India Tourism Development Corporation Ltd has announced the cessation of Shri Manan Kaushal as Independent Director upon completion of his tenure. The company informed both NSE and BSE about this corporate governance development through a regulatory filing dated April 15, 2026.

Director Cessation Details

The cessation became effective from April 16, 2026, marking the end of Shri Manan Kaushal's tenure as Independent Director. The company has provided comprehensive details as required under regulatory framework.

Regulatory Compliance

The intimation has been made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also complied with SEBI Circular No. SEBI/HO/49/14/14(7)/2025-CFD-POD2/I/3762/2026 dated January 30, 2026, by providing the required annexure with detailed information.

Corporate Governance Framework

The cessation represents a routine corporate governance matter involving the natural conclusion of an Independent Director's tenure. The company has fulfilled its disclosure obligations by informing both stock exchanges about this board composition change. Company Secretary VK Jain has signed the regulatory filing, ensuring proper documentation and compliance with listing requirements.

This development reflects the company's adherence to corporate governance practices and regulatory compliance in managing board transitions and director tenure completions.

India Tourism Development Corporation has issued a clarification to stock exchanges regarding news reports about its disinvestment process, confirming the ongoing nature of asset disposal activities that began in 2016.

Ongoing Disinvestment Process Since 2016

The company clarified that hotel units of ITDC and its joint venture subsidiary units have been under disinvestment process since 2016. The clarification was issued in response to queries from stock exchanges dated April 10, 2026, regarding news items appearing on financial media platforms.

Regulatory Disclosures and Transparency

ITDC emphasized its commitment to transparency through regular disclosures under Regulation 30 of SEBI (LODR) Regulations. The company stated that major developments pertaining to the ongoing disinvestment process are disclosed immediately, with regular updates provided through annual reports and quarterly financial results.

The company confirmed there are no updates beyond the disclosures given to stock exchanges on February 09, 2026, in the notes to quarterly and nine months ending unaudited financial results for December 31, 2026.

Government's NMP 2.0 Announcement

A significant development mentioned in the clarification relates to the Union Finance Minister's Budget Speech for financial year 2026-27. The budget announced the National Monetisation Pipeline (NMP) 2.0, which specifically mentions ITDC hotels as part of a redevelopment plan through Public-Private Partnership (PPP) mode.

However, ITDC clarified that it has not received any specific directions from the government regarding this announcement.

Historical Disinvestment Activities

The attached documents reveal an extensive history of disinvestment activities spanning multiple properties and transactions. Key completed transactions include:

• Hotel Jaipur Ashok: Transferred to Rajasthan Government for Rs. 14.00 crore in September 2017
• Hotel Patliputra Ashok: Transferred to Bihar Government for Rs. 13.005 crore in November 2018
• Hotel Jammu Ashok: MoU signed for transfer to J&K Government for Rs. 11,09,75,370 in February 2023
• Lalitha Mahal Palace Hotel: Transferred to Karnataka Government in September 2017
• Hotel Janpath: Land transferred to Ministry of Housing and Urban Affairs in October 2017

Current Status and Market Communication

The clarification serves to address market speculation and ensure accurate information flow to investors. ITDC's response demonstrates its adherence to regulatory requirements while managing the complex, multi-year disinvestment process involving various state governments and central ministries.

The company's systematic approach to asset disposal, combined with transparent reporting mechanisms, reflects its commitment to maintaining investor confidence during the ongoing restructuring process.