies Act, 2013, the unrecognised amount is material. Additionally, an unreconciled balance of ₹242.64 lakhs exists in the borrowings, with the recorded balance being lower than stated.

The financial statements also reflect the write-off and write-back of old outstanding balances amounting to a net ₹1,229.51 lakhs, disclosed as exceptional items. The auditors reported that these balances, which existed as of March 31, 2024, should have been adjusted retrospectively, leading to an overstatement of the loss for the year. The company also failed to provide proper records for property, plant, and equipment worth ₹1,617.11 lakhs, preventing the auditors from commenting on their existence.

In the consolidated financial statements, the company reported a net profit before tax of ₹4,458.78 lakhs, which adjusted to ₹1,383.55 lakhs. The auditors highlighted that the group's current liabilities exceed current assets by ₹41,633.52 lakhs. The company stated that it is in the process of complying with regulatory requirements following the closure of the Corporate Insolvency Resolution Process (CIRP) on January 9, 2024, and the approval of a settlement proposal under Section 12A of the IBC 2016.

Asian Hotels (West) Limited held its 19th Annual General Meeting (AGM) on June 19, 2026, through video conferencing to adopt the audited financial statements for the financial year ended March 31, 2026, and re-appoint a director. The meeting, which commenced at 11:00 a.m., was conducted in accordance with circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India (SEBI). Mr. Sandeep Gupta chaired the meeting, where the requisite quorum was present throughout the proceedings.

The company provided an electronic voting facility to members, allowing remote e-voting from June 16, 2026, until June 18, 2026. Additionally, e-voting was facilitated during the AGM for two specific resolutions. Mr. Hemant Kumar Singh, a Company Secretary in Practice, was appointed as the Scrutinizer to oversee the voting process. The results of the voting were announced on the company's website and notified to the Bombay Stock Exchange and National Stock Exchange by June 20, 2026.

Resolutions Passed

The shareholders transacted two items of business through remote e-voting and e-voting during the meeting. The resolutions included the adoption of financial statements and the re-appointment of a director. Both resolutions were passed with a requisite majority.

Voting Results

The Scrutinizer's report confirmed that 94 members cast votes in favour of the resolutions, while 3 members voted against. A total of 9,226,269 votes were cast in favour, representing 99.999957% of the total valid votes. The meeting concluded at 11:17 a.m., with e-voting closing at 11:32 a.m.