Lemon Tree Hotels Limited announced the opening of Keys Prima by Lemon Tree Hotels, Nashik, marking its debut in the city. The hotel features 48 rooms and suites, expanding the group's footprint to 15 operational properties in Maharashtra.

The property is managed by Carnation Hotels Private Limited, a wholly owned subsidiary of Lemon Tree Hotels. Located on Gangapur Road near Ashok Stambh, the hotel targets business, leisure, and pilgrimage travellers visiting Nashik's commercial and wine tourism hubs.

Property specifications and amenities

The Nashik property offers a range of facilities designed for both corporate and social gatherings. Key amenities include:

• Accommodation: 48 well-appointed rooms and suites
• Dining: Keys Café (multi-cuisine all-day dining), Unlock Bar, Keys Patio, and in-room dining
• Events: Grand Chamber, Chamber, and a dedicated meeting room for conferences and banquets
• Wellness: Fitness centre

The opening represents an increase from the 45 rooms initially disclosed to stock exchanges on August 2, 2024, when the project was listed as Keys Select by Lemon Tree Hotels.

Strategic expansion in Maharashtra

Vishvapreet Singh Cheema, President of Lemon Tree Hotels, stated that Maharashtra remains a strategic growth market. The group currently operates 15 hotels in the state with 16 additional properties in the pipeline, including two more upcoming hotels in Nashik.

Connectivity and market positioning

The hotel provides convenient access to prominent local attractions such as Trimbakeshwar Jyotirlinga, Sula Vineyards, and Ramkund. It is situated approximately 21 km from Nashik Airport (Ozar), 10 km from Nashik Railway Station, and 1.5 km from the Central Bus Station. This connectivity supports the group's strategy to capture diverse traveller segments in tier-II cities with growing commercial bases.

Lemon Tree Hotels shareholders approved the appointment of Patanjali Govind Keswani as Non-Executive Chairman effective April 1, 2027. The resolution passed with 97.20% support at the 34th Annual General Meeting held on September 18, 2026.

Keswani, currently serving as Chairman and Executive Director, will transition to a non-executive role to ensure continuity at the Board level. This move follows his appointment as Executive Director in October 2025 for an 18-month tenure ending March 31, 2027. The company stated this leadership shift supports its succession plans while providing strategic oversight.

Governance and Board Changes

Shareholders also approved the reappointment of two directors retiring by rotation:

• Mr. Aditya Madhav Keswani (DIN: 07208901)
• Mr. Willem Albertus Hazeleger (DIN: 0790239)

Patanjali Govind Keswani is a graduate of IIT Delhi and holds a Post Graduate Diploma in Business Management from IIM Calcutta. He joined the TATA Administrative Service in 1983, working with the Taj Group of Hotels for 17 years before promoting Lemon Tree Hotels in 2002. He has served as Managing Director since October 2002 and guided the company’s public listing in April 2018.

Mr. Aditya Madhav Keswani is the son of Patanjali Govind Keswani and serves as a Non-Executive Director. The regulatory filing confirmed no other related-party relationships among the directors.

Voting Results Analysis

The scrutinizer's report filed on September 21, 2026, details voting patterns across all resolutions. A total of 536.3 million shares were polled for the adoption of financial statements, representing 67.7% of outstanding shares.

While promoter group votes were unanimous across all resolutions, institutional investors showed notable divergence on the reappointment of Mr. Willem Albertus Hazeleger. Public institutions voted against his reappointment by 14.27%, while public non-institutional shareholders voted against it by 82.62%. Despite this dissent, the resolution passed with 72.05% votes in favor.

Conversely, the reappointment of Mr. Aditya Madhav Keswani saw stronger support from public institutions, with only 7.72% voting against. The appointment of Patanjali Govind Keswani as Non-Executive Chairman received 93.12% support from public institutions and 99.99% from public non-institutions.

What the Numbers Show

The stark contrast in voting behavior between the reappointment of Willem Albertus Hazeleger and other board resolutions highlights specific shareholder concerns regarding this directorate. While the promoter group maintained 100% support for all agenda items, the 27.95% overall opposition to Hazeleger's reappointment—driven primarily by retail and non-institutional public shareholders—suggests a divergence in view compared to the broader governance changes approved at the AGM.

Financial Statements and Audit

The meeting addressed the adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026. Both the Statutory Auditors' Report and the Secretarial Audit Report for FY26 were unqualified, containing no comments or remarks. Deloitte Haskins & Sells LLP served as statutory auditors, while DPV & Associates acted as secretarial auditors.

Voting Process

Remote e-voting was available from September 14, 2026, at 9:00 am until September 17, 2026, at 5:00 pm. Members attending via VC/OAVM who had not voted remotely could cast their votes electronically during the meeting through the NSDL portal. Mr. Prakash Verma, a practicing company secretary, was appointed as the scrutinizer to supervise the voting process.

The results of the e-voting will be submitted to the stock exchanges within two working days of the meeting's conclusion. The AGM concluded at 1:29 pm.