Sayaji Hotels Limited has informed the stock exchanges about the termination of its lease agreement with Vicon Imperial (I) Private Limited for the hotel property in Raipur, Chhattisgarh. The termination will take effect from March 31, 2026, marking the end of a significant operational arrangement for the hospitality company.

Agreement Details and Timeline

The lease agreement was originally executed on March 22, 2017, between Sayaji Hotels Limited as the operator and Vicon Imperial (I) Private Limited as the owner. The agreement was subsequently amended on October 23, 2018, extending the operational period to 15 years and 3 months. The property, operated under the "SAYAJI" brand, is situated behind Magneto Mall, Labhandi, Raipur, Chhattisgarh.

Financial Impact Assessment

The termination carries significant financial implications for Sayaji Hotels Limited, given the substantial contribution of the Raipur unit to the company's overall performance. According to the audited financial figures for the period ended March 31, 2025, the Sayaji Raipur property has been a major revenue contributor.

The company has acknowledged that this change will impact both revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), reflecting the property's significant role in the company's financial performance.

Future Operational Considerations

Despite the lease termination, there remains potential for continued operations at the Raipur location. Vicon Imperial (I) Private Limited has proposed that operations could continue under a management contract arrangement, whereby Sayaji Hotels Limited would operate and manage the property under different terms. The company has indicated that this proposal will be evaluated and considered in due course.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows the requirements outlined in SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, ensuring transparency with stakeholders regarding material developments affecting the company's operations.

Sayaji Hotels Limited has issued a postal ballot notice dated February 26, 2026, under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice seeks shareholder approval for the appointment of Mr. Kayum Razak Dhanani as a Non-Executive Non-Independent Director through remote e-voting.

Postal Ballot Timeline and Process

The company has established a comprehensive timeline for the postal ballot process, with all communications being conducted electronically in compliance with Ministry of Corporate Affairs General Circulars.

The e-voting facility is available at www.evotingindia.com , provided by Central Depository Services (India) Limited (CDSL). Members whose names appear in the Register of Members or List of Beneficial Owners as of the cut-off date are eligible to participate in the voting process.

Director Appointment Details

The postal ballot seeks approval for appointing Mr. Kayum Razak Dhanani (DIN: 00987597) as a Non-Executive Non-Independent Director. The Board of Directors appointed him as an Additional Director on February 10, 2026, subject to shareholder approval through this postal ballot.

Professional Background and Experience

Mr. Dhanani brings substantial industry experience to the board, with over 20 years in leather goods manufacturing, processing, and marketing. He holds a Diploma in Sole-Making from the Central Leather Research Institute, Chennai.

His professional associations include:

• Sara Suole Private Limited (since 2005): Manufacturing and processing of leather soles and footwear components for domestic and international markets
• United Foodbrands Limited (since 2012): Food processing sector operations, focusing on manufacture and marketing of packaged food products

Shareholding and Directorships

Mr. Dhanani holds significant shareholdings across multiple group companies and serves on various boards:

He currently serves as a director in multiple companies including Blue Planet Foods Private Limited, Sara Suole Private Limited, Ruosh Retail Private Limited, and United Foodbrands Limited, among others.

Scrutinizer and Voting Process

The company has appointed Mr. Neelesh Gupta, Practicing Company Secretary (Membership No. FCS: 6381 and CP: 6846), as the scrutinizer for conducting the postal ballot process. The scrutinizer will submit his report within 2 days from the last day of voting, and results will be announced on the company's website and communicated to BSE Limited.

Shareholders can access the complete postal ballot notice and explanatory statement on the company's website at www.sayajihotels.com . The resolution, if approved by the requisite majority, will be deemed passed on April 6, 2026, the last date of e-voting.