Sayaji Hotels (Indore) Limited has successfully appointed two new Non-Executive Non-Independent Directors to its board, following shareholder approval through a postal ballot. The company announced that Mr. Karan Singh Chhabra and Mrs. Riya Chhabra have been regularized in their roles effective October 16, 2025.

Board Appointments

The appointments, which were initially made on September 1, 2025, have now been formalized through a shareholder vote. Both Mr. and Mrs. Chhabra bring significant experience to the board:

Professional Background

Mr. Karan Singh Chhabra holds a B.A. (Hons) in Business Studies from De Montfort University, Leicester. He currently leads the C21 Group, overseeing operations of multiple properties including C21 Mall, Malhar Mega Mall, Treasure Island Mall, C21 Business Park, Sheraton Grand Indore, and The Grand Bhagwati Surat. His responsibilities extend to key decision-making across more than 20 group companies involved in malls, hotels, and commercial developments.

Mrs. Riya Chhabra brings extensive experience in the real estate sector, with a specialized focus on the operations and management of commercial properties, including malls and hotels. Her expertise spans strategic planning, property development, asset management, leasing, and operational excellence in the retail and hospitality domains.

Voting Results

The postal ballot, conducted through remote e-voting, showed strong support for both appointments:

It's noteworthy that 1,406,000 votes were considered invalid for both resolutions, as they were cast by promoters and members of the promoter group who were not entitled to vote on these matters due to their interest in the appointments.

Corporate Governance

The company has emphasized that neither Mr. Karan Singh Chhabra nor Mrs. Riya Chhabra is debarred from holding the office of Director by any SEBI order or other authority. Both directors are related to each other and are part of the company's Promoter Group.

These appointments align with Sayaji Hotels (Indore) Limited's efforts to strengthen its board with experienced professionals from the real estate and hospitality sectors. The diverse expertise of the new directors is expected to contribute to the company's strategic direction and operational oversight in the coming years.

Sayaji Hotels (Indore) Limited , along with Persons Acting in Concert (PACs), has successfully completed an open offer to acquire a significant stake in Sayaji Hotels (Indore) Limited. The offer, which was conducted under SEBI regulations, has been confirmed as completed by the manager, Systematix Corporate Services Limited.

Open Offer Details

The open offer targeted the acquisition of up to 7,92,118 equity shares, representing 26% of Sayaji Hotels (Indore) Limited's equity share capital. The offer price was set at Rs. 1,250.00 per share, presenting a substantial opportunity for existing shareholders.

Reclassification of Shareholders

Following the completion of the open offer, a major change in the company's shareholding structure is set to take place. The acquirer and PACs will be reclassified from the 'Public' category to the 'Promoter and Promoter Group' category. This reclassification signifies a shift in the control and management structure of Sayaji Hotels (Indore) Limited.

New Promoter Group

The new promoter group will consist of the following entities and individuals:

1. Century 21 Officespace Private Limited (Promoter)
2. Century 21 Town Planners Private Limited (Promoter)
3. Mr. Gurjeet Singh Chhabra (Promoter)
4. Print Solutions Private Limited (Promoter Group)
5. Mrs. Prabjot Kaur Chhabra (Promoter Group)
6. Mr. Karan Singh Chhabra (Promoter Group)
7. Mrs. Riya Chhabra (Promoter Group)
8. M.P. Entertainment and Developers Private Limited (Promoter Group)

Administrative Changes

Sayaji Hotels (Indore) Limited has informed the Central Depository Services (India) Limited (CDSL) and MUFG Intime India Private Limited, the Registrar and Share Transfer Agent, to implement the necessary changes in shareholder categorization. This step ensures that the company's records accurately reflect the new ownership structure.

Compliance and Transparency

The completion of this open offer demonstrates Sayaji Hotels (Indore) Limited's commitment to regulatory compliance and transparency. The company has duly informed the BSE Limited about the offer's completion and the subsequent changes in shareholder classification, adhering to the disclosure requirements for listed entities.

This strategic move by Century 21 Officespace Private Limited and its PACs could potentially bring new perspectives and resources to Sayaji Hotels (Indore) Limited, possibly influencing the company's future direction and growth strategies in the hospitality sector.