REGISTERED OFFICE:
6TH FLOOR, ARIA TOWERS, J.W. MARRIOTT,
NEW DELHI AEROCITY, ASSET AREA 4,
HOSPITALITY DISTRICT, NEAR IGI AIRPORT
NEW DELHI 110037
TEL.:011 46101210 FAX: 011 41597321
CIN NO. L55101DL2007PLC157518
WEBSITE: www.asianhotelswest.com
EMAIL ID: [email protected]

ASIAN HOTELS (WEST) LIMITED

Date: May 26, 2026

| The Manager,
Listing Department
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai – 400 001
Scrip code 533221 | National Stock Exchange of India Limited Exchange,
Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051
Scrip Code AHLWEST |
| --- | --- |

Sub: Notice and annual report of 19th Annual General Meeting, cut-off date and e-voting dates.

Dear Sir / Madam,

Pursuant to Regulation 42 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 91 of the Companies Act, 2013, please find enclosed herewith the Notice and annual report for the 19th Annual General Meeting of the Company scheduled to be held on June 19, 2026, at 11:00 A.M. through VC/OAVM. The same is also available on the website of the Company http://asianhotelswest.com/.

The schedule of different events is as follows:

Event	Date / Time
Cut-off date for e-voting	Friday, June 12, 2026
E-voting start date	Tuesday, June 16, 2026
E-voting end date	Thursday, June 18, 2026 (remote e-voting)
Friday, June 19, 2026 (Spot e-voting) – 15 minutes after closure of the meeting
Annual General Meeting	Friday, June 19, 2026, 11:00 AM

This is for your information and dissemination.

Thanking you,

Yours faithfully,

For Asian Hotels (West) Limited

Nidhi
Khandelwal

Name: Nidhi Khandelwal
Designation: Company Secretary & Compliance Officer
Membership No.: A20562
Encl: As mentioned above

ASIAN HOTELS (WEST) LIMITED

CIN: L55101DL2007PLC157518

Reg off: 6th Floor, Aria Towers, JW Marriott, New Delhi, Aerocity, Asset Area 4 Hospitality District,
Near IGI Airport, New Delhi - 110 037
Tel: 011-41597329, Fax: 011-41597321,
email: [email protected], Website: www.asianhotelswest.com

NOTICE
Notice is hereby given that the 19th Annual General Meeting (AGM) of the members of Asian Hotels (West) Limited (the "Company") will be held on Friday, 19th June 2026 at 11:00 AM (IST) through Video Conferencing ("VC") / Other Audio-Visual means ("OAVM"), to transact the following business:

ORDINARY BUSINESS:

Consideration and Adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended 31st March 2026 and the Reports of the Board of Directors and Auditors thereon.

To consider, and if thought fit, to pass the following Resolution as an Ordinary Resolution:

"RESOLVED THAT the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended 31st March 2026 and the Reports of the Board of Directors and Auditors thereon, as circulated to the Members, be and is hereby considered and adopted."

Re-appointment of Mr. Sandeep Gupta as a director who is liable to retire by rotation.

To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Section 152 and other applicable provisions, if any, of the Companies Act, 2013, Mr. Sandeep Gupta (DIN: 00057942), who retires by rotation and being eligible offers himself for re-appointment, be and is hereby re-appointed as a director of the Company."

By order of Board of Directors
For Asian Hotels (West) Limited

Date: May 25, 2026
Place: New Delhi

Sd/-
Sandeep Gupta
Chairman & Director
DIN: 00057942

Notes:
1. Pursuant to the provisions of Regulation 26(4) and 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') and the Secretarial Standard on General Meetings, the relevant information in respect of the Director seeking re-appointment at the AGM is attached as an Annexure and forms an integral part of this Notice.

The Ministry of Corporate Affairs, Government of India ("MCA") issued General Circular Nos. 14/2020 dated 8th April, 2020, 17/2020 dated 13th April 2020, 20/2020 dated 5th May 2020, 10/2021 dated 23rd June, 2021, 20/2021 dated 8th December 2021, 21/2021 dated 14th December, 2021, 03/2022 dated 5th May, 2022, 10/2022 dated 28th December, 2022, 09/2023 dated 25th September, 2023 and 9/2024 dated 19th September, 2024, 22nd September, 2025 respectively, ("MCA Circulars") allowing, inter-alia, conduct of AGM/EGMs through Video Conferencing/ Other Audio-Visual Means ("VC/OAVM") facility till further order. In accordance with the requirements provided in paragraphs 3 and 4 of the MCA General Circular No. 20/2020 and in compliance with these Circulars, provisions of the Act and the Listing Regulations, the AGM of the Company is being conducted through VC/OAVM facility, which does not require physical presence of members at a common venue. The deemed venue for the said AGM shall be Board Room 1, J.W. Marriott, New Delhi Aerocity, Asset Area 4, Hospitality District, Near IGI Airport, New Delhi-110037.
Electronic copy of the Notice of this Annual General Meeting is being sent to all the members whose email IDs are registered with the Company/Depository Participant.
Corporate members are requested to send at [email protected] before e-voting/ attending the Annual General Meeting, a duly certified copy of the Board Resolution authorizing their representative to attend and vote at the Annual General Meeting, pursuant to Section 113 of the Companies Act, 2013.
Register of Members and Share Transfer Books of the Company will remain closed from 12th June 2026 to 18th June, 2026 inclusive of both.
All other documents referred to in the notice will be available for inspection in electronic mode. Members can inspect the same by sending an email to [email protected].
The Notice is being sent to all members, whose names appear on the Register of Members / List of Beneficial Owners as on 22nd May 2026.
The Notice calling the AGM has been uploaded on the website of the Company at http://asianhotelswest.com/. Notice can also be accessed on the websites of the Stock Exchanges.
The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Act and Register of Contracts or Arrangements in which the Directors are interested, maintained under Section 189 of the Act and relevant documents referred to in the Notice will be available electronically for inspection by the Members during the AGM. All documents referred to in the Notice will also be available electronically for inspection without any fee by the Members from the date of circulation of this Notice up to the date of AGM. Members seeking to inspect such documents can send an email to [email protected].
Members who have not yet registered / updated their e-mail ids may notify the same to the Company either at the registered office or at email address [email protected] quoting full details of Folio No. / DP ID, Client ID and name of first / sole holder.
The Company has appointed Mr. Hemant Kumar Singh, Company Secretary in Practice, (Membership Number: FCS -6033, CP No. 6370) and failing him, Mr. Sumit Kumar, Company Secretary in Practice, (Membership Number: ACS 69249, CP No.26867) to act as the Scrutinizer, to scrutinize the entire e-voting process in a fair and transparent manner.
The results declared along with the Scrutinizer's Report shall be placed on the Company's website http://asianhotelswest.com/. The same will be communicated to the stock exchanges where the Company's shares are listed.

The facility of casting the votes by the members using an electronic voting system will be provided by KFin Technologies Limited ('KFintech').
Instructions for attending the meeting through VC/OAVM and remote e-voting:
Pursuant to the General Circular No. 09/2024 dated September 19, 2024, issued by the Ministry of Corporate Affairs (MCA) and circular issued by SEBI vide circular no. SEBI/ HO/ CFD/ CFDPoD-2/ P/ CIR/ 2024/ 133 dated October 3, 2024 ("SEBI Circular") and other applicable circulars and notifications issued (including any statutory modifications or re-enactment thereof for the time being in force and as amended from time to time, companies are allowed to hold EGM/AGM through Video Conferencing (VC) or other audio visual means (OAVM), without the physical presence of members at a common venue. In compliance with the said Circulars, EGM/AGM shall be conducted through VC / OAVM.
Pursuant to the Circular No. 14/2020 dated April 08, 2020, issued by the Ministry of Corporate Affairs, the facility to appoint proxy to attend and cast vote for the members is not available for this EGM/AGM. However, the Body Corporates are entitled to appoint authorised representatives to attend the EGM/AGM through VC/OAVM and participate there at and cast their votes through e-voting.
The Members can join the EGM/AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the EGM/AGM through VC/OAVM will be made available for 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the EGM/AGM without restriction on account of first come first served basis.
The attendance of the Members attending the EGM/AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
In accordance with the provisions of the circulars, this Notice is being sent through email only to Members whose email IDs are registered with KFin Technologies Limited ("KFin"), Registrar and Share Transfer Agent ("RTA") of the Company, National Securities Depository Limited ("NSDL") and / or Central Depository Services (India) Limited ("CDSL") (collectively referred to as Depositories or NSDL / CDSL) as at close of business hours on Friday, 22nd May, 2026, ("cut-off date"). As per the Circulars, physical copies of the Notice and prepaid business reply envelopes are not being sent to Members for this. Members are requested to provide their assent or dissent through remote e-voting only. In respect of those members who have not registered their e-mail IDs, the Company has mentioned the documents to be provided to KFin hereunder.

In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice calling the EGM/AGM has been uploaded on the website of the Company at https://www.asianhotelswest.com, website of the

Stock Exchanges i.e. BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") at www.bseindia.com and www.nseindia.com respectively and on the website of KFin at https://evoting.kfintech.com.

Registration of e-mail ID
Members who have not registered their email IDs are requested to do so at the earliest. Members holding shares in:
Electronic mode can register their email ID by contacting their respective Depository Participant(s) ("DP").
Physical mode can register their email ID with the Company or KFin. Requests can be emailed to [email protected] or [email protected] or by registering with the first holder PAN at https://kprism.kfintech.com/signup. Existing users can login through KPRISM (https://kprism.kfintech.com/). All updations to be done through ISR Forms only.
EGM/AGM has been convened through VC/OAVM in compliance with applicable provisions of the Companies Act, 2013 read with MCA Circular issued from time to time

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND JOINING GENERAL MEETING ARE AS UNDER: -

The remote e-voting period begins on Tuesday, June 16, 2026 at 09:00 A.M. and ends on Thursday, June 18, 2026 at 05:00 P.M. The remote e-voting module shall be disabled by KFin for voting thereafter. The Members, whose names appear in the Register of Members / Beneficial Owners as on the record date (cut-off date) i.e. Friday, June 12, 2026, may cast their vote electronically. The voting right of shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being June 12, 2026.

Instructions for remote e-voting

i. In compliance with the provisions of Sections 108 and 110 of the Act read with the Rules as amended and Regulation 44 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), as amended from time to time, the Company is providing facility to the Members to exercise voting through electronic voting system ("remote e-voting") on the e-voting platform provided by KFin. The Members may cast their votes remotely, using remote e-voting only on the dates mentioned hereunder. The instructions for remote e-voting forms part of this Notice.

ii. Facility to exercise vote through remote e-voting will be available during the following period:

Commencement of Remote e-voting	End of Remote e-voting
Tuesday, June 16, 2026	Thursday, June 18, 2026

iii. The remote e-voting module shall be disabled by KFin for voting thereafter. Once the vote on a resolution is cast by the Member, the Member shall not be allowed to change it subsequently or cast the vote again.

iv. During the above period, Members of the Company holding shares either in physical form or in dematerialised form, as on Friday, June 12, 2026, i.e., cut-off date, may cast their vote by remote e-voting.

v. The Company has appointed Mr. Hemant Kumar Singh, Company Secretary in Practice, (Membership Number: FCS -6033, CP No. 6370) and failing him, Mr. Sumit Kumar, Company Secretary in Practice, (Membership Number: ACS 69249, CP No.26867) to act as the Scrutinizer, to scrutinize the entire e-voting process in a fair and transparent manner. The Scrutinizer’s decision on the validity of remote e-voting will be final.

vi. The process and manner for remote e-voting is as under:

a. In compliance with the provisions of Section 108 of the Act, Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended from time to time, Regulation 44 of the Listing Regulations read with SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated 9th December, 2020 relating to ‘e-voting Facility Provided by Listed Entities’ (“SEBI e-voting Circular”) the Members are provided with the facility to cast their vote electronically, through the remote e-voting services provided by KFin, on the resolutions set forth in this Notice. The instructions for remote e-voting are given herein below.

b. E-voting process has been enabled for all the individual demat account holders, by way of single login credential, through their demat accounts / websites of Depositories / DPs in order to increase the efficiency of the voting process.

c. Individual demat account holders would be able to cast their vote without having to register again with the E-voting Service Provider (“ESP”) thereby not only facilitating seamless authentication but also ease and convenience of participating in e-voting process. Members are advised to update their mobile number and e-mail ID with their DPs to access e-voting facility.

d. The process and manner of remote e-voting is explained below:

i. Access to Depositories e-voting system in case of individual Members holding shares in demat mode.

ii. Access to KFin e-voting system in case of Members holding shares in physical and non-individual Members in demat mode.

I. Access to Depositories e-voting system in case of individual Members holding shares in demat mode.

Type of Member	Login
Individual Members holding securities in demat mode with NSDL	1. For OTP based login you can click on https://eservices.nsdl.com/SecureWeb/evoting/evotinglogin.jsp. You will have to enter your 8-digit DP ID, 8-digit Client Id, PAN No., Verification code and generate OTP. Enter the OTP received on registered email id/mobile number and click on login. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on the company name or e-Voting service provider name and you will be re-directed to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
2. Existing Internet-based Demat Account Statement (“IDeAS”) facility Users:
i. Visit the e-services website of NSDL https://eservices.nsdl.com either on a personal computer or on a mobile.
ii. On the e-services home page click on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section. Thereafter enter the existing user id and password.
iii. After successful authentication, Members will be able to see e-voting services under ‘Value Added Services’. Please click on “Access to e-voting” under e-voting services, after which the e-voting page will be displayed.
iv. Click on company name i.e. ‘Asian Hotels (West) Limited’ or ESP i.e. KFin.
v. Members will be re-directed to KFin’s website for casting their vote during the remote e-voting period.
3. Those not registered under IDeAS:
i. Visit https://eservices.nsdl.com for registering.
ii. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
iii. Visit the e-voting website of NSDL https://www.evoting.nsdl.com.
iv. Once the home page of e-voting system is launched, click on the icon “Login” which is available under ‘Shareholder / Member’ section. A new screen will open.
v. Members will have to enter their User ID (i.e. the sixteen digit demat account number held with NSDL), password / OTP and a verification code as shown on the screen.
vi. After successful authentication, Members will be redirected to NSDL Depository site wherein they can see e-voting page.

vii. Click on company name i.e Asian Hotels (West) Limited or ESP name i.e KFin after which the Member will be redirected to ESP website for casting their vote during the remote e-voting period.

viii. Members can also download the NSDL Mobile App "NSDL Speede" facility by scanning the QR code mentioned below for seamless voting experience.

NSDL Mobile App is available on

App Store

Google Play

Type of Member	Login Method
Individual Members holding securities in demat mode with CDSL	1. Existing user who have opted for Electronic Access To Securities Information (“Easi/ Easiest”) facility:
i. Visit https://web.cdslindia.com/myeasitoken/Home/Login or www.cdslindia.com.
ii. Click on New System Myeasi.
iii. Login to Myeasi option under quick login.
iv. Login with the registered user ID and password.
v. Members will be able to view the e-voting Menu.
vi. The Menu will have links of KFin e-voting portal and will be redirected to the e-voting page of KFin to cast their vote without any further authentication.
	2. User not registered for Easi/ Easiest
i. Visit https://web.cdslindia.com/myeasi/Registration/EasiRegistration for registering.
ii. Proceed to complete registration using the DP ID, Client ID (BO ID), etc.
iii. After successful registration, please follow the steps given in point no. 1 above to cast your vote.
	3. Alternatively, by directly accessing the e-voting website of CDSL
i. Visit www.cdslindia.com.
ii. Provide demat account number and PAN.
iii. System will authenticate user by sending OTP on registered mobile

Type of Member	Login Method
Individual Members login through their demat accounts / website of DPs	i. Members can also login using the login credentials of their demat account through their DPs registered with the Depositories for e-voting facility.
ii. Once logged-in, Members will be able to view e-voting option.
iii. Upon clicking on e-voting option, Members will be redirected to the NSDL / CDSL website after successful authentication, wherein they will be able to view the e-voting feature.
iv. Click on options available against ‘Asian Hotels (West) Limited’ or ‘KFin’.

Important note: Members who are unable to retrieve User ID / Password are advised to use Forgot user ID and Forgot Password option available at respective websites.

Helpdesk for Individual Members holding securities in demat mode for any technical issues related to login through Depository i.e., NSDL and CDSL.

Login type	Helpdesk details
Securities held with NSDL	Please contact NSDL helpdesk by sending a request at [email protected] or call at toll free no.: 1800 102 0990 and 1800 22 4430
Securities held with CDSL	Please contact CDSL helpdesk by sending a request at [email protected] or contact at 022-23058738 or 022-23058542-43

Access to KFin e-voting system in case of members holding shares in physical and non-individual members in demat mode.

Members whose e-mail IDs are registered with the Company / DPs, will receive an e-mail from KFin which will include details of E-Voting Event Number (EVEN), USER ID and password. They will have to follow the following process:

i. Launch internet browser by typing the URL: https://emeetings.kfintech.com.

ii. Enter the login credentials (i.e., User ID and password). In case of physical folio, User ID will be EVEN (E-Voting Event Number), followed by folio number. In case of Demat account, User ID will be your DP ID and Client ID. However, if you are already registered with KFin for e-voting, you can use your existing User ID and password for casting the vote.

iii. After entering these details appropriately, click on “LOGIN”.

iv. You will now reach password change Menu wherein you are required to mandatorily change your password. The new password shall comprise of minimum 8 characters with at least one upper case (A-Z), one lower case (a-z), one numeric value (0-9) and a special character (@,#,$, etc.). The system will prompt you to change your password and update your contact details like mobile number, e-mail ID etc. on first login. You may also enter a secret question and answer of your choice to retrieve your password in case you forget it. It is strongly recommended that you do not share your password with any other person and that you take utmost care to keep your password confidential.

v. You need to login again with the new credentials.

vi. On successful login, the system will prompt you to select the “EVEN” i.e., ‘Asian Hotels (West) Limited’ and click on “Submit”

vii. On the voting page, enter the number of shares (which represents the number of votes) as on the Cut-off Date under “FOR/AGAINST” or alternatively, you may partially enter any number in “FOR” and partially “AGAINST” but the total number in “FOR/ AGAINST” taken together shall not exceed your total shareholding as mentioned herein above. You may also choose the option “ABSTAIN”. If the Member does not indicate either “FOR” or “AGAINST” it will be treated as “ABSTAIN” and the shares held will not be counted under either head.

viii. Members holding multiple folios/demat accounts shall choose the voting process separately for each folio/ demat accounts.

ix. In case you do not desire to cast your vote, it will be treated as abstained.

x. You may then cast your vote by selecting an appropriate option and click on “Submit”.

xi. A confirmation box will be displayed. Click “OK” to confirm else “CANCEL” to modify. Once you have voted on the resolution, you will not be allowed to modify your vote. During the voting period, Members can login any number of times till they have voted on the resolution.

General Guidelines for Members:

Institutional members (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution / Authority letter etc. with attested specimen signatures of the duly authorised signatory(ies) who are authorised to vote on their behalf. The documents should be emailed to [email protected] with the subject line “Asian Hotels (West) Limited AGM 2026”.
In case of any query and/ or assistance required, Members may refer to the Help & Frequently Asked Questions (“FAQs”) available at the download section of https://evoting.kfintech.com or contact KFin at the email ID [email protected] or call KFin’s toll free No.: 1800 309 4001 for any further clarifications/ technical assistance that may be required.

PROCEDURE TO RAISE QUESTIONS/SEEK CLARIFICATIONS

As the AGM is being conducted through VC/OAVM, members are encouraged to express their views/ send their queries in advance mentioning their Name, DP Id and Client Id/Folio No., e-mail id, mobile number at [email protected] to enable smooth conduct of proceedings at the AGM. Questions/Queries received by the Company on or before June 15, 2026 (closing

of business hours) on the aforementioned e-mail id shall only be considered and responded to during the AGM.

Members who would like to express their views or ask questions during the AGM may register themselves as a speaker by sending their request from their registered email address mentioning their Name, DP ID and Client ID/ Folio Number, PAN, Mobile Number at [email protected] on or before Monday, June 15, 2026 (closing of business hours). Those members who have registered themselves as a speaker will only be allowed to express their views/ask questions during the AGM.
The Company reserves the right to restrict the number of questions and number of speakers, depending on the availability of time for the AGM.

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE EGM/AGM ARE AS UNDER:

The procedure for e-Voting on the day of the EGM/AGM is same as the instructions mentioned above for remote e-voting.
Only those Members/ shareholders, who will be present in the EGM/AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the EGM/AGM.
Members who have voted through Remote e-Voting will be eligible to attend the EGM/AGM. However, they will not be eligible to vote at the EGM/AGM.
The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the EGM/AGM shall be the same person mentioned for Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE EGM/AGM THROUGH VC/OAVM ARE AS UNDER:

Member will be provided with a facility to attend the EGM/AGM through VC/OAVM through the KFin e-Voting system. Members may access by following the steps mentioned above for Access to URL: https://emeetings.kfintech.com. After successful login, you can see link of "VC/OAVM" placed under "Join meeting" menu against company name. You are requested to click on VC/OAVM link placed under Join Meeting menu. The link for VC/OAVM will be available in Shareholder/Member login where the EVEN of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
Members are encouraged to join the Meeting through Laptops for better experience.
Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.
Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
Shareholders who would like to express their views/have questions may send their questions in advance mentioning their name, email id, mobile number at [email protected]. The same will be replied by the company suitably.

By order of Board of Directors
For Asian Hotels (West) Limited

Date: May 25, 2026
Place: New Delhi

Sd/-
Sandeep Gupta
Chairman & Director
DIN: 00057942

ANNEXURE TO NOTICE OF
19^{\mathrm{TH}}
AGM

DETAILS OF DIRECTORS PROPOSED TO BE RE-APPOINTED – AGENDA ITEM NO. 2

Particulars	Sandeep Gupta
Director Identification Number	00057942
Age	58 Years
Date of Birth	13.08.1968
Nationality	Indian
Qualifications	B.Com. (Hons.) SRCC
MBA (Finance & Marketing)
Experience and expertise in specific functional area	Expertise in hotel operations / activities
Brief profile / resume of director	Mr. Sandeep Gupta is a Commerce Graduate from SRCC, New Delhi and is an alumnus of Notre Dame University, USA with specialization in Finance and Marketing and PDP-Cornell University. During his MBA, he worked for the Hyatt International Corporation, Chicago as a Management Trainee. On his return to India, he was appointed as Senior Vice President – Development, Asian Hotels Ltd. (owners of Hyatt Regency, Mumbai, Delhi & Kolkata) and spearheaded the development of Hyatt Regency, Mumbai and Hyatt Regency, Kolkata. Mr. Sandeep Gupta is a dynamic eminent leader in the field of hospitality and has developed properties that cater to all the segments at various price points, ranging from the mid-scale affordable accommodation of Choice Hotels to high end luxury experience of Hyatt & JW Marriott hotels in the country.

He was previously, the President elect of Entrepreneurs Organization or EO, the under forty-wing of YPO, having been a dynamic member of the board for several years. Mr. Sandeep Gupta, was bestowed with “Hotelier of the Year” Award at the 9th Annual Magpie Estate Hotel & Resort Awards 2017 organized by Franchise India & ET Now, held on 28th January 2017. Mr. Sandeep Gupta has rich experience in the Hospitality Industry. He is actively involved in the affairs of the Company and has contributed significantly to the growth of the Company. The Company has developed 5 Star deluxe Hotel under the Brand J W Marriott at Delhi Aerocity, Near IGI Airport, New Delhi under his guidance. |

Particulars	Sandeep Gupta
Terms and conditions of appointment along with details of remuneration sought to be paid and the remuneration last drawn, if applicable.	He is a non-executive director and does not draw any remuneration from the Company.
List of the directorships held in other companies, including Asian Hotels (West) Limited	• Edenpark Hotels Private Limited
• Asian Hotels (West) Limited
• Aria Resorts India Private Limited
• Aria International Private Limited
• Aria Hotels and Consultancy Services Private Limited
• D.S.O. Limited (Guernsey-British Channel Islands)
• Aria Middle East Limited
Names of listed entities in which the person also holds the directorship and the membership of Committees of the Board along with listed entities from which the person has resigned in the past three years	• Asian Hotels (West) Limited
Shareholding, including shareholding as a beneficial owner	950833 shares
Date of first appointment on board	26.04.2007
Number of Board / Committee meetings attended during the FY 2025-26	Board Meeting – Eight (8)
Committee Meeting – Two (2)
Chairman/ member in the Committees of the Boards of companies in which the person is Director	Asian Hotel (West) Limited:
• Chairman of Board
• Member of Nomination and Remuneration Committee
• Member of Stakeholders Relationship Committee

Particulars	Sandeep Gupta

Relationship with other directors and KMPs	Mr. Sandeep Gupta is nephew of Mr. Sudhir Chamanlal Gupta. However, during the year, Mr. Sudhir Chamanlal Gupta had resigned from the Board w.e.f. 4^{th} November 2025.

NINET EENTH

Annual

Report

2025 - 26

ASIAN	HOTELS	(WEST)	LIMITED

HYATT REGENCY

JW MARRIOTT

NEW DELHI AEROCITY

BOARD OF DIRECTORS

Mr. Sandeep Gupta -Chairman and Non-Executive Director
Mr. Sudhir Chamanlal Gupta–Non-Executive Director (upto 4th November 2025)
Mr. Amit Saraf – Executive (Whole-Time) Director
Mr. Rakesh Kumar Aggarwal-Executive Director
Mr. Saumen Chatterjee-Independent Non-Executive Director
Ms. Mekhala Sengupta-Independent Non-Executive Director
Mr. Rohit Rajpal– Independent Non-Executive Director (w.e.f. 23rd September 2025)

CHIEF FINANCIAL OFFICER

Mr. Harish Kumar Gautam

COMPANY SECRETARY & COMPLIANCE OFFICER

Ms. Nidhi Khandelwal

STATUTORY AUDITORS

M/s J.C. Bhalla & Co.,
Chartered Accountants
B - 5, Sector 6,
Noida 201301, Uttar Pradesh

SECRETARIAL AUDITORS

M/s Hemant Singh & Associates,
Company Secretaries
306, Surya Complex
21 Veer Savarkar Block
Shakarpur, Delhi - 110092

BANKER

ICICI Bank Limited

REGISTERED OFFICE & INVESTOR RELATIONS DEPARTMENT

CIN: L55101DL2007PLC157518
6th Floor, Aria Towers,
J.W. Marriott, New Delhi Aerocity,
Asset Area 4, Hospitality District,
Near IGI Airport, New Delhi-110037
Phone: 91 11 4159 7315
Website: www.asianhotelswest.com
Email id: [email protected]

REGISTRAR & SHARE TRANSFER AGENTS

Kfin Technologies Limited
Plot 31-32, Karvy
Selenium, Tower B, Financial
District, Nanakramguda,
Serilingampally Mandal,
Hyderabad, Telangana -
500032
Tel No. 040-67162222
Website: www.kfintech.com

Contents

DIRECTORS REPORT
3-50
(including Corporate Governance Report & Other Annexures)

STANDALONE FINANCIAL STATEMENTS

Independent Auditors' Report
51-69

Audited Accounts
70-95

CONSOLIDATED FINANCIAL STATEMENTS

Independent Auditors' Report
96-110

Audited Accounts
111-146

ASIAN HOTELS (WEST) LIMITED

DIRECTORS' REPORT

Dear Members,

Your directors take pleasure in presenting the 19th Annual Report and Audited Financial Statements of your Company for the Financial Year ended on 31st March 2026.

BUSINESS OVERVIEW AND FUTURE OUTLOOK

The business of hotel industry remains positive due to increasing tourism, urbanization, rising middle-class spending, and government focus on infrastructure and hospitality development. In India, the industry is expected to witness sustained growth driven by domestic travel demand, religious tourism, business expansion, and international events.

The outlook for the Indian hotel industry during FY 2026–27 remains strongly positive, supported by rising domestic tourism, business travel, weddings, MICE events (Meetings, Incentives, Conferences & Exhibitions), and improving infrastructure. Industry reports indicate continued revenue growth, healthy occupancy, and strong pricing power for hotels across major cities and emerging destinations. India's hospitality sector is becoming increasingly domestic-demand driven. Leisure travel, religious tourism, weekend tourism, and experiential travel are contributing significantly to occupancy growth. Industry reports suggest hotel demand growth is likely to remain higher than room supply additions over the next few years, helping hotels maintain higher occupancy and room tariffs.

FINANCIAL SUMMARY

(Rupees in Crores)

Particulars	Standalone		Consolidated
	2025-26	2024-25	2025-26	2024-25
Total Income (including other income)	5.79	5.64	444.95	420.51
Finance Cost	2.65	3.29	53.58	68.07
Depreciation and amortization expense	6.30	6.70	42.69	40.83
Profit/(Loss) Before Tax	-10.04	-35.89	84.55	44.59
Provision for Taxation
-Current Tax	-	-	-	-
-MAT Credit Entitlement	-	-	-	-
-Earlier year Tax	-	-	-	0.37
-Deferred Tax Charge (Credit)	-1.49	0.38	19.57	4.42
Profit/(Loss) After Tax	-8.55	-36.28	64.98	39.80
-Other Comprehensive Income/(Loss)	0	-	-0.40	-0.22
Total Comprehensive Income/(Loss)	-8.55	-36.28	64.57	39.58

OPERATIONS AND STATE OF COMPANY AFFAIRS

Subsequent to the approval of resolution plan, the Company filed applications with BSE Limited and National Stock Exchange of India Limited (Stock Exchanges) for revocation of suspension of trading of shares of the Company and successfully got the approval from both Stock Exchanges i.e. NSE and BSE vide their letter dated 25th March 2026. Further, the trading of shares has been restarted on both the Stock Exchanges with effect from 2nd April 2026. However, the operations of the Company are still not started.

The total income of the Company for the financial year under review was INR 5.79 Crores as against

INR 5.64 Crores for the previous financial year ended on 31st March 2025. The Company has registered Profit Before Tax of INR [-10.04] Crores as against INR [-35.89] Crores during previous Financial Year. Further, the Company has registered Comprehensive Income/(loss) after tax of INR [-8.55] Crores as against INR [-36.28] Crores during previous Financial Year DIVIDEND

No dividend is recommended for the year under review.

CONSOLIDATED FINANCIAL STATEMENTS

As required under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Audited Consolidated Financial Statements together with the Auditors' Report thereon are annexed and form part of this Annual Report.

Your Company has prepared Consolidated Financial Statements in accordance with the applicable Accounting Standards. The Consolidated Financial Statements reflect the results of the Company and that of its Subsidiary Company. Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, the statement containing salient features of the financial statements of the Company's Subsidiary are prepared in form AOC-1, which is annexed as Annexure 1 herewith and forms a part of this report.

SUBSIDIARY / JOINT VENTURE AND ASSOCIATE COMPANIES

As on date, your Company has one Subsidiary Company i.e., Aria Hotels and Consultancy Services Private Limited (ARIA). ARIA is the owner of 523 rooms 5-Star deluxe hotel under the brand J.W. Marriott at New Delhi Aerocity, Hospitality District, Near IGI Airport, New Delhi. The year under review has been marked by the excellent performance and business growth achieved by ARIA. Hotel J.W. Marriott has received the following honours:

JW Marriott New Delhi Aerocity won "Best Luxury Hotel" at India's Best Awards 2025 by Travel & Leisure, "Mosaic Impact Award" under the Luxury Segment at the Rubicon – South Asia Finance & Purchase Conference 2025 by Marriott International, recognized as "one of India's Top 50 Stunning Wedding Venues" by WedMeGood, recognized in the "Top 20 Luxury Hotels & Resorts for Weddings" at Hospitality Horizon Weddings Summit & Awards 2025,
ADRIFT Kaya won "Best Specialty Cuisine – Japanese" at Travel + Leisure India & South Asia Delicious Dining Awards 2025, "2 stars" at the Hospitality Horizon Epicurian Restaurant Ratings 2025 - Delhi NCR,
Delhi Baking Company was recognized amongst the Top 10 Bakeries, Patisserie & Chocolate Summit & Awards 2025 for Luxury Hotels
Spa by JW has been awarded the Global Spa Award 2024 in the year 2025 for Most Luxurious Spa Treatment
General Manager, Sharad Datta won North Zone Winner – General Manager (Luxury) of the Year 2024–25 at the 9th edition of BW HOTELIER Indian Hospitality Summit & Awards (IHA) 2025, General Manager of the Year – Luxury Hotels (North) at the Hotelier India Awards 2025.

ARIA is a material subsidiary of the Company. The Board of Directors of the Company has approved a Policy for determining material subsidiaries which is in line with the Listing Regulations as amended from time to time. The Policy is available on the Company's website at www.asianhotelswest.com/Policies.

The Company has no associate or joint venture company during the financial year and as on 31st March 2026.

CAPITAL STRUCTURE

During the year under review, there was no change in the authorised share capital of your Company. The authorised share capital of the Company is INR 40 Crore. The paid-up equity share capital as of March 31, 2026, was INR 11,65,12,100. The paid-up preference share capital as of 31st March, 2026, was INR 6,50,00,000. During the year under review, the Company has not issued shares or convertible securities or shares with differential voting rights nor has granted any stock options or sweat equity or warrants. As on March 31, 2026, none of the Directors of the Company had instruments convertible into Equity Shares of the Company.

INVESTMENT MADE DURING THE YEAR

During the period under review Company has not made any Investment.

DEBT

Total borrowing (current) was INR 390 Crores as on 31st March 2026.

The above borrowings are within the powers of the Board of Directors of the Company and approved by the shareholders of the Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on 31st March 2026, the Company has 6 (six) directors of which 2 (two) are executive directors and 4 (four) are non-executive directors. The Company has 3 (three) independent directors (including one-woman independent director).

During the period under review Mr. Shekhar Gulzarilal Gupta and Mr. Ravinder Singhania, Independent Non-Executive Directors had resigned from Board w.e.f 2nd June 2025 and 27th August 2025 respectively due to their personal reasons.

Mr. Rohit Rajpal has joined w.e.f. 23rd September, 2025 as Non-Executive Independent Director.

In accordance with the requirement of the Companies Act, 2013 and pursuant to the Articles of Association of the Company, Mr. Sandeep Gupta, Non - Executive Director is liable to retire by rotation at the forthcoming Annual General Meeting (AGM) and being eligible, offer himself for re-appointment. The Board of Directors recommends his re-appointment.

The Company has received necessary declaration from each Independent Director of the Company under Section 149 (7) and 149 (8) of the Companies Act, 2013 and Regulation 16(1) (b) of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Further, Mr. Sudhir Chamanlal Gupta had resigned from the Board w.e.f. 4th November 2025.

As on 31st March 2026, following were the directors and KMPs of the Company:

Mr. Sandeep Gupta – Director (Non-executive)
Mr. Rakesh Kumar Aggarwal – Director (Executive)
Mr. Amit Saraf – Whole Time Director (Executive)
Mr. Rohit Rajpal - Director (Non-executive Independent)
Mr. Saumen Chatterjee – Director (Non-executive Independent)
Ms. Mekhala Sengupta- Director (Non-executive Independent)
Mr. Harish Kumar Gautam – Chief Financial Officer
Ms. Nidhi Khandelwal- Company Secretary & Compliance Office

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURE

DISCLOSURES PERTAINING TO REMUNERATION AND OTHER DETAILS AS REQUIRED UNDER SECTION 197 (12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANGERIAL PERSONNEL) RULES, 2014.

During the period under review, the remuneration of the Executive Directors, Company Secretary and Chief Financial Officer of the Company were not in excess of threshold limit provided under Rule 5(2) and (3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Therefore, disclosure under the said Rule 5(2) & (3) is not applicable during the period under review,

As recommended by Nomination and Remuneration Committee and approved by Board of the Company, Mr. Amat Saraf and Mr. Rakesh Kumar Aggarwal, the Executive Directors of Company get a monthly remuneration of Rs. 2,00,000/-.

Further, Mr. Harish Kumar Gautam, the Chief Financial Officer and Ms. Nidhi Khandelwal, Company Secretary & Compliance Officer of the company get monthly remuneration of Rs. 2,52,000/- and Rs. 1,96,000/- respectively.

The Board affirms that the remuneration approved by the Board as mentioned above is as per the Remuneration Policy of the Company.

In alignment with the principles of diversity, equity and inclusion, the Company discloses below the gender-wise composition of its workforce as on 31st March, 2026:

Male Employees: 1
Female Employees: 1
Transgender Employees: None

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis as required under regulation 34(2)(e) of the Listing Regulations of the Listing Regulations is annexed as Annexure 2 herewith and forms a part of this report.

CORPORATE GOVERNANCE

As required by regulation 34 of the Listing Regulations, a Report on Corporate Governance for the Financial Year 2025-26, along with Practicing Company Secretary Certificate on Corporate Governance is annexed as Annexure 3 herewith and forms a part of this report.

COMPLIANCE UNDER COMPANIES ACT, 2013

Pursuant to Section 134 of the Companies Act, 2013, the annual return of the Company referred to in Section 92 of the Companies Act, 2013 is available under the Company's website - http://asianhotelswest.com/.

The details of compliances of the Company as per section 134 of the Companies Act, 2013 are enumerated below:

Board Meetings

During the year under review, eight (8) Board meetings were held. The maximum time gap between any two consecutive meetings did not exceed one hundred and twenty days. Details of Board meetings held:

S. No.	Date of Board Meeting	No. of Directors Present
01.	105^{th} Board meeting dated 17 April 2025	07
02.	106^{th} Board meeting dated 30 May 2025	07
03.	107^{th} Board meeting dated 2 July 2025	06
04.	108^{th} Board Meeting dated 23 September 2025	05
05	109^{th} Board Meeting dated 23 September 2025	05
06	110^{th} Board Meeting dated 23 September 2025	06
07	111^{th} Board Meeting dated 12 November 2025	06
08	112^{th} Board Meeting dated 13 February 2026	06

Directors' Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the Company for that period;

c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) The directors had prepared the annual accounts on a going concern basis;

e) The directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Auditors & Auditors' Report

M/s J.C. Bhalla & Co., Chartered Accountants (FRN: 001111N), were appointed in compliance with provisions of the Companies Act, 2013 read with the rules made thereunder in the 17^th AGM of the Company for period of 5 years upto conclusion of 22^nd AGM of the Company.

The Report of the Statutory Auditor along with Annexures forms part of this Annual Report.

In respect of the year under review, the Auditors have not reported any matter under Section 143(12) of the Companies Act, 2013. Therefore, no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.

Reply of the Management to the Comments/ Observations of the Statutory Auditors' Report:

The Statutory Auditors have provided an Adverse Opinion in their Statutory Auditors Report. The same is reproduced below along with the management reply as required under clause (f) of sub-section (3)

of Section 134 of the Companies Act, 2013:

Clause	Statutory Auditors' Remark	Management's Reply
	Basis for Adverse Opinion
	1. We draw attention to Note 43 to the standalone financial statements:
a. As per clause (v) of Schedule 2 to the Framework Agreement, Saraf Group shall have the option to buy the Hyatt Regency, Mumbai (the principal asset of the Company) from the Company any time after the successful withdrawal of CIRP and revocation of the Trading suspension. Moreover, in case of exercise of such option by Saraf Group, neither the Company nor Saraf Group shall be liable to pay any other amount to each other. Though the Company is not a party to the said Framework Agreement, the subsequent actions of the Board of Directors of the Company, in seeking and obtaining the approval of the shareholders of the Company to secure the amounts received from Saraf Group to create charge/lien over Hyatt Regency, Mumbai indicates that the Board of Directors of the Company have taken cognizance of the Framework Agreement. We also note that in the audited financial statements of Novak Hotels Private Limited, the party who has been identified by Saraf Group as the person who has funded the said amount of Rs. 39,000 lakhs has stated these amounts as advances for acquiring Hyatt Regency, Mumbai.

In this regard, the following matters are noted and hereby reported:
i Considering the provisions of the Framework Agreement providing an option to Saraf Group to acquire Hyatt Regency, Mumbai and manner of presentation of such amounts by the Group Company of Saraf Group, we are unable to state if the classification of amounts received is in the | 1. Novak Hotels Private Limited ("Saraf Group" or "lender") had advanced an amount of Rs. 37,100 lakhs till March 31, 2024 and further Rs.1,900 Lakhs during the year thus aggregating to Rs.39,000 Lakhs to the Company which was utilized for making all payments to creditors, all other regulatory and necessitated expenses. The amount was received in terms of a framework agreement between the promoters of the Company and Saraf Group entered into as part of the insolvency resolution process of the Company. Whilst the Company is not a party to the framework agreement, the Company has been informed by its promoters, who are also on the Board of Directors of the Company, that the amount was in the nature of a loan and has accordingly been disclosed as "Borrowings" in note 22 to the standalone financial statements. The Company had recognized an interest expense of Rs. 2,200 lakhs as on March 31, 2024. Further, the Company has recognized an interest expense of Rs. 198 lakhs being 9% p.a. on Rs.2,200 lakhs during the financial year 2024-25 and Rs. 198 lakhs during the F.Y. 2025-26. |

	nature of a borrowing or an advance for sale of assets and the presentation of such amounts as non-current.
	ii Section 180(1)(a) of the Act restricts the power of the Board of Directors from sale, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company without the prior approval of the members of the Company. In the instant case, the approval of the members of the Company was obtained only for creating security on the assets and the information regarding the exercise of option granted to Saraf Group was not informed to the members.
	iii Though the members of the Company approved creation of a charge / security on Hyatt Regency, Mumbai, the Company is yet to file the necessary forms with the Ministry of Corporate Affairs and therefore is not in compliance with the requirements of the Act.
	iv If the intention is to sell Hyatt Regency, Mumbai in return of the fund infusion by Saraf Group, these financial statements should have been prepared considering the requirement of Ind AS 105 “Non-current assets held for sale and discontinued operations. Also refer our reporting on Going Concern assumption in paragraph 2 below.
	b. The Company has not recognized interest expense of Rs. 7,845.07 lakhs and certain expenses of Rs. 1,598.39 lakhs towards reimbursement, as claimed by Saraf Group. In the absence of agreed terms and conditions in respect of the amounts received, we are unable to comment on the amount of interest that should have been accrued by the Company in these standalone financial statements. Notwithstanding the above, if the amounts received are in the nature of borrowings as considered by the Company, as per section 186(7) of the Companies Act, 2013, such borrowings shall have a minimum interest rate that is not lower than the prevailing yield of one year, three year, five year or ten year

government security closest to the tenor of the loan. However, even considering the minimum rate of interest as stipulated in Section 186(7) of the Act, such interest amount that has not been recognised in these standalone financial statements is expected to be material and will represent a substantial proportion of the standalone financial statements. c. Further, there is an unreconciled balance of Rs. 242.64 lakhs in the amounts stated as borrowings in note 20 to the standalone financial statements for the year ended March 31, 2026, the recorded balance in the standalone financial statements being lower 2. The Company has prepared these standalone financial statements on a going concern basis considering the approved settlement proposal under Section 12A of IBC 2016 and the steps being taken by the Company to meet its regulatory requirements and reporting obligations. However, the Company's current liabilities exceed the current assets by Rs. 42,432.87 lakhs as at March 31, 2026. Considering the above and in the absence of sufficient appropriate audit evidence to support the Company's ability to meet its obligations, a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern and the standalone financial statements have not been prepared on any other basis of accounting acceptable in the circumstances and also do not adequately disclose this matter. 2. The Company owns Hotel Hyatt Regency in Mumbai ("Hotel"). The lockdown and restrictions imposed on

		various activities due to COVID -19 pandemic in India had significantly and adversely affected the operations of the Hotel. The Company could not run its Hotel operations as funding restrictions had been imposed by one of the lender banks. Despite Central Government's/Reserve Bank of India's scheme to provide financial support to the beleaguered hospitality industry through the Emergency Credit Line Guarantee Scheme (ECLGS), the lender bank of the Hotel refused to release the funds that the Company was entitled to under ECLGS and needed as a lifeline for normalizing its operations. Such actions of the lender bank led to suspending of the operations of the Hotel in June 2021, which in turn resulted in the Company's financial distress. On August 19, 2021, lender bank filed Section 7 application before the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench IV claiming a default of an amount of Rs. 26,407.35 lakhs. The Adjudicating Authority (NCLT), New Delhi passed an order dated September 16, 2022 admitting the section 7 petition and initiated Corporate Insolvency Resolution Process ("CIRP") against the Company. On January 09, 2024, the National Company Law Appellate Tribunal (NCLAT) has approved the settlement proposal under Section 12A of IBC 2016 submitted by the promoters and suspended Directors of the Company. With the approval of the settlement proposal, the order dated September 16, 2022 admitting section 7 application under Insolvency and Bankruptcy Code 2016 has been set aside and the CIRP of the Company has been closed. The Company is in the process of complying with all regulatory requirements and reporting obligations. Considering the above, these standalone financial statements have been prepared on a going concern basis assuming that the Company will continue as going concern and realize its assets and discharge its liabilities in the normal course of business from the date of approval of these standalone financial statements by the Board of Directors.
	3.The Company has neither provided us with proper records showing full particulars, including quantitative details and situation of property, plant and equipment nor has provided us with the information regarding the physical verification of property, plant and equipment. Therefore, we are unable to comment on the existence of the property, plant and equipment balance of Rs. 1,491.64 lakhs as stated in note 3.1 to the accompanying standalone financial statements.

	4. Outstanding recoverable/payables balances with the Government Authorities are subject to reconciliation with the statutory records and consequential adjustment, if any. Further, in the absence of complete period details of "statutory dues payable" as referred in note 45 to the standalone financial statements, we are unable to comment on the adequacy of interest expense on statutory dues recognized in the standalone statement of profit and loss for the year ended March 31, 2026.	3. The Company is revived on 9th January, 2024 since than the Management is busy with doing pending compliances with respect of BSE and NSE Stock Exchange and other concerned Authorities. The Mumbai hotel is in shut condition as on date, however, the Company is in process to evaluate PPE (Property, Plant & Machinery) by way of physical verification along-with location of each item before commencing the operation.
		4. In view of management disputes, financial and operational issues and subsequent commencement of CIRP in respect of the Company w.e.f. 16th September 2022, the Company was not able to comply with certain compliance requirements as stated the Secretarial Audit Report. Also, certain records of the Company could not be retrieved due to lack of resources. However, after the closure of CIRP on 9th January 2024, the Company is in the process of complying with all applicable laws and earnest efforts are being made by the Company in this regard. Some of the old liabilities which are under reconciliation with the books, however doing thing any material consequential impact will not be arisen.

Internal Audit

M/s Gautam Sehgal & Co., Chartered Accountants, the internal auditors of the Company for the financial year 2025-26 have conducted periodic audit. The Audit Committee of the Board of Directors has reviewed the findings of Internal Auditors regularly and their reports have been well received by the Audit Committee and noted by Board of Directors.

Secretarial Audit

The Company has appointed M/s Hemant Singh & Associates, Company Secretaries, 306, Surya Complex, 21, Veer Savarkar Block, Shakarpur, Delhi – 110092 to undertake the Secretarial Audit of the Company for the Financial Year ended 31st March 2026.

The Secretarial Audit Report (in Form MR -3) is annexed as Annexure 4 hereto and forms a part of this report. The comments of Secretarial Auditors are self-explanatory and therefore do not call for any further clarifications/comments.

Reply of the Management to the Comments/ Observations of the Secretarial Auditors' Report:

There was certain unavoidable situation occurred during the period under review, the results approval delayed causing delay in compliance of certain regulations. However, the Company is in the process of complying with all applicable laws in all possible means.

Cost Audit

In terms of Rule 8 of the Companies (Accounts) Amendment Rules, 2018 read with Section 148 of the Companies Act, 2013, the Central Government has not specified the maintenance of cost records under Section 148 of the Companies Act, 2013, for the services provided by the Company.

Compliance with Secretarial Standards on Board and General Meetings

The Company has complied with all the applicable provisions of Secretarial Standards 1 and 2 as issued by the Institute of Company Secretaries of India and notified by Central Government.

Particulars of loans, guarantees and investments under section 186 of the Companies Act, 2013.

Details of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in Note No 5 to the standalone financial statements.

Related Party Transactions

In line with the requirements of the Companies Act, 2013 and Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is also available on Company's website at www.asianhotelswest.com/policies. The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and Related Parties.

All transactions entered by the Company with Related Parties were in ordinary course of business and at arm's length basis. The Audit Committee granted omnibus approval for the transactions (which are repetitive in nature) and the same was reviewed by the Audit Committee and Board of Directors on regular basis.

There was no materially significant transaction with related parties during the Financial Year 2025-26 and none of the transactions with any of related parties were in conflict with the Company's interest.

Particulars of contracts/arrangements with related parties as referred to in sub-section (1) of section 188 of the Companies Act, 2013 are given in Form AOC 2 and the same is annexed as Annexure 5 hereto and forms a part of this report.

Requisite disclosure as required under Ind-AS-24 has been made in Notes to the Financial Statements.

Material Changes and commitments, if any affecting the Financial Position of the Company which occurred between 31st March, 2026 and date of report.

The Company's trading of shares has been restarted on both the Stock Exchanges i.e. NSE and BSE w.e.f 2nd April 2026. Other than this there is no material changes and commitments affecting the Financial Position of the Company which have occurred between 31st March 2026 and date of report.

Change in the nature of Business, if any

During the period under review, there has been no change in the nature of business.

Conservation of Energy, Foreign Exchange Earnings & Outgo

Information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 pertaining to the conservation of energy, foreign exchange earnings and outgo is furnished under in the Annexure 6 hereto and forms a part of this report.

Committees of the Board

a) Audit Committee

In terms of section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as on 31st March 2026, your company has in place audit committee of Board of Directors with Ms. Mekhala Sen Gupta as the Chairperson of the Committee, Mr. Rohit Rajpal and Mr. Amit Saraf as members.

The terms of reference of Audit Committee are confined to the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 read with Part-C of Schedule II of the Listing Regulations.

The details of meetings with attendance thereof and terms of reference of audit committee have been provided in the Corporate Governance Report which forms part of this report.

b) Stakeholders' Relationship Committee

The Company has also formed Stakeholder's Relationship Committee in compliance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. As on 31st March 2026, your company has in place Stakeholders Relationship Committee of Board of Directors with Ms. Mekhala Sengupta as the Chairperson of the Committee, Mr. Sandeep Gupta and Mr. Rakesh Kumar Aggarwal as members.

The details of meetings with attendance thereof have been provided in the Corporate Governance Report which forms part of this report.

c) Nomination and Remuneration Committee

In terms of section 178 of the Companies Act, 2013 read with the Companies (Meeting of the Board and Power) Rules, 2014 and Regulation 19 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. As on 31st March 2026, your Company has in place duly constituted Nomination and Remuneration Committee of Board of Directors with Ms. Mekhala Sengupta as the Chairperson of the Committee, Mr. Sandeep Gupta and Mr. Saumen Chatterjee as members.

The details of meetings with attendance thereof have been provided in the Corporate Governance Report which forms part of this report.

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and Senior Management of the Company. The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to Executive and Non-Executive Directors (by way of sitting fees and commission), Key Managerial Personnel, Senior Management and other employees. The policy also provides the criteria for determining qualifications, positive attributes and Independence of Director and criteria for appointment of Key Managerial Personnel / Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors while making selection of the candidates. The above policy has been posted on the website of the Company at www.asianhotelswest.com/Policies.

d) Corporate Social Responsibility (CSR) Committee

Provisions pertaining to CSR committee are not applicable during the period under review. Therefore, the report on Corporate Social Responsibility activities has not been enclosed with this report.

e) Risk Management Committee

Provisions pertaining to the Risk Management Committee are not applicable to the Company.

Public Deposits

During the year under review, your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

Amount Transferred to Reserves

During the year under review, your company has not transferred any amount to reserves for the financial year ended 31st March, 2026.

Internal Control System and their Adequacy

The Company has in place adequate reporting systems in respect of financial performance, and reporting with respect to compliance of various statutory and regulatory matters. The Company has policies and procedures in place for ensuring proper and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information. The Company has adopted accounting policies, which are in line with the Accounting Standards and the Act. The internal auditors of the Company had regularly conducted exhaustive internal audits pertaining to financial and compliance areas and their reports were placed before the Audit Committee for its review and recommendations.

Risk Management

Directors are responsible for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

Performance Evaluation

The committees of the board were assessed on the degree of fulfilment of key responsibilities, adequacy of Committee composition and effectiveness of meetings. The directors were evaluated on aspects such as attendance, contribution at board/ committee meetings and guidance/support to the management outside board/committee Meetings.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board' functioning such as Knowledge to perform the role; Time and level of participation; Performance of duties and level of oversight; and Professional conduct and independence.

Significant Material Orders Passed by Regulators

No Significant order has been passed during the period under review.

Vigil Mechanism/Whistle Blower Policy

Pursuant to Section 177(9) of the Companies Act, 2013 read with Rule7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and regulation 22 of the Listing Regulations, the Company has established a vigil mechanism for its Directors and employees to report their genuine

concerns/grievances. The Company promotes ethical behavior in all its business activities and has put in place the vigil mechanism for Directors, Employees and other person dealing with the Company for reporting illegal or unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct. The mechanism provides adequate safeguards against victimization of Directors, employees or other persons who avail the mechanism. In exceptional cases, Directors and employees have direct access to the Chairperson of the Audit Committee. The details of the said mechanism are posted on the Company's website www.asianhotelswest.com.

Green Initiatives

Electronic copies of the Annual Report and notice of the 19th AGM are sent to all the members whose email addresses are registered with the Company /Depository Participant(s)/RTA.

The Company is providing e-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in Notice. The instructions for e-voting are provided in the Notice.

Prevention of Sexual Harassment at Workplace

The Company has zero tolerance policy against sexual harassment defined as any unwelcome sexually determined behavior. As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ('Act') and Rules made there under, During the period under review the Company has total employees less than 10. So, the requirement of constitution of Internal Complaints Committees (ICC) is not applicable on the Company.

Disclosure Under the Maternity Benefit Act 1961

Your Company acknowledges the importance of adhering to the Maternity Benefit Act, 1961, which aims to protect the employment and health, rights of women during and after pregnancy. The Company is ensuring paid maternity leave, job security, and a supportive work environment and reaffirms its commitment to enabling women to care for their newborns without facing financial or professional setbacks.

Your directors further state that, during the period under review, the Company did not receive any such case, consequently, the provisions of the Maternity Benefit Act, 1961 were not applicable to the Company during the reporting period.

General

Your directors state that no disclosure or reporting in respect of the following items, as there were no transactions on these items during the year under review:

a) Issue of equity shares with differential rights as to dividend, voting or otherwise.
b) Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

ACKNOWLEDGEMENT AND APPRECIATION

Your directors would like to acknowledge and place on record their sincere appreciation to all stakeholders, clients, financial institutions, banks, central and state governments, the Company's valued investors and all other business partners, for their continued co-operation and support extended during the year 2025-2026.

Your directors recognize and appreciate the efforts and hard work of all the employees of the Company

and their continued contribution to promote its development. Directors would like to express their sincere appreciation and gratitude to all the stakeholders of the Company. The Board would also like to place on record its deep sense of appreciation for the continued confidence reposed in the Company by the Shareholders.

For and on behalf of the Board of
Asian Hotels (West) Limited

Sandeep Gupta
Chairman and Non-Executive Director
(DIN –00057942)

Place: New Delhi
Date: May 25, 2026

ANNEXURE 1 TO THE DIRECTORS' REPORT

Form AOC-1

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies

(Accounts) Rules, 2014)

Statement containing salient features of the financial statement of subsidiaries/associate

Information in respect of each subsidiary to be presented with amount in Rs. Lakhs)

(S. No.	Particulars	Details
1.	Name of the subsidiary	Aria Hotels and Consultancy Services Pvt. Ltd.
2.	Reporting period for the subsidiary concerned, if different from the holding company’s reporting period	31st March,2026
3.	Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign Subsidiaries	Not Applicable
4.	Share capital	1,3601.64
5.	Reserves & surplus	8,112.81
6.	Total assets	77473.67
7.	Total Liabilities	77473.67
8.	Investments	-
9.	Turnover	43556.33
10.	Profit before taxation	9414.13
11.	Provision for taxation	(2039.24)
12.	Profit after taxation	7374.88
13.	Total comprehensive income	7334.59
14.	Proposed Dividend	0
15.	% of shareholding	99.98%-

Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations-None
2. Names of subsidiaries which have been liquidated or sold during the year-None

Part "B": Associates and Joint Ventures

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures- Not applicable

For and on behalf of the Board of

Asian Hotels (West) Limited

Place: New Delhi

Date: May 25, 2026

Sandeep Gupta

Chairman and Non-Executive Director

(DIN -00057942)

ANNEXURE 2 TO THE DIRECTORS' REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

The ongoing Israel–Iran conflict has become one of the biggest geopolitical risks to the global economy in 2026. Its impact is being felt mainly through oil prices, inflation, trade disruptions, financial markets, and investor confidence. The conflict has already contributed to inflation spikes in several countries. In the United States, inflation reportedly rose to 3.8% in April 2026, largely because of energy costs. Economists expect weaker GDP growth if the conflict continues for a prolonged period. S&P Global estimated that a severe regional escalation could temporarily reduce global GDP significantly. India is particularly sensitive because it imports most of its crude oil. India's RBI may also become cautious on interest-rate cuts if inflation rises further. The biggest variable remains the duration of the conflict and whether energy supply routes in the Gulf remain disrupted.

INDIAN ECONOMY

In India, the hospitality sector is projected to continue recording healthy revenue growth, with industry estimates indicating growth of around 9–12% in FY 2026 driven by strong occupancy levels and improved average room rates (ARRs). Premium hotel occupancy is expected to remain robust in the range of 72–74%, while room tariffs are anticipated to witness steady growth owing to demand outpacing new supply additions in major cities.

The sector continues to witness strong demand from domestic leisure tourism, destination weddings, religious tourism, concerts, sporting events, and corporate travel. Tier-II and Tier-III cities are also emerging as important hospitality markets due to improving connectivity, rising disposable incomes, and expansion of branded hotel chains.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian hospitality industry continued its growth momentum during FY 2025-26, supported by robust domestic travel demand, recovery in international tourism, increasing business travel, and sustained growth in the MICE (Meetings, Incentives, Conferences and Exhibitions) segment. The industry witnessed healthy occupancy levels, improved Average Room Rates (ARRs), and continued expansion across leisure, luxury, and mid-market segments.

Demand growth continued to outpace room supply in several key markets, leading to improved pricing power for hotel operators and stronger operational performance across the sector. Premium hotel occupancy across India remained strong during FY 2025-26, supported by domestic leisure travel, destination weddings, religious tourism, corporate travel, concerts, sporting events, and government-led tourism initiatives.

The hospitality sector also benefited from increasing air connectivity, infrastructure development, digital travel platforms, and rising consumer preference for branded hospitality experiences. Global hospitality brands and domestic operators continued aggressive expansion plans in India, reflecting long-term confidence in the market potential.

India's hotel industry is projected to grow between 9% and 12% during FY2026, with demand expected to remain resilient across key segments despite a high base effect from previous years.

INDIAN HOSPITALITY OUTLOOK

The outlook for the hospitality industry remains positive over the medium to long term. Industry reports indicate continued growth in occupancy levels, ARR, and Revenue Per Available Room (RevPAR), supported by favourable demand-supply dynamics across major hospitality markets.

Key growth drivers expected to support the sector include:

Sustained domestic leisure travel demand;
Expansion of corporate travel and MICE activities;
Growth in destination weddings and social events;
Increasing religious and experiential tourism;
Rising penetration into Tier-II and Tier-III cities;
Digital transformation and data-driven revenue management;
Asset-light expansion strategies by hospitality operators;
Increasing demand for wellness, luxury, and sustainable tourism experiences.

Industry estimates indicate that premium room inventory growth may continue to lag demand growth over the next few years, which is expected to support occupancy and pricing levels across key markets.

The sector is also witnessing increasing investments in branded residences, mixed-use hospitality developments, serviced apartments, and experiential destinations, reflecting evolving consumer preferences and long-term investment confidence in tourism-linked assets.

OPPORTUNITIES, THREATS, RISKS AND CONCERNS

Opportunities

In the hospitality industry, operators should look to capitalize on evolving consumer preferences by integrating smart technologies, such as contactless check-ins and AI-driven personalization, to enhance the guest experience. Additionally, businesses can target emerging markets like "bleisure" travel (combining business and leisure) and eco-tourism. Creating unique local experiences, offering flexible extended-stay packages, and leveraging digital marketing platforms allow properties to tap into new, high-value demographics and generate sustainable revenue.

Threats

The hospitality sector faces significant threats from disruptive business models like short-term rentals (e.g., Airbnb), which increase market competition and alter traditional pricing structures. Unfavorable economic conditions, such as inflation and fluctuating consumer discretionary spending, can quickly reduce travel demand. Furthermore, rapid technological changes and new luxury competitors can render established services obsolete, requiring businesses to continuously adapt to stay relevant.

Risks (Operational & Financial)

Operational and financial risks revolve around the day-to-day challenges of running a property, particularly the tight labor market and widespread staff shortages, which can compromise service quality. Rising operational costs—including increased expenses for food, utilities, and wages—directly impact profit margins. Additionally, businesses face physical and legal risks such as workplace safety hazards, supply chain disruptions, and the ever-present vulnerability to natural disasters.

Concerns

Industry-wide concerns often focus on reputational damage, particularly the rapid spread of negative reviews on social media platforms, which can instantly deter potential guests. Data privacy and cybersecurity remain major concerns as hotels and restaurants increasingly collect, store, and process sensitive guest information. Moreover, businesses are increasingly concerned with shifting regulatory environments, compliance requirements, and managing long-term environmental sustainability pressures.

Conclusion

For 2026–27, the hotel industry outlook is broadly positive, especially in India, due to strong domestic tourism, event-driven travel, luxury demand, and limited room supply. However, profitability and long-term success will depend on how effectively hotels manage rising costs, technology adoption,

sustainability expectations, and evolving traveler preferences.

SEGMENT WISE PERFORMANCE

During the period under review, the Company engaged in only one segment of Hotel Business hence segment wise performance is not applicable.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE (STANDALONE BASIS).

Total Income

The total income of the Company for the financial year under review was INR [-5.79] Crores as against INR [5.64] Crores during the previous Financial Year ended on 31st March 2025.

Profit before Tax

Your Company has registered PBT of INR [-10.04] Crores as against INR [-35.89] Crores during previous Financial Year.

Total Comprehensive Income/(loss) after tax

Your Company has registered Comprehensive Income/(loss) after tax of INR [-8.55] Crores as against INR [-36.28] Crores during previous Financial Year.

Key Ratios

Key financial ratios are given below:

Particulars	2025-26	2024-2025
PBIDT/Turnover	-0.65	-5.17
Profit After Tax/Turnover	-1.48	-6.43
PBIDT/ Finance Cost (no. of times)	-1.41	-8.88
Debt to Equity	3.99	3.68
Book Value per share(‘/share)	86.24	93.57
Earnings per share(‘/share)	-7.34	-31.13
Return on Equity (percent)	8.16	-28.53
Net Profit Margin (%)	-147.61	-642.77
Current Ratio	.01	0.03

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES /INDUSTRIAL RELATIONS FRONT

As our Company is part of the hospitality industry the importance of efficient and motivated human resources helps in achieving complete customer satisfaction, which in turn has direct impact on the brand image and turnover of the Company. However, the operations of the Company are not yet started after coming out from CIRP. During the period under review there were two employees in the Company i.e Company Secretary and Chief Financial Officer.

The Company recognizes the importance of human values and ensures that proper encouragement both moral and financial is extended to employees to motivate them. The senior management team consists of experienced professionals with diverse skills.

DETAILS OF SIGNIFICANT CHANGE (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN THE KEY FINANCIAL RATIO

Particulars	2025-26	2024-25
Debtors Turnover	0	-
Inventory Turnover	0	-
Interest Coverage Ratio	-1.41	-8.88
Current Ratio	0.01	0.03
Debt Equity Ratio	3.99	3.68
Operating Profit Margin (%)	0.00	0.00
Net Profit Margin (%)	0.00	0.00

DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR

Particulars	2025-26	2024-25
Return on Equity(percent)	-8.16	[-28.53]

Cautionary Statement

The Statements in the 'Management Discussion and Analysis Report' with regard to projections, estimates and expectations have been made in good faith. The achievement of results is subject to risks, uncertainties and even less than accurate assumptions. Market data and information are gathered from various published and unpublished reports; their accuracy, reliability and completeness cannot be assured.

For and on behalf of the Board of
Asian Hotels (West) Limited

Place: New Delhi
Date: May 25, 2026

Sandeep Gupta
Chairman and Non-Executive Director
(DIN: 00057942)

ANNEXURE 3 TO THE DIRECTORS' REPORT

CORPORATE GOVERNANCE REPORT

Company's Philosophy on Corporate Governance

The Company believes that good Corporate Governance is a continuous process and strives to improve the Corporate Governance practices to meet shareholders' expectations.

Board of Directors

a. Composition of the Board

The Company is managed and controlled through a professional body of Board of Directors (the Board), which comprises of an optimum combination of Executive and Independent Directors headed by the Non-Executive-Chairman. As on financial year ended 31st March 2026, the Board of Directors of the Company comprises of Six Directors, out of which three are Independent and Non-Executive Directors, two are Executive Directors out of which one is Whole Time Director and remaining one is Non-Executive Non-Independent Director.

The Board has been enriched with the skills and experience of the Independent Directors. Other than receiving sitting fees, none of the Independent Director has any pecuniary relationship with the Company. All Independent Directors comply with the requirements of the Listing Obligations and section 149(6) of the Companies Act, 2013 for being "Independent Director". The composition of the Board of Directors as on 31st March, 2026 is as under:

Category of Director	Name of the Director	Date of Appointment
Promoter and non-executive	Mr. Sandeep Gupta	26.04.2007
Non-Executive Director
(Independent)	Ms. Mekhala Sengupta
Mr. Saumen Chatterjee
Mr. Rohit Rajpal	01.07.2024
06.03.2024
23.09.2025
Executive (Whole Time) Director
Executive Director	Mr. Amit Saraf
Mr. Rakesh Kumar Aggarwal	14.02.2024
06.03.2024

b. Attendance Records and other Directorships / Committee Memberships

The details of Directorships / committee membership / chairmanship held, and attendance of the Directors at the Board meetings and at the last Annual General Meeting is given below:

Relationship inter-se directors: Mr. Sandeep Gupta is nephew of Mr. Sudhir Chamanlal Gupta. However, during the year, Mr. Sudhir Chamanlal Gupta had resigned from the Board w.e.f. 4th November 2025.

Directorships Details:

S. No.	Name of the Director	Category	No. of Board Meetings Attended	No. of equity shares held	Name of other listed entities in which director holds directorship and category of directorship	Directorships in other Indian Public Limited Companies (excluding Asian Hotels (West) Ltd.)
1	Mr. Sandeep Gupta	Promoter and Non-Executive Director	8	950833	NIL	NIL
2.	Mr. Sudhir Gupta (upto 4^{th} November 2025)	Promoter and Non-Executive Director	3	214290	NIL	NIL
3.	Mr. Ravinder Singhania (upto 27^{th} August 2025)	Non-Executive Independent	2	NIL	Master Trust Limited- Director	Master Trust Limited
4.	Mr. Shekhar Gulzarilal Gupta (upto 2^{nd} June 2025)	Non-Executive Independent	0	NIL	NIL	NIL
5.	Ms. Mekhala Sengupta	Non-Executive Independent	8	NIL	NIL	NIL
6.	Mr. Saumen Chatterjee	Non-Executive Independent	8	NIL	NIL	NIL
7.	Mr. Amit Saraf	Executive (Whole-Time) Director	8	NIL	NIL	Juniper Investment Limited
8.	Mr. Rakesh Kumar Aggarwal	Executive Director	8	NIL	NIL	NIL
9.	Mr. Rohit Rajpal (appointed w.e.f.23^{rd} September, 2025)	Non-Executive Independent	3	NIL	NIL	NIL

c. Meetings during the year

During the Financial Year 2025-26, the Board of Directors met 8 (Eight) times on the following dates:

| April to June 2025 | 17.04.2025
30.05.2025 | July To September 2025 | 02.07.2025
23.09.2025
(Three Board Meetings held) | October to December 2025 | 12.11.2025 | January to March 2026 | 13.02.2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Familiarization Programme

In compliance with the requirements of Regulation 25(7) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015, the Company has put in place a Familiarisation Programme for the Independent Directors to familiarize them with the Company, their roles, rights, duties, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and other related matters. The details of number of programs and number of hours spent by each of the Independent Directors during the Financial Year 2025-26, in terms of the requirements of Listing Regulations has been placed on Company's website www.asianhotelswest.com/policies.

The list of core skills/expertise/competencies identified by the Board of Directors as required in the context of Company's business are:

The members of the Board as of 31st March, 2026, have the following skills/expertise/competencies as required in the context of Company's business;

Sl. No.	Name of the Director	Skills/expertise/competencies
1.	Mr. Sandeep Gupta	Knowledge of hotels operations / activities
2.	Ms. Mekhala Sengupta	Legal expertise
3.	Mr. Saumen Chatterjee	Legal expertise
4.	Mr. Amit Saraf	Management and finance expertise
5.	Mr. Rakesh Kumar Aggarwal	Finance, accounting and legal expertise
6.	Mr. Rohit Rajpal	Management and finance expertise

Independent Directors

All Independent Directors of the Company were appointed as per the provisions of the Companies Act, 2013 and the Listing Regulations. The Independent Directors have given a declaration that they meet the criteria of independence as provided in sub-section (6) of section 149 of the Companies Act, 2013.

Independent Directors Meeting

As on 31st March 2026, there were three Independent Non-Executive Directors on the Board of the Company. During the period under review, two Independent Non-Executive Directors namely, Mr. Shekhar Gulzarilal Gupta and Mr. Ravinder Singhania were resigned w.e.f. 2nd June 2025 and 27th August 2025 respectively and Mr. Rohit Rajpal was appointed as Independent Non-Executive Director w.e.f. 23rd September 2025:

S.NO	NAME OF THE DIRECTOR	CATEGORY	DATE OF APPOINTMENT
1.	Ms. Mekhala Sengupta	Non- Executive Director (Independent)	01.07.2024
2.	Mr. Rohit Rajpal	Non- Executive Director (Independent)	23.09.2025
3.	Mr. Saumen Chatterjee	Non- Executive Director (Independent)	06.03.2024

During the period under review, one meeting of the independent directors was held on 28.03.2026.

Audit Committee:

(i) Brief description of Terms of reference.

(1) Oversight of the company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;

(2) Recommendation for appointment, remuneration and terms of appointment of auditors.

(3) Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

(4) Reviewing, with the management, the annual financial statements and auditor's report there on before submission to the board for approval, with particular reference to:

a. Matters required to be included in the Director's responsibility statement to be included in the Board's report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;

b. changes, if any, in accounting policies and practices and reasons for the same;

c. major accounting entries involving estimates based on the exercise of judgment by management;

d. significant adjustments made in the financial statements arising out of audit findings;

e. compliance with listing and other legal requirements relating to financial statements;

f. disclosure of any related party transactions;

g. modified opinion(s) in the draft audit report;

(5) Reviewing, with the management, the quarterly financial statements before submission to the Board for approval;

(6) Reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/ prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the board to take up steps in this matter;

(7) Reviewing and monitoring the auditor's independence and performance and effectiveness of audit process;

(8) Approval or any subsequent modification of transactions of the listed entity with related parties;

(9) Scrutiny of inter-corporate loans and investments;

(10) Valuation of undertakings or assets of the listed entity, wherever it is necessary;

(11) Evaluation of internal financial controls and risk management systems;

(12) Reviewing with the management, performance of statutory and internal auditors, adequacy of the internal control systems;

(13) Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

(14) Discussion with internal auditors of any significant findings and follow up thereon;

(15) Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;

(16) Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

(17) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

(18) To review the functioning of the whistle blower mechanism;

(19) Approval of appointment of Chief Financial Officer after assessing the qualifications, experience and background, etc. of the candidate;

(20) Carrying out any other function as is mentioned in the terms of reference of the audit committee.

(21) Reviewing the utilization of loans and/or advances from/investment by the holding Company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments existing as on the date of coming into force of this provision."

(22) The audit committee shall have powers to investigate any activity within its terms of reference, seek information from any employee, obtain outside legal or other professional advice and secure attendance of outsiders with relevant expertise, if it considers necessary.

(23) To review the financial statements, particularly the investments made by the unlisted subsidiary.

(24) To mandatorily review the following information:

a. Management discussion and analysis of financial condition and results of operations;

b. Statement of significant related party transactions (as defined by the audit committee), submitted by management;

c. Management letters/letters of internal control weaknesses issued by the statutory auditors;

d. Internal audit reports relating to internal control weaknesses; and

e. The appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review by the audit committee.

f. Statement of deviations:

i. Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1).

ii. Annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/ notice in terms of Regulation 32(7) of listing obligations.

(ii) *Composition, name of members and chairperson, Meetings and Attendance

Name of the Member	Category	No. of Meetings attended	Dates on which Meetings held
Ms. Mekhala Sengupta (Chairperson of the committee)	Independent - non-executive	4	27^{th} May 2025, Adjourned and Reconvened on 30^{th} May 2025
Mr. Rohit Rajpal	Independent - non-executive	3	2^{nd} July 2025, Adjourned and Reconvened on 23^{rd} September 2025;

Mr. Amit Saraf
Executive Director
4
12th November 2025
13th February 2026

The Chairman of the Company is invited to the Audit Committee meeting.

*Mr. Shekhar Gulzarilal Gupta and Mr. Ravinder Singhania attended these meetings in the capacity of Chairperson and member respectively and later on resigned from the Board w.e.f. 02.06.2025 and 27.08.2025 respectively.

Nomination and Remuneration Committee

a. Brief description of terms of reference

(1) Formulate the criteria for determining qualifications, positive attributes and independence of a Director.

(2) Identify persons who are qualified to become Director and persons who may be appointed in Key Managerial and Senior Management positions in accordance with the criteria laid down in this policy.

(3) Recommend to the Board, appointment and removal of Director, KMP and Senior Management Personnel.

(4) Policy for appointment and removal of Director, KMP and Senior Management.

(5) To evaluate the performance of the members of the Board and provide necessary report to the Board for further evaluation of the Board.

(6) To recommend to the Board on Remuneration in whatever form payable to the Directors, Key Managerial Personnel and Senior Management.

(7) To provide Key Managerial Personnel and Senior Management reward linked directly to their effort, performance, dedication and achievement relating to the Company's operations.

(8) To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and create competitive advantage.

(9) To devise a policy on Board diversity.

(10) To develop a succession plan for the Board and to regularly review the plan;

The details Terms of reference of Nomination and Remuneration Committee have been placed on Company's website www.asianhotelswest.com/policies.

b. Composition, name of members and chairperson, Meetings and Attendance

Name of the Member	Category	No. of Meetings attended	Date on which Meetings held
Ms. Mekhala Sengupta (Chairperson of the committee)	Independent non-executive	1	*27th May, 2025
23rd September, 2025
Mr. Sandeep Gupta	Non-Executive	1
Mr. Saumen Chatterjee	Independent non-executive	2

*Mr. Ravinder Singhania Chairman of this Committee Meeting was absent then Mr. Shekhar Gulzarilal Gupta being member of the meeting proposed Mr. Saumen Chatterjee to chair this meeting. Further, both Mr. Shekhar Gulzarilal Gupta and Mr. Ravinder Singhania were resigned from the Board w.e.f. 02.06.2025 and 27.08.2025 respectively.

c. Performance evaluation

Pursuant to the provisions of the section 134(3)(p) of the Companies Act, 2013 read with Regulation SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the nomination and remuneration committee, independent director and all individual directors has carried out an annual evaluation of its own performance, performance of the independent directors and the working of its committees based on the evaluation criteria specified by nomination and remuneration committee for performance evaluation process of the board, its committees and directors. The Nomination and Remuneration Committee carried out the annual performance evaluation of its Directors individually including the Chairman, and the Board accordingly evaluated the overall effectiveness of the Board of Directors, including its committees based on the ratings given by the Nomination and Remuneration Committee of the Company.

Remuneration of Directors

All fees/ compensation paid to Executive Directors are fixed by the Board and approved by the shareholders in the 1st Extra-ordinary General Meeting of Financial Year 2024-25 held on 13th May 2024 and the compensation is within the limits prescribed under the Companies Act, 2013.

a. All pecuniary relationship or transactions of the Non-Executive Directors: None of the Non-Executive Directors has any pecuniary relationship or transaction with the Company.
b. Criteria of making payments to Non-Executive Directors is given in the Nomination and Remuneration policy of the Company and link of the same is www.asianhotelswest.com/policies
c. Details of remuneration paid to the Directors for the Financial Year 2025-26 are given below:

(Amount in Rs.)

Name of the Directors	Salary including Perquisites & PF	Commission paid during the year	Sitting Fees	Tenure upto	Notice period	Total
Mr. Amit Saraf	24,00,000	NIL	NIL	05.03.2027	3 Months	24,00,000
Mr. Rakesh Kumar Aggarwal	24,00,000	NIL	NIL	05.03.2027	3 months	24,00,000
*Mr. Shekhar Gulzarilal Gupta	NIL	NIL	1,00,000	13.02.2027	NA	1,00,000
*Mr. Ravinder Singhania	NIL	NIL	2,00,000	13.02.2027	NA	2,00,000
Mr. Saumen Chatterjee	NIL	NIL	5,00,000	05.03.2027	NA	5,00,000
Ms. Mekhala Sengupta	NIL	NIL	6,00,000	30.06.2027	NA	6,00,000
*Mr. Rohit Rajpal	NIL	NIL	3,00,000	22.09.2028	NA	3,00,000
TOTAL	48,00,000		17,00,000			65,00,000

*Mr. Shekhar Gulzarilal Gupta and Mr. Ravinder Singhania resigned w.e.f. 2nd June, 2025 and 27th August, 2025 respectively.
^Mr. Rohit Rajpal appointed w.e.f. 23rd September, 2025.

Risk Management Committee

Not applicable.

Stakeholders Relationship Committee:
Brief description of Terms of reference

(1) Resolving the grievances of the security holders of the listed entity including complaints related to transfer/transmission of shares, non-receipt of annual report(s), non-receipt of declared dividend(s), issue of new/duplicate certificate(s), general meetings etc.

(2) Review of measures taken for effective exercise of voting rights by shareholders.

(3) Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent.

(4) Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the company.

*Composition, name of members and chairperson, Meeting and Attendance

Name of the Member	Category	No. of Meetings attended	Date on which Meeting held
Ms. Mekhala Sengupta (Chairperson of the Committee)	Independent Non-Executive	1 out of 1	28th March, 2026
Mr. Sandeep Gupta	Non-Executive	1 out of 1
Mr. Rakesh Kumar Aggarwal	Executive Director	1 out of 1

Details of Complaints received, resolved and pending during the year 2025-2026

The Company received 59 complaints during the period, which have been resolved and/or appropriately replied to. None of the investor complaints is lying unresolved at the end of the Financial Year.

Name and Designation of Compliance Officer

Ms. Nidhi Khandelwal, Company Secretary, is the Compliance Officer of the Company.

General Body Meetings:

Location, Date and Time of previous AGMs/EGMs and Special Resolutions passed thereat, are as under:

Financial Year	Type of General Meeting	Venue/ Mode	Date	Time	Whether any Special Resolution Passed
2024-25	16th AGM	Audio / Visual Mode	30.10.2024	10:00 AM	No
2024-25	17th AGM	Audio / Visual Mode	30.10.2024	10:45 AM	Yes
2025-26	18th AGM	Audio / Visual Mode	27.10.2025	11:00 AM	Yes

Passing of Special Resolution by Postal Ballot

No Special Resolution was passed by postal ballot during the year 2025-26.

No Special Resolution is proposed to be conducted through Postal Ballot.

Means of Communication

The quarterly financial results are generally published in the Business Standard in both language English and Hindi. All other official news releases are first forwarded to the Stock Exchanges. Further, all periodic statutory reports, other official news releases and presentation made to analysts/investors are also uploaded on the Company's official website www.asianhotelswest.com.

General Shareholder Information:
Annual General Meeting:
Day, Date & Time: Friday, 19th June, 2026 at 11:00 AM.
Venue: Audio / Visual Mode
Financial Year : 1st April 2025 to 31st March 2026
Dividend Payment Date

Dividend on Equity shares is not recommended by the Board of Directors of the Company.

Listing on Stock Exchanges & Stock Code

The equity shares of the company are listed on National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE).

The Company has paid Annual Listing Fees to NSE and BSE for the FY 2025-26. As on 31st March, 2026 although the trading of shares of the Company had not been started but the Company has received an approval letter from both Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE) vide dated 25th March 2026 permitting the revocation of suspension of trading of shares of the Company w.e.f. 2nd April 2026.

Stock Code

Exchange	Code
National Stock Exchange of India Limited
The National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex Bandra
(East), Mumbai—400051	AHLWEST
BSE Limited
Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai–400001	533221

Stock Market Price Data - high, low during each month in financial year 2025-26

During the period of review, the trading of the shares of the company was suspended and the facility of trading in the shares of the company on Trade for Trade basis in Z group on the first trading day of every week was discontinued w.e.f. June 28, 2022.

Source: www.bseindia.com and www.nseindia.com

Stock Performance in comparison to broad based indices:

The trading of the shares of the company was suspended during the period under review. However, The Company has received approval letter dated 25th March 2026 from both Stock Exchanges or the resumption of trading of shares w.e.f. 2nd April 2026.

Share Transfer Agent

Kfin Technologies Limited
Kfin Technologies Limited Kfin Technologies Limited
Plot 31-32, Karvy Selenium, Tower B, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad,Telengana - 500032
Tel No. 040-67162222
Website : www.kfintech.com

Share Transfer System

In terms of Regulation 40(1) of SEBI Listing Regulations, as amended, securities can be transferred only in dematerialized form, w.e.f. April1, 2019, except in case of request received for transmission or transposition of securities. Members holding shares in physical form are requested to consider converting their holdings to dematerialized form. Transfers of equity shares in electronic form are done through the depositories with no involvement of the Company.

Distribution of shareholding

Number of equity shares held	As on 31st March, 2026				As on 31st March, 2025
	No. of Share-holders	% of Total Share-holders	Number of shares held	% Share-holding	No. of Share-holders	% of Total Share-holders	Number of shares held	% Share-holding
1-1000	7748	98.76	523416	4.49	8613	98.78	588163	5.05
1001-2000	41	0.52	57200	0.49	46	0.53	63804	0.55
2001-3000	17	0.22	41320	0.35	16	0.18	39162	0.34
3001-4000	4	0.05	13919	0.12	8	0.09	28077	0.24
4001-5000	4	0.05	18214	0.16	4	0.05	18214	0.16
5001-10000	4	0.05	25423	0.22	4	0.05	25423	0.22
10000-above	27	0.35	10971718	94.17	28	0.32	10888367	93.45
TOTAL	7845	100.00	11651210	100.00	8719	100.00	11651210	100.00

Category wise shareholding

		2025-26		2024-25
Sno	Description	Total Shares	% Equity	Total Shares	% Equity
1	Promoters	2800889	24.04	2716779	23.32
2	Promoters Bodies Corporate	195349	1.68	195349	1.68
3	Promoter Trust	21600	0.19	21600	0.19
4	Foreign Promoter Bodies Corporates	5384555	46.21	5384555	46.21
5	Mutual Funds	195	0.00	195	0.00
6	Banks	41428	0.36	41475	0.36
7	Indian Financial Institutions	25165	0.21	25165	0.22
8	NBFC	192	0.00	192	0.00
9	Other Financial Institutions	0	0.00	0	0.00

10	Foreign Institutional Investors	219	0.00	219	0.00
11	I E P F	229371	1.97	158522	1.36
12	Resident Individuals	652121	5.60	704161	6.04
13	Non-Resident Indian Non Repatriable	12582	0.11	12754	0.11
14	Non-Resident Indians	1177105	10.10	1202693	10.32
15	Foreign Corporate Bodies	18840	0.16	18840	0.16
16	Bodies Corporates	1058970	9.09	1131703	9.71
17	H U F	32627	0.28	37006	0.32
18	Trusts	2	0.00	2	0.00

	Total:	11651210	100.00	11651210	100.00

Dematerialization and Liquidity

The Equity ISIN allotted by NSDL and CDSL is INE915K01010. Total 1,15,29,490 equity shares (equivalent to 98.48%) of the total equity shares of the company are held in dematerialized form as on 31st March 2026. The trading of the shares of the company was suspended during the period under review. However, The Company has received approval letter dated 25th March 2026 from both Stock Exchanges or the resumption of trading of shares w.e.f. 2nd April 2026.

Outstanding Convertible instruments

As of 31st March, 2026 there are no outstanding convertible instruments.

Plant Locations

During the period under review, the Company had one five-star deluxe hotel as per the details given below. However, the operation of the Hotel was shut down during the period under review due to CIRP and other unavoidable operational and financial issues.

HYATT REGENCY, MUMBAI

Sahar Airport Road,

Andheri, East, Mumbai - 400099.

Address for Correspondence

The investors may address their queries directly to the Share Department located at the registered office of the Company (as detailed below) or to the Share Transfer Agent at the addresses mentioned herein above.

6th Floor, Aria Tower, J.W Marriott, Aerocity, Asset

Area4 Hospitality District, Near IGI Airport, New

Delhi -110037 Telephone No.011-41597321

Email Id: [email protected]

List of all credit ratings obtained: Due to various operation/financial issues faced by the company, no credit rating was obtained during the period under review.
Unpaid/ Unclaimed Dividend

In terms of Section 124 and 125 of the Companies Act, 2013, the Company is required to transfer the amount of dividend remaining unclaimed for a period of seven years from the date of transfer from the unpaid dividend account to the Investor Education and Protection Fund (IEPF). Shareholders are requested to claim the dividend(s) from the Company before transfer to the IEPF Account.

Due date for transfer of unclaimed dividend to IEPF is as follows:

Financial Year	Unclaimed Dividend as on 31.03.2026 (in INR)	Due Date for transfer to IEPF
FINAL2018-2019	1,92,447.00	22.08.2026

*Indicative date(s), actual date(s) may vary.

During the Financial Year 2025-26 the Company has transferred:

15744 shares (in respect of which dividend had not been claimed for seven consecutive years) belonging to 205 shareholders of the Company, to the Demat account of Investor Education Protection Fund authority, in accordance with section 124(6) of the Companies Act, the Company has also transferred Rs.2,52,300.00 lying in the unpaid dividend account for the year 2015-16 belonging to 3714 shareholders to Investor Education Protection Fund in accordance with section 124(5) of the Companies Act.
21538 shares (in respect of which dividend had not been claimed for seven consecutive years) belonging to 261 shareholders of the Company to Demat account of Investor Education Protection Fund authority, in accordance with section 124(6) of the Companies Act, the Company has also transferred Rs.2,57,724.00 lying in the unpaid dividend account for the year 2016-17 belonging to 3658 shareholders to Investor Education Protection Fund in accordance with section 124(5) of the Companies Act.
34281 shares (in respect of which dividend had not been claimed for seven consecutive years) belonging to 459 shareholders of the Company to Demat account of Investor Education Protection Fund authority, in accordance with section 124(6) of the Companies Act, the Company has also transferred Rs.3,39,121.00 lying in the unpaid dividend account for the year 2017-18 belonging to 3559 shareholders to Investor Education Protection Fund in accordance with section 124(5) of the Companies Act.

OTHER DISCLOSURES

Materially Significant Related Party Transactions

During the year under review, the Company did not enter into any materially significant transaction with any related party that may have potential conflict with the interests of the Company at large. All the related party transactions during the year are in the ordinary course of business and on arms-length basis.

Related Party Disclosures

The details of related party disclosures with respect to loans/advances/investments at the year end and maximum outstanding amount thereof during the year, as required under Part A of Schedule V of the Listing Regulations have been mentioned in the Notes [35-36] of the Standalone Financial Statements for the financial year ended on March 31, 2026.

Compliances

Trading was suspended by both the stock exchanges i.e., BSE and NSE due to various non-compliances. The Company has now a fully compliant with respect to all regulations of Listing Obligation and applied for revocation of suspension of trading of shares. Expecting to get the approval from both stock exchanges shortly.

Whistle Blower Mechanism

Pursuant to Section 177(9) of the Companies Act, 2013 read with Rule7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and regulation 22 of the Listing Regulations, the Company has

established a vigil mechanism for its Directors and employees to report their genuine concerns/grievances. The Company promotes ethical behavior in all its business activities and has put in place the vigil mechanism for Directors, Employees and other person dealing with the Company for reporting illegal or unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct. The mechanism provides adequate safeguards against victimization of Directors, employees or other persons who avail the mechanism. In exceptional cases, Directors and employees have direct access to the Chairperson of the Audit Committee. The mechanism also provides for adequate safeguards against victimization of persons who use such mechanism and makes provisions for direct access to the Chairman of the Audit Committee.

Your Company hereby affirms that no Director/ employee have been denied access to the Chairman of the Audit Committee and that no complaints were received during the year.

The details of the said mechanism are posted on the Company's website www.asianhotelswest.com. Weblink for policy for determining 'material' subsidiaries– www.asianhotelswest.com/policies
Weblink for policy for dealing 'Related party transactions – www.asianhotelswest.com/policies
Details of utilization of Funds raised through Preferential Allotment as specified under Regulation 32(7A). – Not Applicable
A certificate from a Company Secretary in practice that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of Companies by the Board/Ministry of Corporate Affairs or any such statutory authority - The certificate is annexed herewith as a part of the report.
Where the Board has not accepted any recommendation of any Committee of the Board which is mandatorily required, in the relevant financial year: Not Applicable.
Total fees for all services paid by the Company, on a consolidated basis, to the Statutory Auditor and all entities in the network firm/network entity of which the Statutory Auditor is a part- The same is given in note 33 of Consolidated Financial Statement.
Disclosures in relation to Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013: The Company has zero tolerance policy against sexual harassment.

No complaint received against sexual harassment during the period under review.

Compliances with Governance Framework

The Company has complied with the requirements of the Schedule V of the Listing Regulations;

The Company is in compliance with corporate governance requirements specified in regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of the Listing Regulations.

Compliance with Code of Conduct for the Board of Directors and Senior Management Personnel

The Company has obtained affirmation from the Board of Directors and senior managerial personnel affirming compliance with the Company's Code of Conduct for Financial Year 2025-26.

The declaration by the Executive Directors, under the Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, affirming compliance with the Code of Conduct by all the Board members and senior managerial personnel for the year ended March 31, 2026 is annexed herewith and forming part of this report.

Compliance Certificate on Corporate Governance

In terms of Regulation 34 of the Listing Regulations, the Certificate on Corporate Governance issued by practicing company secretary annexed as Annexure to this report.

Disclosure with respect to demat suspense account/unclaimed suspense account.

In terms of Clause 34(3) of the Listing Obligations, the details of unclaimed shares lying in Demat Suspense Account are as under:

S. No	Particulars	No. of shares
1.	Aggregate number of shareholders and the outstanding shares in the suspense account lying at beginning of the year.	15 shareholders and the outstanding shares were 2158
2.	Number of shareholders who approached issuer for transfer of shares from suspense account during the year.	NIL
3.	Number of shareholders to whom shares were transferred from Suspense account during the year.	NIL
4.	Aggregate number of shareholders and the outstanding shares in The suspense account lying at the end of the year.	NIL
5.	Number of shareholders whose shares were transferred to IEPF Account during the year.	15 shareholders holding 2158 Shares

For and on behalf of the Board of Asian Hotels (West) Limited

Sandeep Gupta
Chairman and Non-Executive Director
(DIN- 00057942)

Under Regulation 17(8) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015

To
Members of Asian Hotels (West) Limited

I have reviewed financial statements and the cash flow statement of the Company for the year ended on March 31, 2026, and to the best of our knowledge and belief:

a. these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
b. these statements together present a true and fair view of the Company's affairs and are in compliance with existing accounting standards, applicable laws and regulations.

There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, illegal or violative of the Company's Code of Conduct.
I accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and have disclosed to the Auditors and Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or proposed to take to rectify these deficiencies.
I have indicated to the Auditors and the Audit Committee:

a. there are no significant changes in internal controls over financial reporting during the year;
b. there are no significant changes in accounting policies during the year; and
c. there are no instances of significant fraud of which we have become aware.

For Asian Hotels (West) Limited

Rakesh Kumar Aggarwal
Executive Director

Harish Kumar Gautam
Chief Financial Officer

CERTIFICATE ON COMPLIANCE WITH THE REGULATIONS OF CORPORATE GOVERNANCE

To,

The Members of

ASIAN HOTELS (WEST) LIMITED

6th Floor, Aria Towers, JW Marriott New Delhi

Aerocity, Asset Area 4 Hospitality District,

Near IGI Airport, New Delhi- 110037

We have examined all the relevant records of Asian Hotels (West) Limited (“the Company”) for the purpose of certifying compliance with the conditions of the Corporate Governance under Chapter IV to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) for the financial year from April 01, 2025 to March 31, 2026.

The compliance with conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to procedures and implementation process adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. This Certificate is neither an audit nor an expression of opinion on the Financial Statements of the Company.

In our opinion and to the best of our information and according to the explanations and information furnished to us, we certify that we are prima facie of the opinion that the Company has generally complied with the condition of corporate governance.

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company.

For Hemant Singh & Associates

Company Secretaries

Date: 25.05.2026

Place: New Delhi

Hemant Kumar Singh

(Partner)

Membership No.:F6033

CP No : 6370

UDIN: F006033H000485523

PR No.: 7126/2025

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To,
The Members of
ASIAN HOTELS (WEST) LIMITED
6th Floor, Aria Towers, JW Marriott New Delhi Aerocity,
Asset Area 4 Hospitality District, Near IGI Airport, New Delhi- 110037

We have examined the relevant registers, records, forms, returns maintained by the Company and the disclosures received from the Directors of ASIAN HOTELS (WEST) LIMITED having CIN:L55101DL2007PLC157518 and having its registered office at 6th Floor, Aria Towers, JW Marriott New Delhi Aerocity, Asset Area 4 Hospitality District, Near IGI Airport, New Delhi- 110037 (hereinafter referred to as 'the Company'), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications [including Director Identification Number (DIN) status at the portal www.mca.gov.in as considered necessary and explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as on March 31, 2026, as stated below, have been debarred or disqualified from being appointed or continuing as Directors of the Company by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority:

SI. No	Name of Director	Director Identification Number (DIN)	Date of Appointment
1.	Mr. Sandeep Gupta	00057942	26/04/2007
2.	Mr. Rakesh Kumar Aggarwal	00050436	06/03/2024
3.	Mr. Saumen Chatterjee	10511293	06/03/2024
4.	Mr. Amit Saraf	00339863	14/02/2024
5.	Ms. Mekhala Sengupta	05278149	01/07/2024

Note: Mr. Sandeep Gupta is a director in EDENPARK HOTELS PRIVATE LIMITED, which is reflecting on MCA portal as active non-compliant.

Mr. Rohit Rajpal is a Director in All India Tennis Association, which has not filed financial statements and annual returns for a continuous period of three financial years (F.Y. 2022-23, 2023-24 and 2024-25) and accordingly as per section 164(2) is disqualified.

Ensuring the eligibility for the appointment/continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on the same based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For Hemant Singh & Associates
Company Secretaries

Date:25.05.2026
Place: New Delhi

Hemant Kumar Singh
(Partner)
Membership No.:F6033
CP No : 6370
UDIN: F006033H000476965
PR No. 7126/2025

ANNEXURE 4
FORM No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2025
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule no.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Board of Directors,

Asian Hotels (West) Limited

Registered Office: 6th Floor, Aria Towers, JW Marriott,
New Delhi Aerocity, Asset Area 4, Hospitality District,
Near IGI Airport, South West Delhi, New Delhi- 110037

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Asian Hotels (West) Limited having CIN: L55101DL2007PLC157518 (hereinafter called "the Company"). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books as made available to us, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives, during the conduct of Secretarial Audit, the explanations and clarifications given to us and the representation made by the Management, we hereby report that in our opinion, the Company has during the audit period covering the financial year ended on 31st March 2026, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March, 2026, according to the provisions of:

i. The Companies Act, 2013 ('the Act') and the rules made thereunder;
ii. The Securities Contracts (Regulations) Act, 1956 ('SCRA') and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment and Overseas Direct Investment.
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act'):

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
(c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

(d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (Not Applicable to the Company during the Audit Period);
(e) The Securities and Exchange Board of India (Share Based Employee Benefits & Sweat Equity) Regulations, 2021 and The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (Not Applicable to the Company during the Audit Period);
(f) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (Not Applicable to the Company during the Audit Period);
(g) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993;
(h) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Not Applicable to the Company during the Audit Period);
(i) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (Not Applicable to the Company during the Audit Period) and;
(j) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (Not Applicable to the Company during the Audit Period)

vi. The Company deals in the hospitality sector and running a five star hotel which was not operational during the review period. The other major laws, as informed by the management of the Company which are specifically applicable to the Company based on their sector/industry are:-

a) Food Safety and Standard Act, 2006 and Rules/ Regulations.
b) Employees' Provident Funds and Miscellaneous Provisions Act, 1952
c) Local Municipal Corporation Act & bye Laws (City wise).

We have also examined compliance with the applicable clauses of the following:

a) Secretarial Standards issued by The Institute of Company Secretaries of India.

During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. as mentioned above except the following:

The Company has designated Mr. Amit Saraf as Whole-Time Director w.e.f. 23.09.2025. Prior to this period there was no Managing Director/ Whole time Director as required under Section 203 of the Companies Act, 2013.
The composition of Board of Directors was not in terms of regulation 17(1) of SEBI (Listing obligations and disclosure requirements) Regulations, 2015 during the period starting from June 2, 2025 to November 3rd, 2025.
The Compliance relating to transfer of dividend and shares under section 125 has not been complied within the stipulated time period.
The Company has made delay in submission of Financial Results as required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended on March 31st, 2025 and June 30th, 2025.
The Company has made delay in making submission as required under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Notice of demand was received from EPFO for recovery of outstanding EPF contribution, EPF administration charge, family pension fund contribution and deposit linked insurance fund contribution amounting to Rs. 1,23,55,358/- and Rs.32,882/- respectively. The Company deposited the same.
Notice of Demand from Brihanmumbai Municipal Corporation (BMC) was received in relation to payment of property Tax pertaining to Hyatt Regency Mumbai for total demand of Rs. 14.50 Crore out of which the Company paid 8.95 Crore during the period under review.

Due to technical reason, MGT-7 for the F.Y. 2022-23 (CIRP Period) has not been filed. The Company requested ROC, Delhi to facilitate filing of the aforesaid form but they have not allowed till date. ROC, Delhi has also rejected form GNL-2 filed vide SRN: AB9000213 for submission of Annual Return of the company for the FY 2022-23.

During the period under review, BSE have granted partial waiver of SOP fine levied Pursuant to Master circular No. SEBI/HO/CFD/PoD2/CIRP/2023/120 dated July 11, 2023 (Chapter VII (A) Penal Action for non-Compliance), issued by Securities and Exchange Board of India with respect to penal actions prescribed for Non-Compliance of Certain provisions of the SEBI (LODR) Regulations, 2015 for the Quarter ended September 2021. The Company has paid the fine as imposed amounting to Rs. 2, 48,980/- to BSE. NSE has provided complete waiver of fine imposed.

We further report that

As per our inspection of records of the Company adequate notice was given to all directors to schedule the Board Meetings seven days in advance except where consent of the directors was received for scheduling meeting at a shorter notice. Agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. Majority decision is carried through while the dissenting members' views are captured and recorded as part of the minutes.

We further report that based on the review of the compliance mechanism established by the Company and on the basis of the compliance certificate(s) issued by various departments and taken on record by the Board of Directors at their meetings, we are of the opinion that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that the members of the company in their Extra Ordinary General Meeting Dated 31st May, 2024 have given their consent under section 180(1)(a) of the companies act 2013 for Creation of security/Charge in favour of Novak Hotels Private Limited over the Company's Property namely Hyatt regency, Mumbai to secure the borrowing of the company amounting to Rs. 390 Crores availed/ to be availed from Novak Hotels Private Limited (a company belonging to Saraf Group).

However, no Form CHG-1 was filed during the audit period. As informed by the Company, no formal loan agreement entered into between the company and Novak Hotels Private Limited post CIRP.

We further report that, as per Clause (v) of Schedule 2 to the Framework Agreement, the Saraf Group shall have the option to acquire Hyatt Regency, Mumbai, being the principal asset of the Company, at any time after the successful withdrawal of the Corporate Insolvency Resolution Process (CIRP) and revocation of the trading suspension. Further, upon exercise of such option by the Saraf Group, neither the Company nor the Saraf Group shall be liable to make any further payment to each other. Although the Company is not a party to the said Framework Agreement, the subsequent actions of the Board of Directors of the Company in seeking and obtaining shareholders' approval for securing the amounts received from the Saraf Group by creation of charge/lien over Hyatt Regency, Mumbai, indicate that the Board of Directors had taken cognizance of the Framework Agreement.

Date:
Place: New Delhi

For Hemant Singh & Associates
Company Secretaries

Hemant Kumar Singh
(Partner)
Membership No: F6033
COP No: 6370
UDIN: F006033H000476767
PR NO.:7126/2025

This Report is to be read with Annexure A, which forms an integral part of this report.

Annexure A

To,

The Members,

Registered Office: 6th Floor Aria Towers JW Marriott

New Delhi Aerocity Asset Area 4 Hospitality District

Near IGI Airport, South West Delhi, New Delhi- 110037

Based on audit, our responsibility is to express an opinion on the compliance with the applicable laws and maintenance of records by the Company. We conducted our audit in accordance with the auditing standards CSAS-1 to CSAS-4("CSAS") prescribed by the ICSI. These standards require that the auditor complies with statutory and regulatory requirements and plans and performs the audit to obtain reasonable assurance about compliance with applicable laws and maintenance of records.

Due to inherent limitations of an audit including internal, financial and operating controls, there is an avoidable risk that some misstatements or material non-compliance may not be detected, even though the audit is properly planned and performed in accordance with the CSAS. Our report of even date is to be read along with this letter.

Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on the random test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for your opinion.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
The compliance of the provisions of the Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on random test basis.
The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

Date: 25.05.2026

Hemant Kumar Singh

(Partner)

Membership No: F6033

COP No: 6370

UDIN F006033H000476767

PR NO.: 7126/2025

Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2025
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,
The Members,
Aria Hotels and Consultancy Services Private Limited (CIN: U74140DL2007PTC163275)
6th Floor Aria Towers JW Marriott New Delhi Aerocity Asset Area 4 Hospitality District Near IGI Airport New Delhi – 110037

Sir,

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Aria Hotels and Consultancy Services Private Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Aria Hotels and Consultancy Services Private Limited’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March, 2026 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March, 2026 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder.
(ii) The Depositories Act, 1996 and the Regulations and Byelaws framed thereunder.
(iii) Other laws as applicable specifically to the Company as follows:
- The Legal Metrology Act, 2009 and rules and regulations made thereunder.
- Food Safety and Standards Act, 2006 and rules and regulations made thereunder.

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by the Institute of Company Secretaries of India as notified by Ministry of Corporate Affairs.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors, Independent Directors and woman director. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance (Except in cases where the meeting is held on shorter notice) and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting member's views are captured and recorded as part of the Minutes.

We further report that there are adequate systems and processes in the company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, the following events have taken place in the company:

Appointment of Ms. Mekhala Sengupta as an Independent woman director of the company w.e.f. 01st April, 2025.
Cessation of Mr. Ravinder Singhania as an Independent director of the company w.e.f. 19th August, 2025.
Appointment of Mr. Raman Singh Sindhu as an additional Independent Director of the company by the Board of Directors of the company vide their meeting dated 12th August 2025.
The company has passed Special resolution in the Extra-Ordinary General Meeting of the shareholders of the company held on 19th August, 2025 for the approval of appointment of Mr. Raman Singh Sindhu as Independent Director of the company.
Appointment of Mr. Rohit Rajpal as an additional Independent Director of the company by the Board of Directors of the company vide their meeting dated 10th November, 2025.
The company has passed Special resolution in the Extra-Ordinary General Meeting of the shareholders of the company held on 11th November, 2025 for the approval of appointment of Mr. Rohit Rajpal as Independent Director of the company.

We further report that:

Except for what is stated above the Company has not undertaken any specific events / actions having a major bearing on the Company's affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards.

For D.S. Associates
Company Secretaries

Dhawal Kant Singh
Partner
M. No.: F8687
C P No.: 7347
Peer Review No. 1724/2022 Unique
Code: P2007DE086800
UDIN:F008687H000389531

Place : New Delhi
Date : 22.05.2026

To,

The Members,

Aria Hotels and Consultancy Services Private Limited

(CIN: U74140DL2007PTC163275)

6th Floor Aria Towers JW Marriott New Delhi Aerocity

Asset Area 4 Hospitality District Near IGI Airport

New Delhi – 110037

Sir,

Our report of even date is to be read along with this letter.

Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express an opinion on these records based on our audit.
We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed, provide a reasonable basis for our opinion.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.
The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For D.S. Associates

Company Secretaries

Dhawal Kant Singh

Partner

M. No.: F8687

C P No.: 7347

Peer Review No. 1724/2022 Unique

Code: P2007DE086800

UDIN:F008687H000389531

Place : New Delhi

Date: 22.05.2026

ANNEXURE 5 TO THE DIRECTORS' REPORT

FORM NO.AOC-2

[pursuant to Clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013, and rule 8(2) of the Companies (Accounts)Rule, 2014]

This Form pertains to the disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms' length transactions under third proviso thereto.

A. Details of contracts or arrangements or transactions not at arm's length basis for the year ended 31st March,2026: Not Applicable
B. Details of material contracts or arrangements or transactions at arm's length basis for the year ended 31st March, 2026, are as follows:

Sl. No.	Name of related Party and Nature of relationship	Nature of contract/ arrangements/ transactions	Duration of contract/ arrangements/ transactions	Salient terms of contracts or arrangements or transactions including the value, if any:	Amount paid (amount in Rs. Lakhs)
1	M/s Aria Hotels and Consultancy Services Private Limited	GST paid on Interest Free Refundable Security Deposit (IFRSD) for commercial space acquired by Company in the J.W. Marriott Hotels Commercial Tower.	Monthly Transaction	Payment of GST on Interest Free Refundable Security Deposit for commercial space acquired by Company in the J.W. Marriott Hotel Commercial Tower in terms of agreements entered.	75.11
		License Fee for the Financial Year 2025-26(Excluding GST amount)	One Time Transaction	License Fee for the Financial Year 2025-26(Excluding GST amount)	29.76

Details of all Related Party Transactions are given in note no 37 of the Financial Statement for the Financial Year ended March 31, 2026

For and on behalf of the Board of Asian Hotels (West) Limited

Place : New Delhi
Date: May 25, 2026

Sandeep Gupta
Chairman and Non-Executive Director
(DIN- 0005794)

ANNEXURE 6
TO THE DIRECTORS' REPORT

INFORMATION RELATING TO ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO FORMING PART OF DIRECTORS' REPORT IN TERMS OF SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 READ WITH Rule 8(3) THE COMPANIES (ACCOUNTS) RULES, 2014

A. CONSERVATION OF ENERGY

During the period under review, the Company did not carry out any operations. Hence there was no consumption of power apart from normal usage for upkeeping the facility.

B. TECHNOLOGY ABSORPTION

In the opinion of the Board, the required particulars, pertaining to technology absorption in terms of Rule 8(3) of the Companies (Accounts) Rules, 2014, are not applicable as hotels form part of the service industry and the Company does not have any significant manufacturing operations.

C. FOREIGN EXCHANGE EARNING AND OUTGO

There were no foreign exchange earnings and outgo during the period under review.

Place : New Delhi
Date: May 25, 2026

Sandeep Gupta
Chairman and Non-Executive Director
(DIN- 0005794)

INDEPENDENT AUDITORS' REPORT

To the Members of Asian Hotels (West) Limited

Report on the Audit of the Standalone Financial Statements

Adverse Opinion

We have audited the accompanying Standalone Financial Statements of Asian Hotels (West) Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and notes to the standalone financial statements including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, because of the significance of the matters described in the Basis for Adverse Opinion section of our report, the aforesaid standalone financial statements do not give the information required by the Companies Act, 2013 ("the Act") in the manner so required and do not give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the state of the affairs of the Company as at March 31, 2026, its loss (including other comprehensive loss), changes in equity and its cash flows for the year ended on that date.

Basis for Adverse Opinion

We draw attention to Note 44 to the standalone financial statements:

a. As per clause (v) of Schedule 2 to the Framework Agreement, Saraf Group shall have the option to buy the Hyatt Regency, Mumbai (the principal asset of the Company) from the Company any time after the successful withdrawal of Corporate Insolvency Resolution Process and revocation of the Trading suspension. Moreover, in case of exercise of such option by Saraf Group, neither the Company nor Saraf Group shall be liable to pay any other amount to each other. Though the Company is not a party to the said Framework Agreement, the subsequent actions of the Board of Directors of the Company, in seeking and obtaining the approval of the shareholders of the Company to secure the amounts received from Saraf Group to create charge/lien over Hyatt Regency, Mumbai indicates that the Board of Directors of the Company have taken cognizance of the Framework Agreement. We also note that in the audited financial statements of Novak Hotels Private Limited, the party who has been identified by Saraf Group as the person who has funded the said amount of Rs. 39,000 lakhs has stated these amounts as advances for acquiring Hyatt Regency, Mumbai.

In this regard, the following matters are noted and hereby reported:

i. Considering the provisions of the Framework Agreement providing an option to Saraf Group to acquire Hyatt Regency, Mumbai and manner of presentation of such

amounts by the Group Company of Saraf Group, we are unable to state if the classification of amounts received is in the nature of a borrowing or an advance for sale of assets and the presentation of such amounts as non-current.

ii. Section 180(1)(a) of the Act restricts the power of the Board of Directors from sale, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company without the prior approval of the members of the Company. In the instant case, the approval of the members of the Company was obtained only for creating security on the assets and the information regarding the exercise of option granted to Saraf Group was not informed to the members.

iii. Though the members of the Company approved creation of a charge / security on Hyatt Regency, Mumbai, the Company is yet to file the necessary forms with the Ministry of Corporate Affairs and therefore is not in compliance with the requirements of the Act.

iv. If the intention is to sell Hyatt Regency, Mumbai in return of the fund infusion by Saraf Group, these financial statements should have been prepared considering the requirement of Ind AS 105 "Non-current assets held for sale and discontinued operations. Also refer our reporting on Going Concern assumption in paragraph 2 below.

b. The Company has not recognized interest expense of Rs. 7,845.07 lakhs and certain expenses of Rs. 1,598.39 lakhs towards reimbursement, as claimed by Saraf Group. In the absence of agreed terms and conditions in respect of the amounts received, we are unable to comment on the amount of interest that should have been accrued by the Company in these standalone financial statements. Notwithstanding the above, if the amounts received are in the nature of borrowings as considered by the Company, as per section 186(7) of the Companies Act, 2013, such borrowings shall have a minimum interest rate that is not lower than the prevailing yield of one year, three-year, five year or ten-year government security closest to the tenor of the loan. However, even considering the minimum rate of interest as stipulated in Section 186(7) of the Act, such interest amount that has not been recognised in these standalone financial statements is expected to be material and will represent a substantial proportion of the standalone financial statements.

c. Further, there is an unreconciled balance of Rs. 242.64 lakhs in the amounts stated as borrowings in note 20 to the standalone financial statements for the year ended March 31, 2026, the recorded balance in the standalone financial statements being lower.

The Company has prepared these standalone financial statements on a going concern basis considering the approved settlement proposal under Section 12A of IBC 2016 and the steps being taken by the Company to meet its regulatory requirements and reporting obligations. However, the Company's current liabilities exceed the current assets by Rs. 42,432.87 lakhs as at March 31, 2026. Considering the above and in the absence of sufficient appropriate audit evidence to support the Company's ability to meet its obligations, a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern and the standalone financial statements have not been prepared on any other basis of accounting acceptable in the circumstances and also do not adequately disclose this matter.
The Company has neither provided us with proper records showing full particulars, including quantitative details and situation of property, plant and equipment nor has provided us with the information regarding the physical verification of property, plant and equipment. Therefore, we are unable to comment on the existence of the property, plant and

equipment balance of Rs. 1,491.64 lakhs as stated in note 3.1 to the accompanying standalone financial statements.

Outstanding recoverable/payables balances with the Government Authorities are subject to reconciliation with the statutory records and consequential adjustment, if any. Further, in the absence of complete period details of "statutory dues payable" as referred in note 4 to the standalone financial statements, we are unable to comment on the adequacy of interest expense on statutory dues recognized in the standalone statement of profit and loss for the year ended March 31, 2026.

Had the impact of observations mentioned in para 1(b) being considered, the total expenses for year ended March 31, 2026 would have been higher by Rs. 9,443.46 lakhs, resulting in increase in net loss before tax by Rs. 9,443.46 lakhs for the year ended March 31, 2026. The loss would have been Rs. 10,447.77 lakhs instead of reported loss of Rs. 1,004.31 lakhs. The total comprehensive loss would have been Rs. 10,298.33 Lakhs as against the reported total comprehensive loss of Rs. 854.87 lakhs and the loss per share would have been Rs. 90.05 per share as against the reported loss per share Rs. 7.34 per share.

We conducted our audit of standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matters described in the Basis for Adverse Opinion section, we have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
Disclosure and Classification of Amount received as per Framework Agreement
We refer to Note 44 to the standalone financial statements.
i. As per clause (v) of Schedule 2 to the Framework Agreement, Saraf Group shall have the option to buy the Hyatt Regency, Mumbai (the principal asset of the Company) from the Company any time after the successful withdrawal of CIRP and revocation of the Trading	In view of the significance of the matter, we applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence.
1. We have verified and reviewed bank statements in respect of receipt of Rs. 39,000 Lakhs.
2. We have obtained ledger accounts and balance confirmations from the party in respect of such amount. However, the balances in the books of the Company are not

Key audit matter	How our audit addressed the key audit matter
suspension. Moreover, in case of exercise of such option by Saraf Group, neither the Company nor Saraf Group shall be liable to pay any other amount to each other. Though the Company is not a party to the said Framework Agreement, the subsequent actions of the Board of Directors of the Company, in seeking and obtaining the approval of the shareholders of the Company to secure the amounts received from Saraf Group to create charge/lien over Hyatt Regency, Mumbai indicates that the Board of Directors of the Company have taken cognizance of the Framework Agreement. We also note that in the audited financial statements of Novak Hotels Private Limited, the party who has been identified by Saraf Group as the person who has funded the said amount of Rs. 39,000 lakhs has stated these amounts as advances for acquiring Hyatt Regency, Mumbai.	tally with the confirmation received from the party. We have been informed by the Company that these balances are under reconciliation with the party.
3. Assessed the materiality of the unreconciled amounts in the context of the financial statements as a whole.
4. Assessed compliance with the relevant disclosure requirements.
In this regard, the following matters are noted and hereby reported:	Since there are contradictory information in the audit evidence provided to us, this is a matter of modification in our Audit Report. See paragraph 1 of Basis for Adverse Opinion section above.
i. Considering the provisions of the Framework Agreement providing an option to Saraf Group to acquire Hyatt Regency, Mumbai and manner of presentation of such amounts by the Group Company of Saraf Group, we are unable to state if the classification of amounts received is in the nature of a borrowing or an advance for sale of assets and the presentation of such amounts as non-current.
ii. Section 180(1)(a) of the Act restricts the power of the Board of Directors from sale, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company without the prior approval of the members of the Company. In the instant case, the approval of the members of the Company was obtained only for creating security on the assets and the information

Key audit matter	How our audit addressed the key audit matter
regarding the exercise of option granted to Saraf Group was not informed to the members.
iii. Though the members of the Company approved creation of a charge / security on Hyatt Regency, Mumbai, the Company is yet to file the necessary forms with the Ministry of Corporate Affairs and therefore is not in compliance with the requirements of the Act.
iv. If the intention is to sell Hyatt Regency, Mumbai in return of the fund infusion by Saraf Group, these financial statements should have been prepared considering the requirement of Ind AS 105 “Non-current assets held for sale and discontinued operations. Also refer our reporting on Going Concern assumption in paragraph 3 below.
b. Further, the Company has not recognized interest expense amounting to Rs. 7,845.07 lakhs and certain expense reimbursements amounting to Rs. 1,598.39 lakhs, as claimed by the entity which advanced the funds. Due to the absence of agreed terms for these advances, we are unable to determine the amount of interest and expenses that should have been recognized in the standalone financial statements. Notwithstanding this, if the said advances are considered to be borrowings—as assumed by the Company—then, as per the provisions of Section 186(7) of the Companies Act, 2013, a minimum interest should be charged based on the prevailing yield of government securities corresponding to the tenor of the loan. Even by applying this statutory minimum rate, the unrecognized interest would be material and would have a significant impact on the standalone financial statements.
Additionally, as disclosed in Note 20 to the standalone financial statements, there is an unreconciled difference of Rs.242.64 lakhs between the Company’s records and the balance reported, with the balance recorded

Key audit matter	How our audit addressed the key audit matter
in the standalone financial statements being lower.
Due to the significance of the matters described above and their pervasive impact on the standalone financial statements, this matter was considered to be of significant importance in our audit of the standalone financial statements
Assessment of Going Concern
The Company has prepared these standalone financial statements on a going concern basis considering the approved the settlement proposal under Section 12A of IBC 2016 and the steps being taken by the Company to meet its regulatory requirements and reporting obligations. However, the Company’s current liabilities exceeds the current assets by Rs. 42,432.87 lakhs as at March 31, 2026. Considering the above and in the absence of sufficient appropriate audit evidence to support the Company’s ability to meet its obligations, a material uncertainty exists that may cast significant doubt on the entity’s ability to continue as a going concern and the standalone financial statements have not been prepared on any other basis of accounting acceptable in the circumstances and also do not adequately disclose this matter.

We considered this matter to be of significance as it relates to the generally accepted fundamental accounting assumptions. | In view of the significance of the matter, we applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence.
1. We have obtained and reviewed the approved resolution plan
2. We have evaluated the assessment of going concern considering the indicators of going concern as provided under SA 570 Going concern.
3. Reviewed minutes of board meetings and post-CIRP correspondence to identify developments related to operational continuity and financial restructuring.
4. We have requested the management of the Company to provide any future business plans in support of going concern.

The Company’s current liabilities are more than the current assets as at March 31, 2026. In the absence of any convincing audit evidence to support the going concern assumptions, this matter has also been highlighted in Basis for Adverse Opinion section of our report |
| Outstanding recoverable/payables balances with the Government Authorities are subject to reconciliation with the statutory records and interest liability thereon.
As described in Note 46 to the standalone financial statements, the Company has significant outstanding balances recoverable from and payable to various Government Authorities, which are subject to reconciliation with statutory records and consequential adjustments, if any.
In the absence of complete and detailed aging or period-wise breakup of “statutory dues payable,” we were unable to assess the | In view of the significance of the matter, we applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence.
1. We have asked from the management the period wise details and reconciliation of statutory dues payable and recoverable with the statutory records which the Company has confirmed that these balances are under reconciliation.
2. We have been informed by the Company that these balances are pending since long and period wise details cannot be provided at this stage and therefore interest expenses on these statutory dues cannot be determined and |

Key audit matter	How our audit addressed the key audit matter
accuracy and completeness of interest expense recognized on delayed payments of statutory dues in the standalone statement of profit and loss for the year ended March 31, 2026.

Given the materiality of these balances and the associated interest expense, as well as the judgment involved in determining the amounts payable and recoverable, and in view of the absence of sufficient supporting information and reconciliations, this matter was considered to be of significant importance in our audit of the standalone financial statements. | hence not provided for in the standalone financial statements.
Therefore, this matter has also be highlighted in Basis for Adverse Opinion section of our report. |

Information other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation and presentation of its report (herein after called as "Board Report") which comprises various information required under section 134(3) of the Companies Act 2013 but does not include the financial statements and our auditor's report thereon. The Board Report is expected to be made available to us after the date of our audit report.

Our opinion on the standalone financial statements does not cover the Board Report and we do not express any form of assurance conclusion thereon.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance, total comprehensive loss, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors and management are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of Standalone Financial Statements

Our Objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has an adequate internal financial control with reference to the standalone financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, Structure, and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all

relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2020 ("the Order, 2020"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, 2020.
With respect to the other matters to be included in the Auditor's report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the Company has paid managerial remuneration to its directors in accordance with the provisions of the Section 197 of the Act during the year.

As required by Section 143 (3) of the Act, based on our audit we report that:

(a) We sought and, except for the effect of the matters described in paragraphs 1.b, 2, 3 and 4 of the Basis for Adverse Opinion section of our report, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying standalone financial statements.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with Indian Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under.

(e) The matters described in the Basis for Adverse Opinion section of our report and the matters reported in our report on CARO 2020 included as "Annexure A" to this report, in our opinion, may have an adverse effect on the functioning of the Company.

(f) On the basis of written representations received from the directors as on March 31, 2026 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of section 164(2) of the Act.

(g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" wherein we have provided an Adverse Opinion.

(i) The Company has disclosed the impact of pending litigations on its financial position. Refer Note 33A to the Standalone Financial Statements.

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(iv) (a) The management has represented that, to the best of its knowledge and belief, to the standalone financial statements, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The management has represented, that, to the best of its knowledge and belief, to the standalone financial statements, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) of the Companies (Audit and Auditors) Rules, as provided under (a) and (b) above, contain any material misstatement.

(v) The Company has neither declared nor paid any dividend during the year.

(vi) Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

Further, we did not come across any instance of the audit trail feature being tampered with. Additionally, where audit trail (edit log) facility was enabled and operated in the previous years, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For J. C. Bhalla & Co.
Chartered Accountants
Firm's Registration No. 001111N

(Akhil Bhalla)
Partner
Membership No. 505002
UDIN: 26505002SPKQVB6070

Annexure A to the Independent Auditor’s Report referred to in paragraph 1 under the heading “Report on other Legal and Regulatory requirements” of our report of even date on the Standalone Financial Statements of Asian Hotels (West) Limited.

Based on the audit procedure performed for the purpose of issuing an opinion on the Standalone Financial Statements of the Company and taking into consideration the information and explanations given to us and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(a) In respect of the Company’s Property, Plant and Equipment and Intangible Assets:

(A) The Company has not provided us with proper records showing full particulars including quantitative details and situation of Property, Plant and Equipment.

(B) The Company does not have any Intangible assets as at the balance sheet date. Accordingly, clause (i)(a)(B) of Paragraph 3 of the Order 2020 is not applicable to the Company.

(b) The Company has not provided us with the details of physical verification of Property, Plant and Equipment during the year. Therefore, we are unable to comment on the clause (i)(b) of paragraph 3 of the Order, 2020 for the Company.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favor of the lessee) disclosed in the standalone financial statements are held in the name of the Company.

(d) According to the information and explanations given to us, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. Accordingly, clause (i)(d) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(e) According to the information and explanations given to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Accordingly, clause (i)(e) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(a) According to the information and explanations given to us, the Company does not have any inventories as at March 31, 2026. Accordingly, clause (i)(d) of paragraph 3 of the Order, 2020 is not applicable to the Company.

(b) In our opinion and according to the information and explanations given to us, the Company has not been sanctioned working capital limits in excess of five crores rupees, in aggregate, from banks or financial institutions on the basis of security of current assets at any point during the year. Accordingly, clause (ii)(b) of paragraph 3 of the Order, 2020 is not applicable to the Company.

According to the information and explanations given to us, the Company has not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties, during the year. Accordingly, clause (iii) of paragraph 3 of the Order, 2020 is not applicable to the Company.
In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not given any loans, or made any investments, or provided any guarantee, or security as specified under section 185 and 186 of the Companies Act, 2013 during the year. Accordingly, clause (iv) of paragraph 3 of the Order, 2020 is not applicable to the Company.
As per the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of Section 73 to Section 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under during the year. Accordingly, clause (v) of paragraph 3 of the Order, 2020 is not applicable to the Company's
According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, in respect of services rendered by the Company. Accordingly, clause (vi) of paragraph 3 of the Order, 2020 is not applicable to the Company.
a) According to the information and explanations given to us and on the basis of our verification of records of the Company, except for the possible impact of the matter referred to in the Basis for Adverse Opinion section of our report, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues applicable to it though there has been delay in a few cases. According to the information and explanations given to us, except for the possible impact of the matter referred to in the Basis for Adverse Opinion section of our report, no undisputed amounts payable in respect of aforesaid dues were in arrears as at March 31, 2026 for a period of more than six months from the date they became payable except as follows:

Name of the Statute	Nature of the Dues	Amount (In Rs. Lakhs)	Period to which the amount relates	Due Date	Date of Payment
Employees' Provident Funds and Miscellaneous Provisions Act, 1952	Provident Fund	69.69	FY 2021-22	Multiple	Not paid
Employees' State Insurance Act, 1948	ESIC	3.64	FY 2021-22	Multiple	Not paid
The Maharashtra State Tax on Professional Act, 1975	Professional Tax	1.84	FY 2021-22	Multiple	Not paid

Name of the Statute	Nature of the Dues	Amount (In Rs. Lakhs)	Period to which the amount relates	Due Date	Date of Payment
Income Tax Act, 1961	TDS on Salaries	70.10	Pertains to FY 2021-22	Multiple	Not paid
Goods and Service Tax Act, 2017*	Goods and Service Tax	28.98	Pertains to FY 2022-23 and FY 2023-24	Multiple	Not paid
Custom Act, 1962*	Custom Duty Payable	95.12	Pertains to FY 2020-21	Multiple	Not paid
Income Tax Act, 1961	TDS (As per Traces website)	0.06	Pertains to FY 2015-16, FY 2023-24 and FY 2024-25	Multiple	Not paid

b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Goods and Services Tax, Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues which have not been deposited with the appropriate authorities on account of any dispute except as follows:

Name of the Statute	Nature of the Dues	Amount (In Rs. Lakhs)	Amount deposited under protest (In Rs. Lakhs)	Period to which the amount relates	Forum Where dispute is pending
Employees' Provident Funds and Miscellaneous Provisions Act, 1952	Provident Fund including Interest and penalty	188.57	-	Pertains to FY 2021-22	Appellate Tribunal
Goods and Service Tax Act, 2017	Goods and Service Tax- Delhi	Tax -30.98 Penalty- 30.97	3.10	Pertains to FY 2018-19 to FY 2021-22	Appeals

According to the information and explanations given to us, there are no transactions, which are not recorded in the books of account, have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Accordingly, clause (viii) of paragraph 3 of the Order, 2020 is not applicable to the Company.
a) Except for the impact of the matter referred to in the Basis for Adverse Opinion section of our report, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

b) According to the information and explanations given to us, the Company is not a declared wilful defaulter by any bank or financial institution or other lender.

c) Except for the impact of the matter referred to in the Basis for Adverse Opinion section of our report, the Company has not obtained any term loan during the year. Accordingly, clause (ix)(c) of paragraph 3 of the Order, 2020 is not applicable to the Company.

d) According to the information and explanations given to us, and the procedures performed by us, no funds raised on short-term basis have been used for long-term purposes by the company.

e) According to the information and explanations given to us, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures. Accordingly, clause (ix)(e) of paragraph 3 of the Order, 2020 is not applicable to the Company.

f) According to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, associates or joint ventures companies. Accordingly, clause (ix)(f) of paragraph 3 of the Order, 2020 is not applicable to the Company.

a) On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to information and explanation given to us, the Company has not raised any money by way of initial public offer or further public offer (including debts instruments) during the year. Accordingly, clause (x)(a) of paragraph 3 of the Order, 2020 is not applicable to the Company.

b) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during the year. Accordingly, clause (x)(b) of paragraph 3 of the Order, 2020 is not applicable to the Company.

a) During the course of our examination of the books of accounts and records carried out in accordance with the generally accepted auditing practices and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year.

b) No report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause (xii) of paragraph 3 of the Order, 2020 is not applicable to the Company.
In our opinion and according to the information and explanations given to us, all transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further, the details of such related party

transactions have been disclosed in the standalone financial statements, as required under Indian Accounting Standard (Ind AS) 24, "Related Party Disclosures" specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.

a) In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and nature of its business.

b) We have considered the internal audit reports of the Company issued till date, for the period under audit.

According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with any of the directors or persons connected with him. Accordingly, clause (xv) of paragraph 3 of the Order, 2020 is not applicable to the Company.
a) According to the information and explanations given to us the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, Clause (xvi) of paragraph 3 of the Order 2020 is not applicable to the Company.

b) There is no Core Investment Company as a part of the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016), hence, the requirement to report on clause (xvi)(d) of paragraph 3 of the Order, 2020 is not applicable to the Company.

According to the information and explanations given to us and based on our examination of the Company's records, after considering the impact of the matter referred to in 1(b) of the Basis for Adverse Opinion sections of our report, the Company has incurred cash losses of Rs. 9,667.93 lakhs and Rs. 6,020.34 lakhs in the current financial year and in the immediately preceding financial year respectively.
According to the information and explanations given to us, there has been no resignation of the statutory auditors during the year and accordingly clause (xviii) of paragraph 3 of the Order, 2020 is not applicable to the Company.
According to the information and explanations given to us and on the basis of the financial ratios disclosed in Note 41 to the Standalone Financial Statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, causes us to believe that there may exist material uncertainty as on the date of the audit report that Company may not be capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. However, management has informed us that, based on the business plan and other mitigating factors, the Company is capable of meeting its liabilities as and when they fall due within one year from the balance sheet date. We clarify that this does not provide any assurance regarding the future viability of the Company, and our reporting is based on facts available up to the date of the audit report.
In our opinion and according to the information and explanations given to us, the Company is not required to spend any amount on account of Corporate Social Responsibility as per the relevant provisions of section 135 of the Act. Accordingly, Clause (xx) of paragraph 3 of the Order 2020 is not applicable to the Company.

For J. C. Bhalla & Co.
Chartered Accountants
Firm's Regn. No. 001111N

(Akhil Bhalla)
Partner
Membership No. 505002
UDIN: 26505002SPKQVB6070
Place: New Delhi
Date: May 25, 2026

Annexure B to the Independent Auditor’s Report referred to in paragraph 3(g) under the heading “Report on other Legal and Regulatory requirements” of our report of even date on the Standalone Financial Statements of Asian Hotels (West) Limited

Report on the Internal Financial Controls with reference to the Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls with reference to standalone financial statements of Asian Hotels (West) Limited (“the Company”) as of March 31, 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls with reference to standalone financial statements

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility for Internal Financial Controls with reference to the Standalone Financial Statements

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statement included obtaining an understanding of internal financial controls with reference to the standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse audit opinion on the Company’s internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to the Financial Statements

A company's internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the standalone financial statements.

Adverse Opinion

Due to the effect of the matters stated in the Basis of Adverse Opinion section below, in our opinion, the Company did not maintain internal financial controls with reference to the standalone financial statements during the year ended March 31, 2026.

Basis of Adverse Opinion

(a) The Company did not have adequate controls over obtaining confirmation of balances from lenders, reconciling such balances and recording entries or taking other actions, as maybe deemed necessary to address such differences.
(b) The Company's controls over assessing appropriateness of use of going concern assumption were not adequate since the assessment of the Company in the use of such assumption did not consider the financial condition of the Company as stated in the standalone financial statements nor was supported by business plans.
(c) The Company's internal controls did not address the assertion of existence of the Company's Property Plant and Equipment and therefore its valuation as at March 31, 2026.
(d) The Company's internal controls did not enable the determination and accrual of interest that may be due on delayed remittances of statutory dues.

We have considered the adverse opinion reported above in determining the nature, timing, and extent of audit tests applied in our audit of the standalone financial statements of the Company, and the adverse opinion has affected our opinion on the standalone financial statements of the Company and we have issued an adverse opinion on the standalone financial statements.

For J. C. Bhalla & Co.

Chartered Accountants

Firm Registration No. 001111N

Akhil Bhalla

Partner

Membership No: 505002

UDIN: 26505002SPKQVB6070

Date: May 25, 2026

CIN: L55101DL2007PLC157518

Standalone Balance Sheet as at March 31, 2026

(All amount in ₹ lakhs, unless otherwise stated)

Particulars	Note	As at March 31, 2026	As at March 31, 2025
I ASSETS
(1) Non-current assets
(a) Property, plant and equipment	3.1	19,320.86	19,857.71
(b) Right-of-use assets	4	2,389.28	2,482.51
(c) Financial assets
(i) Investments	5	32,745.80	32,745.80
(ii) Other financial assets	6	267.77	242.36
(d) Income tax assets	7	195.78	208.02
(e) Other non current assets	8	0.05	-
		54,919.54	55,536.40
(2) Current assets
(a) Financial assets
(i) Investments	9	7.30	7.35
(ii) Cash and cash equivalents	10	118.68	695.65
(iii) Bank balances other than (ii) above	11	1.92	10.50
(iv) Other financial assets	12	0.14	8.18
(b) Other current assets	13	355.80	476.74
		483.85	1,198.43
TOTAL		55,403.39	56,734.83
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital	14	1,165.12	1,165.12
(b) Other equity	15	8,881.60	9,736.47
		10,046.72	10,901.59
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings	16	650.00	650.00
(ii) Lease liabilities	4	444.01	444.77
(iii) Other financial liabilities	17	279.83	257.93
(b) Deferred tax liabilities (net)	18	1,015.98	1,165.43
(c) Other non current liabilities	19	44.42	65.07
(d) Long Term Provision	24	5.71	-
		2,439.95	2,583.20
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings	20	39,000.00	39,000.00
(ii) Lease liabilities	4	31.39	15.10
(iii) Trade payables	21
- outstanding dues of micro enterprises and small enterprise		6.91	0.25
- outstanding dues of creditors other than micro enterprises and small enterprises
(iv) Other financial liabilities	22	402.71	310.21
(b) Other current liabilities	23	2,844.12	2,678.06
(c) Short Term Provision	24	442.94	1,023.77
		188.66	222.64
		42,916.72	43,250.03
TOTAL		55,403.39	56,734.83

Statement of corporate information and Material Accounting Policies 1 & 2
The accompanying notes form an integral part of the standalone financial statements

As per our report of even date

For J. C. Bhalla & Co.

For and on behalf of Board of Directors of Asian Hotels (West) Limited

Chartered Accountants

Firm Registration No. 001111N

Akhil Bhalla
Partner
Membership No. 505002

Sandeep Gupta
Chairman & Non-Executive Director
DIN: 00057942

Rakesh Kumar Aggarwal
Executive Director
DIN: 00050436

Place: New Delhi
Date: 25.05.2026

Harish Kumar Gautam
Chief Financial Officer
PAN: AIWPG5168K

Nidhi Khandelwal
Company Secretary
Membership No: A20562

Asian Hotels (West) LimitedCIN: L55101DL2007PLC157518

Standalone statement of Profit and Loss for the year ended March 31,2026

(All amount in ₹ lakhs, unless otherwise stated)

Particulars	Note	For the year ended March 31, 2026	For the year ended March 31, 2025
INCOME
I Revenue from operations	25	-	-
II Other income	26	579.14	564.43
III Total income (I+II)		579.14	564.43
IV EXPENSES
Employee benefits expense	27	106.17	79.25
Finance Cost	28	265.15	329.13
Depreciation and amortisation expense	29	630.41	669.92
Other expenses	30	581.72	396.15
Total expenses (IV)		1,583.45	1,474.45
V Profit / (loss) before exceptional items and tax (III-IV)		(1,004.31)	(910.02)
VI Exceptional Items(Net)		-	2,679.78
VII Profit / (Loss) after exceptional items and before tax (V-VI)		(1,004.31)	(3,589.80)
VIII Tax expense	31
(i) Current Tax		-	-
(ii) Income tax adjustments relating to earlier year		-	-
(iii) Deferred tax (credit)/charge		(149.44)	38.20
Total tax expense (VIII)		(149.44)	38.20
IX Profit / (loss) for the year (VII-VIII)		(854.87)	(3,628.00)
X Other comprehensive income / (loss)
Items that will not be reclassified to profit or loss:
- Remeasurement gains / (losses) on defined benefit obligation		-	-
- Income tax relating to items that will not reclassified to profit or loss		-	-
Total other comprehensive income (net of tax)		-	-
XI Total comprehensive income for the year (IX + X)		(854.87)	(3,628.00)
XII Earning / (loss) per equity share of face value of Re. 10 each	32
Basic earnings per equity share (₹)		(7.34)	(31.14)
Diluted earnings per equity share (₹)		(7.34)	(31.14)

Statement of corporate information and Material Accounting Policies

1 & 2

The accompanying notes form an integral part of the standalone financial statements

As per our report of even date

For and on behalf of Board of Directors of Asian Hotels (West) Limited

Akhil Bhalla

Partner

Membership No. 505002

Sandeep Gupta

Chairman & Non-Executive Director

DIN: 00057942

Rakesh Kumar Aggarwal

Executive Director

DIN: 00050436

Place : New Delhi

Date : 25.05.2026

Harish Kumar Gautam

Chief Financial Officer

PAN: AIWPG5168K

Nidhi Khandelwal

Company Secretary

Membership No: A20562

Standalone Statement of Cash flow for the year ended March 31, 2026

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
Cash flow from operating activities
Net profit/ (loss) before tax (I)	(1,004.31)	(3,589.80)
Adjustments to reconcile profit/(loss) before tax to net cash flows:
Depreciation on Property, plant and equipment	537.18	577.10
Amortisation of right-of-use assets	93.23	92.82
Unrealised (gain)/loss on financial assets measured at FVTPL	0.05	(1.03)
Provision for gratuity	5.79	-
Rental Income (including amortisation of security deposit and fair value change adjustments)	(58.17)	(54.91)
Interest income on Income Tax Refund	(3.39)	(3.23)
Exceptional items written off	-	2,679.78
Finance and other costs (including fair value change adjustments)	265.15	260.93
Total (II)	839.85	3,551.46
Operating profit/ (loss) before working capital changes (I+II)	(164.46)	(38.34)
Working capital adjustments :
(Increase)/Decrease in financial assets and other assets	141.01	(1,418.29)
Increase/(Decrease) in trade payables	99.15	142.30
Increase/(Decrease) in financial liabilities, other liabilities and provisions	(638.21)	(1,207.69)
	(398.05)	(2,483.67)
Cash generated (used in)/ from Operating Activities	(562.51)	(2,522.01)
Income taxes (paid)/ refund (Net)	12.24	80.67
Net cash (used in)/ from Operating Activities (A)	(550.27)	(2,441.34)
Cash flow from investing activities
Purchase of property, plant and equipment	(0.33)	(0.96)
Interest received	3.39	3.23
Net Cash (used in)/ from Investing Activities (B)	3.06	2.27
Cash flow from financing activities
Payment against lease liabilities	(29.76)	(28.21)
Proceeds from short term borrowings	-	1,900.00
Net Cash (used in)/ from Financing activities [C]	(29.76)	1,871.79
Net increase/(decrease) in Cash and cash equivalents [A+B+C]	(576.97)	(567.28)
Cash and cash equivalents at the beginning of the year	695.65	1,262.93
Cash and cash equivalents at the end of the year	118.68	695.65
Cash and cash equivalents comprises of the following
Balances with banks in current accounts	118.53	695.62
Cash on hand	0.15	0.03
Cash and cash equivalents at the end of the year	118.68	695.65

Statement of corporate information and Material Accounting Policies

1 & 2

The accompanying notes form an integral part of the standalone financial statements

The above statement of cash flows has been prepared under the 'indirect method' as set out in Ind AS 7 'Cash Flow Statement'.

Partner

Membership No. 505002

Executive Director

DIN: 00057942

Rakesh Kumar Aggarwal

DIN: 00050436

Date : 25.05.2026

Harish Kumar Gautam

Chief Financial Officer

PAN: AIWPG5168K

Nidhi Khandelwal

Company Secretary

Membership No: A20562

Asian Hotels (West) Limited
CIN : L55101DL2007PLC157518
Standalone Statement of Changes in Equity for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

A Equity Share capital

Particulars	Equity Shares
	Numbers	Amount
Balance as at April 01, 2024	1,16,51,210	1,165.12
Shares issued during the year	-	-
Balance as at March 31, 2025	1,16,51,210	1,165.12
Shares issued during the year	-	-
Balance as at March 31, 2026	1,16,51,210	1,165.12

B Other equity

Particulars	Reserves and Surplus					Total
	Capital reserve	Securities premium	General reserve	Capital redemption reserve	Retained earnings/(Losses)
Balance as at April 01, 2024	1.41	723.02	15,653.24	990.00	(4,003.20)	13,364.46
Profit/(loss) for the year	-	-	-	-	(3,628.00)	(3,628.00)
Other comprehensive income for the year (net of tax)	-	-	-	-	-	-
Balance as at March 31, 2025	1.41	723.02	15,653.24	990.00	(7,631.20)	9,736.47
Profit/(loss) for the year	-	-	-	-	(854.87)	(854.87)
Other comprehensive income for the year (net of tax)	-	-	-	-	-	-
Balance as at March 31, 2026	1.41	723.02	15,653.24	990.00	(8,486.06)	8,881.60

Statement of corporate information and Material Accounting Policies 1 & 2
The accompanying notes form an integral part of the standalone financial statements

As per our report of even date
For J. C. Bhalla & Co.
Chartered Accountants
Firm Registration No. 001111N

Akhil Bhalla
Partner
Membership No. 505002

Sandeep Gupta
Chairman & Non-Executive Director
DIN: 00057942

Rakesh Kumar Aggarwal
Executive Director
DIN: 00050436

Place : New Delhi
Date : 25.05.2026

Harish Kumar Gautam
Chief Financial Officer
PAN: AIWPG5168K

Nidhi Khandelwal
Company secretary
Membership No: A20562

Notes to the standalone financial statements for the year ended March 31, 2026

3.1 Property, plant and equipment

Particulars	Land - freehold	Buildings	Furniture & fixture	Plant & Machinery	Vehicles	Total
Gross carrying value
As at April 01, 2024	9,684.81	12,245.63	401.93	5,008.34	73.27	27,413.98
Additions during the year	-	-	-	0.96	-	0.96
Disposals	-	-	-	-	-	-
As at March 31, 2025	9,684.81	12,245.63	401.93	5,009.30	73.27	27,414.94
Additions during the year	-	-	-	0.33	-	0.33
Disposals	-	-	-	-
As at March 31, 2026	9,684.81	12,245.63	401.93	5,009.63	73.27	27,415.27

Accumulated depreciation
As at April 01, 2024	-	3,278.23	224.41	3,409.71	67.78	6,980.13
Charge for the year	-	411.62	22.61	142.87	-	577.10
Disposals	-	-	-	-	-	-
As at March 31, 2025	-	3,689.85	247.02	3,552.58	67.78	7,557.23
Charge for the year	-	411.38	17.26	108.54	-	537.18
Disposals	-	-	-	-	-	-
As at March 31, 2026	-	4,101.23	264.28	3,661.12	67.78	8,094.41
Net carrying value
As at March 31, 2026	9,684.81	8,144.40	137.64	1,348.51	5.49	19,320.86
As at March 31, 2025	9,684.81	8,555.77	154.90	1,456.72	5.49	19,857.71

Asian Hotels (West) Limited
CIN: L55101DL2007PLC157518
Notes to the standalone financial statements for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

4 Leases

A Right of use asset

Particulars	Building	Amount
Gross carrying value
As at April 01, 2024	2,802.45	2,802.45
Additions on account of new leases	189.28	189.28
As at March 31, 2025	2,991.73	2,991.73
Additions on account of new leases		-
As at March 31, 2026	2,991.73	2,991.73
Accumulated depreciation		-
As at April 01, 2024	416.40	416.40
Charge for the year	92.82	92.82
As at March 31, 2025	509.22	509.22
Charge for the year	93.23	93.23
As at March 31, 2026	602.45	602.45
Net Block		-
As at March 31, 2025	2,482.51	2,482.51
As at March 31, 2026	2,389.28	2,389.28

The Company's leased assets mainly comprise of office premises (Including item of plant & machinery). With the exception of short-term leases, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability.

B Lease liabilities

Set out below are the carry amount of lease liabilities and movement during the period

Particulars	Amount
As at April 01, 2024	255.76
Additions on account of new leases	189.28
Add : Accretion of interest on lease liabilities for the year	43.04
Less: Lease payment for the year	(28.21)
As at March 31, 2025	459.87
As at April 01, 2025	459.87
Additions on account of new leases
Add : Accretion of interest on lease liabilities for the year	45.30
Less: Lease payment for the year	(29.76)
As at March 31, 2026	475.40

Lease liabilities are presented in the statement of financial position as follows:

Particulars	March 31 2026	March 31 2025
Non-current	444.01	444.77
Current	31.39	15.10

Asian Hotels (West) Limited
CIN: L55101DL2007PLC157518
Notes to the standalone financial statements for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

The lease liabilities are secured by the related underlying assets. The maturity analysis of lease liabilities are disclosed below:

Extension and termination options

The Company has considered option of extending the tenure by 30 years for the above building premises in lease period assessment since the Company can enforce its right to extend the lease beyond the initial lease period ending May 02, 2036 as the Company is likely to be benefited by exercising the such an extension option.

Lease payments not recognised as a liability

The Company has elected not to recognise a lease liability for short term leases (leases of expected term of 12 months or less) and low value assets. Payments made under such leases are expensed on a straight-line basis.

The expense relating to payments not included in the measurement of the lease liability is as follows:

Particulars	March 31 2026	March 31 2025
Short-term leases	0.00	0.00
Leases of low value assets	-	-

C The following are amounts recognised in profit or loss with respect to leasing arrangements:

Particulars	March 31 2026	March 31 2025
Amortisation expense on Right-of-use assets	93.23	92.82
Interest expense on lease liabilities	45.30	43.04
Rental income	(541.18)	(537.45)
Total	(402.66)	(401.59)

D Amounts recognised in the cash flow statement

The cash flow statement shows the following amounts relating to leases:

Particulars	March 31 2026	March 31 2025
Payment of lease liabilities	(29.76)	(28.21)
Total	(29.76)	(28.21)

E Undiscounted Lease Payments

The table below summarises the maturity profile of the Company's lease liabilities based on contractual undiscounted payments.

Particulars	March 31 2026	March 31 2025
(a) Not Later than one year	31.39	29.76
(b) Later than one year and not later than five years	143.83	136.33
(c) Later than five years	2,337.92	2,376.81

F Details about arrangements entered as a lessor

Operating lease

The Company has entered into a sublease arrangement for some part of premises taken on lease from the subsidiary company. The following table represents maturity analysis of future cashflows to be received from such agreements by the Company over their respective lease terms:

Particulars	March 31 2026	March 31 2025
(a) Not Later than one year	509.76	457.54
(b) Later than one year and not later than five years	1,169.99	1,627.50
(c) Later than five years	-	-

Notes to the standalone financial statements for the year ended March 31, 2026

Particulars		As at March 31, 2026	As at March 31, 2025
5	Investments (Non-current)
	Investments at cost
	Investment in unquoted equity instrument of Subsidiary (Refer note below)
	135,984,660 (Previous year : 135,984,660) of Aria Hotels & Consultancy Services Private Limited	32,745.80	32,745.80
	Total	32,745.80	32,745.80
	Refer note 35 for details of interest in the subsidiary
	Aggregate amount of unquoted investments	32,745.80	32,745.80
	Note:
	Investments in subsidiary is stated at cost as per Ind AS 27 "Separate Financial Statements".
6	Other financial assets (non-current)
	Unsecured, considered good
	At amortised cost
	Security deposits	267.77	242.36
	Total	267.77	242.36
	Note:
	Refer note 37 for disclosure of fair values in respect of financial assets measured at amortised cost and assessment of expected credit losses.
7	Income tax assets
	Advance income tax	195.78	208.02
	Total	195.78	208.02
8	Other non-current assets
	Prepaid expenses	0.05	-
	Total	0.05	-
9	Investments (Current)
	Investments at fair value through profit and loss (FVTPL):
	Quoted equity shares:
	1155 (Previous year : 1,655 ) shares held for trading	7.30	7.35
	Total	7.30	7.35
	Aggregate amount of quoted investments	7.30	7.35
Particulars		As at March 31, 2026	As at March 31, 2025
---	---	---	---
10	Cash and cash equivalents
	Balances with banks in current accounts	118.53	695.62
	Cash on hand	0.15	0.03
	Total	118.68	695.65
	Note:
	Refer note 37 for disclosure of fair values in respect of financial assets measured at amortised cost and assessment of expected credit losses.
11	Other bank balances
	Earmarked Balances
	Dividend accounts	1.92	10.50
	Total	1.92	10.50
12	Other current financial assets
	Unsecured, considered good
	Rent Receivable	-	8.12
	Dividend receivables	0.14	0.06
	Total	0.14	8.18
	Note:
	Refer note 37 for disclosure of fair values in respect of financial assets measured at amortised cost and assessment of expected credit losses.
Particulars	As at March 31, 2026	As at March 31, 2025
---	---	---
13 Other current assets (Unsecured, considered good, unless otherwise stated)
Balances with statutory authorities	187.94	321.50
Prepaid expenses	1.28	0.81
Lease equalisation receivable	166.58	154.43
Total	355.80	476.74

14 Equity Share capital	As at March 31, 2026	As at March 31, 2025
A Authorised
2,50,00,000 (Previous year: 2,50,00,000) Equity shares of ₹ 10 each	2,500.00	2,500.00
1,50,00,000 (Previous year: 1,50,00,000) Preference shares of ₹ 10 each (Refer note 16)	1,500.00	1,500.00
	4,000.00	4,000.00
B Issued, subscribed & fully paid up
1,16,51,210 (Previous year: 1,16,51,210) equity shares of ₹ 10 each	1,165.12	1,165.12
Total	1,165.12	1,165.12

C Terms/rights attached to each class of shares:

The Company has two class of shares i.e Equity shares and Preference shares having a par value of ₹ 10/- each.

Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

During the last five years, the Company has not issued any bonus shares nor are there any shares bought back and issued for consideration other than cash.

D Reconciliation of number of equity shares	As at March 31, 2026		As at March 31, 2025
	No of shares	Amount	No of shares	Amount
Equity shares at the beginning of the year	1,16,51,210	1165.12	1,16,51,210	1,165.12
Changes during the year	-	-	-	-
Equity shares at the end of the year	1,16,51,210	1,165.12	1,16,51,210	1,165.12

E Details of shareholders holding more than 5% of equity shares in the company

	No of shares	% holding	No of shares	% holding
D.S.O. Limited	53,84,555	46.21%	53,84,555	46.21%
Mr. Sandeep Gupta	9,50,833	8.16%	9,50,833	8.16%
Ms. Vinita Gupta	10,70,496	9.19%	10,70,496	9.19%
Ms. Ratna Saraf	11,01,171	9.45%	11,01,171	9.45%
Robust Hotels Limited	9,82,422	8.43%	9,82,422	8.43%

As per records of the Company, including its register of shareholders/members

F Details of shares held by promoters:

S. No.	Promoter Name	As at March 31, 2026			As at March 31, 2025
		No. of shares	% holding	% Change	No. of shares	% holding	% Change
1	Chaman Lal Gupta & Sons Huf	85,000	0.73%	0.00%	85,000	0.73%	0.00%
2	Renu Arun Aggarwal	49,500	0.42%	0.00%	49,500	0.42%	0.00%
3	Sandeep Gupta	9,50,833	8.16%	0.00%	9,50,833	8.16%	0.00%
4	Sudhir Chamanlal Gupta	2,14,290	1.84%	0.00%	2,14,290	1.84%	0.00%
5	Gunjan Jain	1,61,810	1.39%	108.25%	77,700	0.67%	0.00%
6	Late Shri Sushil Kumar Gupta	80,645	0.69%	0.00%	80,645	0.69%	0.00%
7	Madhu Jain	1,02,215	0.88%	0.00%	1,02,215	0.88%	0.00%
8	Sonal Sharma	16,500	0.14%	0.00%	16,500	0.14%	0.00%
9	Pankaj Gupta	55,275	0.47%	0.00%	55,275	0.47%	0.00%
10	Vinita Gupta	10,70,496	9.19%	0.00%	10,70,496	9.19%	0.00%
11	Jyotsana Amal Karl	14,325	0.12%	0.00%	14,325	0.12%	0.00%
12	Aria Resorts India Private Limited	1,95,349	1.68%	0.00%	1,95,349	1.68%	0.00%
13	Chaman Lal Brij Rani Charitable Trust	21,600	0.19%	0.00%	21,600	0.19%	0.00%
14	D.S.O Limited	53,84,555	46.21%	0.00%	53,84,555	46.21%	0.00%

Particulars		As at March 31, 2026	As at March 31, 2025
15	Other equity
A	Capital reserve
	Opening balance	1.41	1.41
	Change during the year	-	-
	Closing balance	1.41	1.41
B	Securities premium
	Opening balance	723.02	723.02
	Change during the year	-	-
	Closing balance	723.02	723.02
C	General reserve
	Opening balance	15,653.24	15,653.24
	Change during the year	-	-
	Closing balance	15,653.24	15,653.24
D	Capital redemption reserve
	Opening balance	990.00	990.00
	Change during the year	-	-
	Closing balance	990.00	990.00
E	Retained earnings/ (Losses)
	Opening balance	(7,631.20)	(4,003.20)
	Add: Net profit/ (loss) for the year	(854.87)	(3,628.00)
	Closing balance	(8,486.07)	(7,631.20)

Total		8,881.60	9,736.47

Nature and purpose of reserves

Capital reserve: The Company had entered into a Scheme of Arrangement and Demerger with Asian Hotels Limited pursuant to which Hyatt Regency, Mumbai was transferred to and vested in the Company. This reserve were transferred to the company on account of demerger.

Securities premium: Security premium represents the amount received in excess of the face value upon issue of equity shares. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

General reserve: The Company has created General reserve from time to time by way of transfer of profits from retained earnings for appropriation purposes based on the provisions of the Companies Act prior to its amendment.

Capital redemption reserve: The Company has created Capital redemption reserve in accordance with provision of the Act for the buy back of equity shares from the market. The Company had entered into a Scheme of Arrangement and Demerger with Asian Hotels Limited pursuant to which Hyatt Regency, Mumbai was transferred to and vested in the Company. This reserve were transferred to the company on account of demerger.

Retained earnings/ (Losses): This Reserve represents the cumulative profits/(losses) of the Company and effects of remeasurement of defined benefit obligations. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

Particulars	As at March 31, 2026	As at March 31, 2025
16 Borrowings (non-current)
Preference share capital
9% non convertible & non cumulative preference share capital (Refer note (i) below)	650.00	650.00
Total	650.00	650.00

Note:
(i) The company has also issued 9% Non Convertible & Non Cumulative Redeemable Preference shares in July 2018 which are redeemable within a period of 10 years from the date of allotment.
(ii) Refer note 37 for disclosure of fair values in respect of financial assets measured at amortised cost and assessment of expected credit losses.

Particulars		As at March 31, 2026	As at March 31, 2025
17	Other non-current Financial liabilities
	At amortised cost
	Security deposits	279.83	257.93
	Total	279.83	257.93
	Note
	Refer note 37 for disclosure of fair values in respect of financial assets measured at amortised cost and assessment of expected credit losses.
18	Deferred tax liabilities/(assets) (net)
	Deferred tax liabilities arising on account of
	Property, plant and equipment	1,547.45	1,592.05
	Right of use assets	546.67	568.00
	Investment classified at FVTPL	0.22	0.23
	Financial Liabilities at amortised cost	3.95	4.24
		2,098.28	2,164.52
	Deferred tax assets arising on account of
	Financial assets and financial liabilities at amortised cost (including lease liabilities and resulting balances on account of fair value adjustments at initial recognition)	785.28	787.54
	Unabsorbed depreciation	297.02	211.55
		1,082.30	999.10

	Net Deferred tax liabilities/(assets) (refer note below)	1,015.98	1,165.43
	Notes:
	Refer note 31 for changes in deferred tax balances.
19	Other non-current liabilities
	Deferred income on discounting of security deposits	44.42	65.07
	Total	44.42	65.07
20	Borrowings (current)
	Repayable on demand
	Loan from Novak Hotels Private Limited	39,000.00	39,000.00
	Total	39,000.00	39,000.00
Particulars		As at March 31, 2026	As at March 31, 2025
---	---	---	---
21	Trade payables*
	- outstanding dues of micro enterprises and small enterprise (Refer note below)	6.91	0.25
	- outstanding dues of creditors other than micro enterprises and small enterprises	402.71	310.21
	Total	409.62	310.47
	Note:
(i)	The amount due to Micro and Small Enterprises as defined in the “The Micro, Small and Medium Enterprises Development Act, 2006” has been determined to the extent such parties have been identified on the basis of information collected by the Management.
(ii)	Refer note 35 for Related party disclosures
(iii)	The disclosures relating to Micro and Small Enterprises are as under:

Particulars	As at March 31, 2026	As at March 31, 2025
a. The principal amount remaining unpaid to supplier as at the end of the accounting year	6.91	0.25
b. The interest due thereon remaining unpaid to supplier as at the end of the accounting year	-	-
c. The amount of interest paid in terms of Section 16, along with the amount of payment made to the supplier beyond the appointed day during the year	-	-
d. The amount of interest due and payable for the year	-	-
e. The amount of interest accrued and remaining unpaid at the end of the accounting year	-	-
f. The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid	-	-

(iv) Trade Payables ageing schedule:

Particulars	As at March 31, 2026
	Outstanding from the date of transactions
	Not Due	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
(i) MSME	6.91					6.91
(ii) Others	2.68	107.80	116.71	106.66	68.85	402.71
(iii) Disputed dues- MSME						-
(iv) Disputed dues- others						-
Total	9.59	107.80	116.71	106.66	68.85	409.62
Particulars	As at March 31, 2025
---	---	---	---	---	---	---
	Outstanding from the date of transactions
	Not Due	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
(i) MSME	0.25	-	-	-	-	0.25
(ii) Others	-	25.98	105.58	175.51	-	307.06
(iii) Disputed dues- MSME	-	-	-	-	-	-
(iv) Disputed dues- others	-	-	-	-	-	-
Total	0.25	25.98	105.58	175.51	-	307.31
Particulars		As at March 31, 2026	As at March 31, 2025
---	---	---	---
22	Other current financial liabilities
	Unpaid dividend (F.Y 2018-19)	1.92	10.53
	Interest accrued but not due on borrowings	2,336.40	2,158.20
	Payable to Subsidiary	379.59	379.59
	Employees related payables (Refer note 35B)	120.81	124.35
	Audit fees payable	5.40	5.40
	Total	2,844.12	2,678.06
23	Other current liabilities
	Statutory dues	422.29	1,003.12
	Deferred income on discounting of security deposits	20.65	20.65
	Total	442.94	1,023.77
24	Provisions
	Non Current
	Gratuity	1.61	-
	Leave Encashment	4.10	-
		5.71	-
	Current
	Gratuity	0.01	-
	Leave Encashment	0.08	-
	Employee Providend Fund demand	188.57	222.64
	Total	188.66	222.64

Ageing of Short Term Provision March 31,2026

Particulars	Opening Balance	Provision Created	Provision Created	Utilized/ Reversal	Closing Balance
Employee Providend Fund demand	222.64	-	-	34.07	188.57
Total	222.64	-	-	34.07	188.57

(All amount in ¥ lakhs, unless otherwise stated)

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
Revenue from operations
Sale of products and services	-	-
Total	-	-

A Changes in balances of contract liabilities during the year:

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
Opening balance of contract liabilities	-	176.95
Addition in balance of contract liabilities for current year	-	-
Balance Written back	-	(176.95)
Closing balance of contract liabilities	-	-
26	Other income	For the year ended March 31, 2026
---	---	---
	Rental income	541.18
	Fair value gain on Investment in equity shares	-
	Credit Balances Written Back	9.00
	Interest income on Income Tax Refund	3.39
	Miscellaneous Receipts A/C	0.11
	Interest income on unwinding of security deposits at amortised cost	25.37
	Dividend income	0.09
	Total	579.14
27	Employee benefits expense	For the year ended March 31, 2026
---	---	---
	Salaries, wages, & allowances	100.34
	Gratuity & Leave Encashment	5.79
	Staff welfare expenses	0.04
	Total	106.17
28	Finance costs	For the year ended March 31, 2026
---	---	---
	Interest expense on:
	Borrowings	198.00
	Unwinding Security Deposit at amortised cost	21.86
	Interest expense on lease liabilities	45.30
	Interest expense on delayed payment of Stautory Dues	-
	Total	265.15
29	Depreciation and amortisation	For the year ended March 31, 2026
---	---	---
	Depreciation on property, plant and equipments	537.18
	Amortisation of right-of-use assets	93.23
	Total	630.41
30	Other expenses	For the year ended March 31, 2026
---	---	---
	Contract services	-
	Repairs and maintenance:
	- Plant and machinery	0.58
	Rent (Refer note 4)	-
	Rates and taxes	33.48
	Directors' sitting fee (Refer note 34B)	17.00
	Legal and professional expenses (Refer note below)	67.44
	Travelling and conveyance	2.22
	Communication expenses	1.27
	Property Tax	422.91
	Fair value loss on Investment in equity shares	0.05
	Power and fuel	-
	Penalty and Fines	33.83
	Miscellaneous expenses	2.95
	Total	581.72
	Note:
	*Payment to auditors
	As auditor:
	- Statutory Audit & Limited Review	15.00
	In other capacity:
	- Certificate Fee	0.25
	- Reimbursement of expenses	0.69

31
| Income tax | As at March 31, 2026 | As at March 31, 2025 |
| --- | --- | --- |
| The income tax expense consists of the following : | | |
| Current tax | | |
| Current tax | - | - |
| Income tax adjustments relating to earlier year | - | - |
| Deferred tax (credit)/charge | (149.44) | 38.20 |
| Total | (149.44) | 38.20 |

Reconciliation of tax expense applicable to profit/ (loss) before tax at the latest statutory enacted tax rate in India to income tax expense reported is as follows:

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
Profit/ (Loss) before income taxes	(1,004.31)	(3,589.80)
At Company’s statutory income tax rate of 22.88% (March 31, 2025: 22.88%)	(229.79)	(821.35)
Tax Impact of other expenses allowed/disallowed under Income Tax	80.34	859.55
Income tax adjustments relating to earlier year	-	-
Total	(149.44)	38.20

Reconciliation of deferred tax assets and liabilities for the year ended March 31, 2026:

Particulars	Opening deferred tax asset/ (liability)	Income tax (expense)/ credit recognized in profit or loss	Income tax (expense)/ credit recognized in other comprehensive income	Closing deferred tax asset/ (liability)
Deferred tax assets/liabilities in relation to :
Deferred tax liabilities arising out of:
Property, plant and equipment	1,592.05	(44.61)	-	1,547.45
Right of use assets	568.00	(21.33)	-	546.67
Financial assets classified at FVTPL	0.23	(0.01)	-	0.22
Finance income on unwinding of security deposit	4.24	(0.29)	-	3.95
	2,164.52	(66.24)	-	2,098.28
Deferred tax assets arising out of:
Financial assets and financial liabilities at amortised cost (including lease liabilities and resulting balances on account of fairvalue adjustments at initial recognition)	787.54	(2.26)	-	785.28
Unabsorbed Depreciation	211.55	85.47	-	297.02
	999.10	83.21	-	1,082.30
Net deferred assets/(liabilities)	(1,165.43)	149.44	-	(1,015.98)

Reconciliation of deferred tax assets and liabilities for the year ended March 31, 2025:

Particulars	Opening deferred tax asset/ (liability)	Income tax (expense)/ credit recognized in profit or loss	Income tax (expense)/ credit recognized in other comprehensive income	Closing deferred tax asset/ (liability)
Deferred tax assets/liabilities in relation to :
Deferred tax liabilities arising out of:
Property, plant and equipment	1,789.82	(197.77)	-	1,592.05
Right of use assets	600.52	(32.52)	-	568.00
Financial assets classified at FVTPL	-	0.23	-	0.23
Finance income on unwinding of security deposit	4.63	(0.40)	-	4.24
	2,394.98	(230.46)	-	2,164.52

Deferred tax assets arising out of:
Provision for employee benefits and other liabilities deductible on actual payment	110.79	(110.79)	-	-
Provision for doubtful debtors	5.63	(5.63)	-	-
Financial assets and financial liabilities at amortised cost (including lease liabilities and resulting balances on account of fairvalue adjustments at initial recognition)	784.08	3.46	-	787.54
Unabsorbed Depreciation	367.26	(155.70)	-	211.55
	1,267.75	(268.66)	-	999.10
Net deferred assets/(liabilities)	(1,127.22)	(38.20)	-	(1,165.43)

The Company has restricted the recognition of deferred tax assets on unabsorbed depreciation and brought forward business losses to the extent management is reasonably certain that the same would be available for adjustment against foreseeable taxable profit. The following table summarises the total unused tax losses and unabsorbed depreciation under the Income Tax Act, 1961, as at 31 March 2026:

Assessment Year	Unused Tax Losses	Unabsorbed Depreciation	Total
2024-25*	6,708.96	495.70	7,204.66
2025-26*	2,171.10	429.01	2,600.10
2026-27	-	373.45	373.45
Total losses available for set-off in future years	8,880.06	1,298.16	10,178.21
Tax rate			22.88%
Total deferred tax assets on unused tax losses and unabsorbed depreciation			2,328.78
Less: Deferred tax assets recognised in the financial statements			297.02
Net Deferred tax assets not recognised as at March 31, 2026			2,031.76

Tax losses can be carried forward for a period of eight years from the date of incurrence of such losses and unabsorbed depreciation can be
* Based on the Income tax return filed for the AY 2025-26

32 Earning per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders after deducting preference dividend and attributable taxes by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Particulars	As at March 31, 2026	As at March 31, 2025
The following reflects the income and share data used in the basic and diluted EPS computations:
Net profit/ (Loss) for the year (in lakhs) for basic EPS and diluted EPS (A)	(854.87)	(3,628.00)
Weighted-average number of equity shares for basic EPS and diluted EPS (B)	1,16,51,210	1,16,51,210
Basic EPS (Amount in ₹) (A/B)	(7.34)	(31.14)
Diluted EPS (Amount in ₹) (A/B)	(7.34)	(31.14)

33 Contingent liabilities and commitments

A Contingent liabilities (to the extent not provided for):-

Particulars	As at March 31, 2026	As at March 31, 2025
TDS demand for the year ended March 31, 2026	0.06	-
Total	0.06	-

B Capital and other commitments

There are no commitments for the year ended March 31, 2026 and March 31, 2025.

34
Gratuity and other post-employment benefit plans

A. Defined benefit plans - General Description

The Company operates gratuity plan wherein employees is entitled to a benefit equivalent to 15 days salary (includes dearness allowance) last drawn for each completed year of service. The same is payable on termination of service, or retirement, or death, whichever is earlier. The benefit vests after five years of continuous service. Gratuity benefits are valued in accordance with the Payment of Gratuity Act, 1972.

		As at	As at
i.	Reconciliation of present value of defined benefit obligation	31 March 2026	31 March 2025
	Present value of defined benefit obligation as at the end of the year	1.61	-
	Fair value of plan assets as at the end of the year	-	-
	Net liability position recognized in balance sheet	1.61	-
	Current liability (Amount due within one year)	0.01	-
	Non-Current liability (Amount due over one year)	1.61	-
		As at	As at
ii.	Changes in defined benefit obligation	31 March 2026	31 March 2025
	Present value of defined benefit obligation as at the start of the year	-	-
	Current service cost	1.01	-
	Interest cost	-	-
	Past service cost	0.61	-
	Benefits paid	-	-
	Actuarial loss on obligation	-	-
	Present value of defined benefit obligation as at the end of the year	1.61	-
		As at	As at
iii.	Expense recognized in the statement of profit and loss consists of:	31 March 2026	31 March 2025
	Employee benefit expense
	Current service cost	1.01	-
	Past service cost	0.61	-
	Net interest cost	-	-
	Net cost	1.61	-
	Other comprehensive income
	Actuarial loss on arising from change in demographic assumption	-	-
	Actuarial (gain) on arising from change in demographic assumption	-	-
	Actuarial loss/(gain) on arising from change in financial assumption	-	-
	Actuarial loss on arising from experience adjustment	-	-
		-	-
		As at	As at
iv.	Actuarial assumptions	31 March 2026	31 March 2025
	Discount rate	0.07	-
	Future salary increase	0.05	-
		As at	As at
vi.	Demographic Assumption	31 March 2026	31 March 2025
	Superannuation age	58 years	-
	Mortality table	100% of IALM (201)	-
	Formula used	Projected unit cost (	-
	Average remaining working life	29.16 years	-
	Ages	Withdrawal Rate (%)
	Up to 30 years	3	-
	From 31 to 44 years	2	-
	Above 44 years	1	-
		As at	As at
vii.	Sensitivity analysis for gratuity liability	31 March 2026	31 March 2025
	Impact of the change in discount rate
	a) Impact due to increase of 0.50%	(0.07)	-
	b) Impact due to decrease of 0.50%	0.08	-
	Impact of the change in salary increase
	a) Impact due to increase of 0.50%	0.08	-
	b) Impact due to decrease of 0.50%	(0.07)	-
		As at	As at
viii.	Maturity profile of defined benefit obligation	31 March 2026	31 March 2025
	Within the next 12 months (next annual reporting period)	0.01	-
	Between 2 and 5 years	0.07	-
	Beyond 5 years	1.54	-
	Total expected payments	1.61	-

Asian Hotels (West) Limited
CIN : L55101DL2007PLC157518
Notes to the standalone financial statements for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

35 Related party disclosures

A. As per Ind AS 24, the disclosure of transactions with related parties are as given below:

Subsidiary Company
Aria Hotels and Consultancy Services Private Limited

List of related parties with whom transactions have taken place during the current year and relationship:

a) Key Management Personnel:
- Mr. Sandeep Gupta -Chairman & Non-Executive Director
- Mr. Rakesh Kumar Aggarwal - Executive Director
- Mr. Amit Saraf - Executive Director
- Mr. Harish Kumar Gautam - Chief Financial Officer
- Ms. Nidhi Khandelwal- Company Secretary and Compliance Officer
- Mr. Saumen Chatterjee- Independent Director
- Ms. Mekhala Sen Gupta
- Mr. Rohit Rajpal (w.e.f Sept 23, 2025)

B. Transactions with Subsidiaries, Key Management Personnel, their relatives and Entities over which Directors and their relatives can exercise significance influence:

S. No.	Particulars	Subsidiary Company		Key Management Personnel
		March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
(I)	Transactions made during the year
1	Services availed during the year (Reimbursement of GST):
	- Aria Hotels and Consultancy Services Private Limited	75.11	75.11	-	-
2	Director Sitting Fee:
	- Mr. Saumen Chatterjee	-	-	5.00	6.00
	- Mr. Shekhar Gupta	-	-	1.00	9.00
	- Mr. Ravinder Singhania	-	-	2.00	9.00
	- Ms. Mekhala Sen Gupta	-	-	6.00	3.50
	- Mr. Rohit Rajpal	-	-	3.00	-
3	Remuneration
	Mr. Amit Saraf	-	-	24.00	24.00
	Mr. Rakesh Kumar Aggarwal	-	-	24.00	24.00
	Mr. Harish Kumar Gautam	-	-	23.84	14.58
	Ms. Nidhi Khandelwal	-	-	19.26	14.75
	Mr. Deepak Singhania	-	-	-	0.75
4	Reimbursement of expenses
	Mr. Harish Kumar Gautam	-	-	5.59	3.42
	Ms. Nidhi Khandelwal	-	-	3.64	4.06
5	Rent paid
	- Aria Hotels and Consultancy Services Private Limited	29.76	28.21	-	-
(II)	Year end balances
1	Outstanding receivable / recoverable:
	- Aria Hotels and Consultancy Services Private Limited - Security Deposit	3,193.62	3,193.62	-	-
2	Outstanding Payable:
	- Aria Hotels and Consultancy Services Private Limited	767.93	660.67	-	-
3	Director Remuneration Payable
	Mr. Sandeep Gupta	-	-	-	57.85
	Mr. Sudhir Gupta	-	-	-	62.89

Note: The amount of transactions / balances is without giving effect to the IND AS adjustment on account of fair valuation / amortization.

36 Interest in subsidiaries

The financial statements of the Company include group information, wherever required, pertaining to following:

Subsidiary company:

Name of the Subsidiary	Principal Activity	Place of Incorporation and Place of Operation	Proportion of Ownership Interest and Voting power held by the company		Quoted (Y/N)
			March 31, 2026	March 31, 2025
Aria Hotels and Consultancy Services Private Limited	Development, design, finance, construction, operation and maintenance of upscale and Luxury hotel property	India	99.98%	99.98%	N

(All amount in ¥ lakhs, unless otherwise stated)

37 Financial Instruments

A Financial assets and liabilities

The accounting classification of each category of financial instruments, and their carrying amounts, are set out below:

Particulars	As at March 31, 2026	As at March 31, 2025
Financial assets measured at fair value through profit or loss:
Investments	7.30	7.35
Financial assets measured at amortised cost:
Other financial assets	267.91	250.54
Trade receivables	-	-
Cash and cash equivalents	118.68	695.65
Other bank balances	1.92	10.50
Total	395.81	964.04
Financial liabilities measured at amortised cost:
Borrowings	39,650.00	39,650.00
Lease Liabilities	475.40	459.87
Other financial liabilities	3,123.94	2,935.99
Trade payables	409.62	310.47
Total	43,658.96	43,356.33

Investment in subsidiaries and associates are measured at cost as per Ind AS 27, 'Separate financial statements' and hence, not presented here.

B Fair values hierarchy

The fair value of financial instruments as referred to in note (A) above has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities [Level 1 measurements] and lowest priority to unobservable inputs [Level 3 measurements].

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Level 3: Inputs which are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a net asset value or valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

B.1 Financial assets and liabilities measured at fair value - recurring fair value measurements

As at March 31, 2026	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value through profit or loss:
Investments	7.30	-	-	7.30
Financial assets measured at amortised cost:
Loans	-	-	-	-
Other financial assets	-	267.91	-	267.91
Cash and cash equivalents	-	118.68	-	118.68
Other bank balances	-	1.92	-	1.92
Financial liabilities measured at amortised cost:
Borrowings	-	39,650.00	-	39,650.00
Lease Liabilities	-	475.40	-	475.40
Other financial liabilities	-	3,123.94	-	3,123.94
Trade payables	-	409.62	-	409.62
As at March 31, 2025	Level 1	Level 2	Level 3	Total
---	---	---	---	---
Financial assets measured at fair value through profit or loss:
Investments	7.35	-	-	7.35
Financial assets measured at amortised cost:
Other financial assets	-	250.54	-	250.54
Cash and cash equivalents	-	695.65	-	695.65
Other bank balances	-	10.50	-	10.50
Financial liabilities measured at amortised cost:
Borrowings	-	39,650.00	-	39,650.00
Lease Liabilities	-	459.87	-	459.87
Other financial liabilities	-	2,935.99	-	2,935.99
Trade payables	-	310.47	-	310.47

The management assessed that fair values of current loans, current financial assets, cash and cash equivalents, other bank balances, trade receivables, other receivables, short term borrowings, trade payables and other current financial liabilities approximate their respective carrying amounts largely due to the short-term maturities of these instruments. The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

(i) Non-current investments and non-current financial liabilities are evaluated by the Company based on parameters such as interest rates, individual creditworthiness of the customer and other market risk factor.
(ii) The fair values of the Company's fixed interest-bearing liabilities, loans and receivables are determined by applying discounted cash flows ('DCF') method, using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own non-performance risk as at March 31,2026 was assessed to be insignificant.

C. Financial risk management objectives and policies

The Company's principal financial liabilities comprise loans and borrowings, security deposits taken, employee related payables, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets include investments, loan to subsidiary, security deposits given, employee advances, trade and other receivables, cash and short-term deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's Board and Senior management oversees the management of these risks. The Company's senior management is supported by Board and Risk Management Committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The Risk Management Committee provides assurance to the Company's senior management that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Company's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include investments, loans and borrowings, deposits and advances.

The sensitivity analysis in the following sections relate to the position as at March 31, 2026 and March 31, 2025.

The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of floating to fixed interest rates of the debt and the proportion of financial instruments in foreign currencies are all constant in place at March 31, 2026.

The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations; provisions.

The following assumptions have been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2026 and March 31, 2025.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed towards interest Rate Risk as the Company borrowed funds on fixed Interest based.

Interest rate risk exposure

Below is the overall exposure of the Company to interest rate risk:

Particulars	March 31, 2026	March 31, 2025
Variable rate borrowing	-	-
Fixed rate borrowing	39,650.00	39,650.00
Total borrowings	39,650.00	39,650.00
	Increase / Decrease in basis	Effect on profit / (loss) before tax
---	---	---
INR lakhs
31-Mar-26	+50%	0.00
	-50%	0.00
31-Mar-25	+50%	0.00
	-50%	0.00

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade receivables:

Customer credit risk is managed by company subject to the policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored for any expected default in repayment.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 11. The Company does not hold collateral as security.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's finance department in accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

The Company's maximum exposure to credit risk for the components of the balance sheet at March 31, 2026 and March 31, 2025 is the carrying amounts of the financial instruments.

Liquidity risk

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lender

The table below summarises the maturity profile of the Company's financial liabilities based on contractual undiscounted payments.

March 31, 2026	Less than 1 year	1-5 year	More than 5 years	Total
Non-derivatives
Borrowing (Including interest accrued)	41,336.40	650.00	-	41,986.40
Lease liabilities	31.39	143.83	2,337.92	2,513.13
Trade payables	409.62	-	-	409.62
Other financial liabilities	507.72	339.16	-	846.87
Total	42,285.12	1,132.99	2,337.92	45,756.03
March 31, 2025	Less than 1 year	1-5 year	More than 5 years	Total
---	---	---	---	---
Non-derivatives
Borrowing (Including interest accrued)	41,158.20	650.00	-	41,808.20
Lease liabilities	29.76	136.33	2,376.81	2,542.90
Trade payables	310.47	-	-	310.47
Other financial liabilities	519.86	339.16	-	859.02
Total	42,018.29	1,125.49	2,376.81	45,520.59

38 Capital management

For the purpose of the Company's capital management, capital includes issued equity share capital, preference share capital and all other equity reserves attributable to the shareholders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company's policy is to keep the gearing ratio between 43% and 48%. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables and cash and cash equivalents.

Particulars	As at March 31, 2026	As at March 31, 2025
Total outstanding liability	45,356.67	45,833.23
Less: Cash and Cash equivalents	118.68	695.65
Net outstanding liability (A)	45,237.99	45,137.58
Equity share capital (Refer note 14)	1,165.12	1,165.12
Other Equity (Refer note 15)	8,881.60	9,736.47
Total capital (B)	10,046.72	10,901.59
Total (C)=(A+B)	55,284.71	56,039.17
Gearing ratio (A)/(C) (%)	81.83%	80.55%

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2026 and March 31, 2025.

39 Segment Information

Information regarding Primary Segment Reporting as per Ind AS-108

The Company is engaged in only one segment of Hotel business. The Company has presented segment information in the consolidated financial statements which are presented in the same financial report. Accordingly, in terms of Paragraph 4 of Ind AS 108 'Operating Segments', no disclosures related to segments are presented in these financial statements.

40 Disclosure required under Section 186(4) of the Companies Act 2013

A Particulars of Corporate Guarantee given:

The Company has not given any corporate guarantee

B Particulars of Investment made:

Particulars	Name of Investee	Opening Balance (₹ Lakhs)	Investment made (₹ Lakhs)	Investment converted into equity (₹ Lakhs)*	Outstanding Balance (₹ Lakhs)	Purpose
Investment in equity shares	Aria Hotels and Consultancy Services Private Limited	32,745.80	-	-	32,745.80	Long term Investment

*Pertains to accretion in the value of investment classified at fair value through profit and loss.

C Particulars of security deposit:

Name of Party	Nature of Security	Purpose	As at March 31, 2026	As at March 31, 2025
Aria Hotels and Consultancy Services Private Limited	Security deposit paid for office space/ commercial space on Lease	For Business Purpose	3,193.62	3,193.62

41 Ratios to be disclosed as per requirement of Schedule III to the Act

Particulars	As at 31 March 2026	As at 31 March 2025
a. Current ratio
Current assets (Numerator)	483.85	1,198.43
Current liabilities (Denominator)	42,916.72	43,250.03
Current ratio	0.01	0.03
% Change as compared to the preceding year	(59.31%)	(60.00%)
Explanation for change in the ratio by more than 25% as compared to the preceding year: The change in this ratio is attributable to availement short term loans from Novak and Robust hotel private limited and repaid its short term liabilities.
b. Debt-equity ratio
Total debt (Numerator)	40,125.39	40,109.86
Shareholder's equity (Denominator)	10,046.72	10,901.59
Debt-equity ratio	3.99	3.68
% Change as compared to the preceding year	8.55%	40.66%
Explanation for change in the ratio by more than 25% as compared to the preceding year: The change in this ratio is attributable to current year losses and increase in short term
c. Debt service coverage ratio
Earnings available for debt service (Numerator)	(108.75)	89.03
Debt service (Denominator)	39,219.86	39,217.89
Debt service coverage ratio	(0.00)	0.00
% Change as compared to the preceding year	(222.15%)	(344.00%)
Explanation for change in the ratio by more than 25% as compared to the preceding year: The change in this ratio is attributable to current year losses and increase in short term
d. Return on equity ratio
Profit/(Loss) for the year (Numerator)	(854.87)	(3,628.00)
Average Shareholder's equity (Denominator)	10,474.16	12,715.59
Return on equity	(8.16%)	(28.53%)
% Change as compared to the preceding year	(71.39%)	(33.83%)
Explanation for change in the ratio by more than 25% as compared to the preceding year: The change in this ratio is attributable to the resultant losses for the financial year.
e. Trade receivables turnover ratio
Net sales (Numerator)	-	-
Average trade receivable (Denominator)*	-	20.77
Trade receivables turnover ratio	-	-
% Change as compared to the preceding year	0.00%	0.00%
* Average trade receivables = (Opening balance + Closing balance) / 2
f. Trade payables turnover ratio
Net purchase (Numerator)	-	-
Average trade payable (Denominator) *	360.04	239.19
Trade payables turnover ratio	-	-
% Change as compared to the preceding year	0.00%	0.00%
* Average trade payables = (Opening balance + Closing balance) / 2

g. Net capital turnover ratio
Net sales (Numerator) - -
Working capital (Denominator) * (42,432.88) (42,051.61)
Net capital turnover ratio - - -
% Change as compared to the preceding year 0.00% 0.00%
* Working capital is calculated as current assets minus current liabilities

h. Net profit/(loss) ratio
Profit/(Loss) for the year (Numerator) (854.87) (3,628.00)
Net sales (Denominator) - - -
Net profit/(loss) ratio 0.00% 0.00%
% Change as compared to the preceding year 0.00% 0.00%

i. Return on capital employed
Earning before interest and taxes (Numerator) (739.16) (580.89)
Capital employed (Denominator)* 50,172.11 51,011.46
Return on capital employed (1.47%) (1.14%)
% Change as compared to the preceding year 29.37% (18.63%)
* Capital employed = Total equity + total debt

Explanation for change in the ratio by more than 25% as compared to the preceding year:
The increase in returns on capital employed is attributable to the increase in total debt.

j. Inventory turnover ratio
Cost of Goods Sold (Numerator) - -
Average Inventory (Denominator)* - - -
Inventory turnover ratio 0.00% 0.00%
% Change as compared to the preceding year 0.00% 0.00%
* Average inventory = (Opening balance + Closing balance)/ 2

k. Return on investment
Earning before interest and taxes (Numerator) (739.16) (580.89)
Average total assets 56,069.11 57,904.65
Return on Investment (1.32%) (1.00%)
% Change as compared to the preceding year 31.41% (19.76%)

Explanation for change in the ratio by more than 25% as compared to the preceding year:
The increase in returns on investments is attributable to the sunk costs.

42 Additional information not disclosed elsewhere in the standalone financial statements:

(a) Benami Property
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(b) Borrowing secured against assets
The Company has borrowings from banks and financial institutions on the basis of security of all movable and non movable assets, current assets, receivables, bank accounts and cash flow of the company.

(d) Relationship with struck off companies
The Company does not have any transaction with companies struck off.

(e) Compliance with number of layers of companies
The Company has complied with the number of layers of companies prescribed under the Companies Act, 2013.

(f) Compliance with approved scheme(s) of arrangements
The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

(g) Registration of charges or satisfaction with Registrar of Companies
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(h) Utilisation of Borrowed funds and share premium
(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(i) Undisclosed income
The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(j) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(k) Valuation of Property Plant & Equipment and intangible asset
The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

43 Recent pronouncements
The below amendments to the existing standard which are notified by Ministry of Corporate affairs but are not yet effective: Amendment to Ind AS 1 'Presentation of Financial Statements'- Classification of Liabilities as current or non-current and non-current liabilities with covenants. The amendment includes specific provisions that will take effect for reporting periods beginning on or after 1 April 2026, retrospectively, as outlined below:
a) Breach of material covenant for long-term loan arrangement on or before end of reporting period with effect that liability becomes payable on demand as on reporting date, then it shall be classified as current liability, if lender agreed after reporting period and before approval of financial statements to not demand payment as a consequence of breach.
b) Classify as non-current liability, if lender agreed by end of reporting period to provide grace period ending at least 12 months after reporting period within which entity can rectify the breach provided lender does not demand immediate repayment.
c) Disclose information about the timing of settlement to understand the impact of the liability on the financial statements. The Company does not expect this amendment to have an impact on its operations or financial statements.

44 Novak Hotels Private Limited ("Saraf Group" or "lender") had advanced an amount of ₹ 39,000 lakhs till March 31, 2025 to the Company which was utilized for making all payments to creditors, all other regulatory and necessitated expenses. The amount was received in terms of a framework agreement between the promoters of the Company and Saraf Group entered into as part of the insolvency resolution process of the Company. Whilst the Company is not a party to the framework agreement, the Company has been informed by its promoters, who are also on the Board of Directors of the Company, that the amount was in the nature of a loan and has accordingly been disclosed as "Borrowings" in note 20 to the standalone financial statements. The Company is in the process of executing the loan documents with the lender in respect of the said borrowing, and finalising and agreeing to the terms and condition of the loan, including the nature of security, interest rate and terms of repayment. The Company had recognized an interest expense of ₹ 2,200 lakhs during the previous year ended March 31, 2024. Further, the Company has recognized an interest expense of ₹ 198 lakhs being 9% p.a. on ₹ 2,200 lakhs during the financial year 2024-25 and ₹ 198 lakhs during the year 2025-26. The Company has not recognized the interest expense of Rs 7,845.07 lakhs, certain expenses as reimbursement of Rs 1,598.39 lakhs and an unreconciled balance of Rs 242.64 lakhs on the amount of Borrowings as claimed by the lender as these matters are in dispute with the lender.

45 Property Tax (BMC)

The Company received a property tax demand of ₹1,450.27 lakhs from the Brihanmumbai Municipal Corporation (BMC) during FY 2024-25, including a penalty of ₹554.72 lakhs, for which a provision was created in the books. Against this demand, ₹895.54 lakhs was paid during FY 2024-25. The balance penalty amount of ₹554.72 lakhs was paid during FY 2025-26, along with an additional penalty of ₹31.34 lakhs levied by the authorities. Further, the Company received an additional demand of ₹422.91 lakhs from the BMC during the year, for which adequate provision has been made. Out of this demand, ₹293.38 lakhs has been paid during the year, while the balance amount of ₹129.52 lakhs has been provided for and disclosed under statutory dues payable.

46 The outstanding recoverable/payables balances with the government authorities are under reconciliation with statutory records. However management does not expect any material consequential adjustment due to this.

47 Audit Trail: The Ministry of Corporate Affairs (MCA) has prescribed requirements for the Companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, inserted by the Companies (Accounts) Amendments Rules 2021 requiring Companies covered under Act, which uses accounting software for maintaining its books of accounts, shall only use such accounting software which has a feature of recording audit trial of each and every transaction, creating an edit log of each change made in the books of accounts along-with the date when such changes were made and ensuring that the audit trail cannot be disabled. The Company uses one accounting software's i.e. Tally Prime Edit Log Gold for maintaining its books of accounts. During the year, the Audit Trail (Edit Log) was enabled in such software. The Company has preserved Audit Trail as per the statutory requirements for record retention.

48 Effective November 21, 2025, the Government of India consolidated 29 existing labour regulations into four Labour codes, namely, The Code on Wages, 2019, The Industrial Relations Code, 2020, The Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the 'New Labour Codes. Based on the requirements of New Labour Codes and the ICAI clarification, the Company has assessed financial implications of these changes and noted that its existing salary structure as well leave policies are in compliance with the requirements of the labour codes. Accordingly, the Company has concluded that the changes do not have any material impact on its standalone financial statements.

49 Figures of the previous year have been regrouped and reclassified wherever necessary to make them comparable with the current year figures.

Place: New Delhi
Date: 25.05.2026

Nidhi Khandelwal
Company Secretary
Membership No:- A20562

INDEPENDENT AUDITORS' REPORT

To the Members of Asian Hotels (West) Limited

Report on the Audit of the Consolidated Financial Statements

Adverse Opinion

We have audited the accompanying Consolidated Financial Statements of Asian Hotels (West) Limited (hereinafter referred to as "the Holding Company" or "the Company") and its subsidiary (the Holding Company and its Subsidiary together referred to as "the Group") which comprise the Consolidated Balance Sheet as at March 31, 2026, the Consolidated Statement of Profit and Loss (including other comprehensive income), the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity for the year then ended, and notes to the Consolidated Financial Statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Consolidated Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of the other auditors on separate financial statements of the Subsidiary as referred to in the "Other Matters" section below, because of the significance of the matters described in the Basis for Adverse Opinion section of our report, the aforesaid Consolidated Financial Statements do not give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the consolidated state of the affairs of the Group as at March 31, 2026, its consolidated profits (including consolidated other comprehensive loss), consolidated cash flows and its consolidated changes in equity for the year ended on that date.

Basis for Adverse Opinion

We draw attention to Note 48 to the consolidated financial statements:

a. As per clause (v) of Schedule 2 to the Framework Agreement, Saraf Group shall have the option to buy the Hyatt Regency, Mumbai (the principal asset of the Company) from the Holding Company any time after the successful withdrawal of Corporate Insolvency Resolution Process (CIRP) and revocation of the Trading suspension. Moreover, in case of exercise of such option by Saraf Group, neither the Holding Company nor Saraf Group shall be liable to pay any other amount to each other. Though the Holding Company is not a party to the said Framework Agreement, the subsequent actions of the Board of Directors of the Holding Company, in seeking and obtaining the approval of the shareholders of the Holding Company to secure the amounts received from Saraf Group to create charge/lien over Hyatt Regency Mumbai indicates that the Board of Directors of the Holding Company have taken cognizance of the Framework Agreement. We also note that in the audited financial statements of Novak Hotels Private Limited, the party who has been identified by Saraf Group as the person who has funded the said amount of

Rs. 39,000 lakhs has stated these amounts as advances for acquiring Hyatt Regency, Mumbai.

In this regard, the following matters are noted and hereby reported:

i. Considering the provisions of the Framework Agreement providing an option to Saraf Group to acquire Hyatt Regency, Mumbai and manner of presentation of such amounts by the Group Company of Saraf Group, we are unable to state if the classification of amounts received is in the nature of a borrowing or an advance for sale of assets and the presentation of such amounts as non-current.

ii. Section 180(1)(a) of the Act restricts the power of the Board of Directors from sale, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the Holding Company without the prior approval of the members of the Holding Company. In the instant case, the approval of the members of the Holding Company was obtained only for creating security on the assets and the information regarding the exercise of option granted to Saraf Group was not informed to the members.

iii. Though the members of the Holding Company approved creation of a charge / security on Hyatt Regency, Mumbai, the Holding Company is yet to file the necessary forms with the Ministry of Corporate Affairs and therefore is not in compliance with the requirements of the Act.

b. The Holding Company has not recognized interest expense of Rs. 7,845.07 lakhs and certain expenses of Rs. 1,598.39 lakhs towards reimbursement, as claimed by Saraf Group. In the absence of agreed terms and conditions in respect of the amounts received, we are unable to comment on the amount of interest that should have been accrued by the Holding Company in these Consolidated financial statements. Notwithstanding the above, if the amounts received are in the nature of borrowings as considered by the Holding Company, as per section 186(7) of the Companies Act, 2013, such borrowings shall have a minimum interest rate that is not lower than the prevailing yield of one year, three year, five year or ten year government security closest to the tenor of the loan. However, even considering the minimum rate of interest as stipulated in Section 186(7) of the Act, such interest amount that has not been recognised in these consolidated financial statements is expected to be material and will represent a substantial proportion of the consolidated financial statements.

c. Further, there is an unreconciled balance of Rs. 242.64 lakhs in the amounts stated as borrowings in note 22 to the consolidated financial statements for the year ended March 31, 2026, the recorded balance in the consolidated financial statements being lower.

The Holding Company has prepared these consolidated financial statements on a going concern basis considering the approved the settlement proposal under Section 12A of IBC 2016 and the steps being taken by the Holding Company to meet its regulatory requirements and reporting obligations. However, the Group's current liabilities exceeds the current assets by Rs. 38,896.24 lakhs as at March 31, 2026. Considering the above and in the absence of sufficient appropriate audit evidence to support the Holding Company's ability to meet its obligations, a material uncertainty exists that may cast significant doubt on the Group's

ability to continue as a going concern and the consolidated financial statements have not been prepared on any other basis of accounting acceptable in the circumstances and also do not adequately disclose this matter.

The Holding Company has neither provided us with proper records showing full particulars, including quantitative details and situation of property, plant and equipment nor has provided us with the information regarding the physical verification of property, plant and equipment. Therefore, we are unable to comment on the existence of the property, plant and equipment balance of Rs. 1,491.64 lakhs as stated in note 2 to the accompanying consolidated financial statements.
Outstanding recoverable/payables balances with the Government Authorities are subject to reconciliation with the statutory records and consequential adjustment, if any. Further, in the absence of complete period details of "statutory dues payable" as referred in note 50 to the consolidated financial statements, we are unable to comment on the adequacy of interest expense on statutory dues recognized in the consolidated statement of profit and loss for the year ended March 31, 2026.

Had the impact of observations mentioned in para 1(b) being considered, the total expenses for year ended March 31, 2026 would have been higher by Rs. 9,443.46 lakhs, resulting in decrease in net profit before tax by Rs. 9,443.46 lakhs for the year ended March 31, 2026. The loss before tax would have been Rs. 988.60 lakhs as against the reported profit of Rs. 8,454.86 lakhs. The total comprehensive loss would have been Rs. 2,986.09 as against the reported total comprehensive profit of Rs. 6,457.36 lakhs. and the loss per share would have been Rs. 25.28 per share as against the reported profit per share Rs. 55.77 per share.

We conducted our audit of Consolidated Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the Consolidated Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained along with the consideration of reports of the other auditors referred to in "Other Matters" section below is sufficient and appropriate to provide a basis for our Adverse opinion on the Consolidated Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matters described in the Basis for Adverse Opinion section, we have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
Disclosure and Classification of Amount received as per Framework Agreement
We refer to Note 48 to the consolidated financial statements.

a. The Holding Company has received an amount of Rs. 39,000 lakhs recorded as advance. However, in the absence of adequate supporting documentation and agreed terms and conditions, we were unable to obtain sufficient appropriate audit evidence to ascertain the nature of the amount received. Consequently, we are unable to comment on the appropriateness of the classification and presentation of this amount as borrowings and its disclosure in the consolidated financial statements.

b. Further, the Holding Company has not recognized interest expense amounting to Rs. 7,845.07 lakhs and certain expense reimbursements amounting to Rs. 1,598.39 lakhs, as claimed by the entity which advanced the funds. Due to the absence of agreed terms for these advances, we are unable to determine the amount of interest and expenses that should have been recognized in the consolidated financial statements. Notwithstanding this, if the said advances are considered to be borrowings – as assumed by the Company – then, as per the provisions of Section 186(7) of the Companies Act, 2013, a minimum interest should be charged based on the prevailing yield of government securities corresponding to the tenor of the loan. Even by applying this statutory minimum rate, the unrecognized interest would be material and would have a significant impact on the consolidated financial statements.

Additionally, as disclosed in Note 22 to the consolidated financial statements, there is an unreconciled difference of Rs.242.64 lakhs between the Holding Company’s records and the balance reported, with the balance recorded in the consolidated financial statements being lower.

Due to the significance of the matters described above and their pervasive impact on the consolidated financial statements, this matter was considered to be of | In view of the significance of the matter, we applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence.

We have verified and reviewed bank statements in respect of receipt of Rs.39,000 Lakhs.
We have obtained ledger accounts and balance confirmations from the party in respect of such amount. However, the balances in the books of the Holding Company are not tally with the confirmation received from the party. We have been informed by the Holding Company that these balances are under reconciliation with the party.
Assessed the materiality of the unreconciled amounts in the context of the consolidated financial statements as a whole.
Assessed compliance with the relevant disclosure requirements.

Since we have not been provided with the sufficient and appropriate information, the matters have also been highlighted in Basis for Adverse Opinion section of our report. |

Key audit matter	How our audit addressed the key audit matter
significant importance in our audit of the consolidated financial statements
Assessment of Going Concern
The Holding Company has prepared these consolidated financial statements on a going concern basis considering the approved the settlement proposal under Section 12A of IBC 2016 and the steps being taken by the Holding Company to meet its regulatory requirements and reporting obligations. However, the Group’s current liabilities exceed the current assets by Rs. 38,896.24 lakhs as at March 31, 2026. Considering the above and in the absence of sufficient appropriate audit evidence to support the Holding Company’s ability to meet its obligations, a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern and the consolidated financial statements have not been prepared on any other basis of accounting acceptable in the circumstances and also do not adequately disclose this matter.

We considered this matter to be of significance as it relates to the generally accepted fundamental accounting assumptions. | In view of the significance of the matter, we applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence.
1. We have obtained and reviewed the approved resolution plan
2. We have evaluated the assessment of going concern considering the indicators of going concern as provided under SA 570 Going concern.
3. Reviewed minutes of board meetings and post-CIRP correspondence to identify developments related to operational continuity and financial restructuring.
4. We have requested the management of the Holding Company to provide any future business plans in support of going concern.

The Group’s current liabilities are more than the current assets as at March 31, 2026. In the absence of any convincing audit evidence to support the going concern assumptions, this matter has also been highlighted in Basis for Adverse Opinion section of our report. |
| Outstanding recoverable/payables balances with the Government Authorities are subject to reconciliation with the statutory records and interest liability thereon.
As described in Note 50 to the consolidated financial statements, the Holding Company has significant outstanding balances recoverable from and payable to various Government Authorities, which are subject to reconciliation with statutory records and consequential adjustments, if any.
In the absence of complete and detailed aging or period-wise breakup of “statutory dues payable,” we were unable to assess the accuracy and completeness of interest expense recognized on delayed payments of statutory dues in the consolidated statement of profit and loss for the year ended March 31, 2026. | In view of the significance of the matter, we applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence.
1. We have asked from the management the period wise details and reconciliation of statutory dues payable and recoverable with the statutory records which the Holding Company has confirmed that these balances are under reconciliation.
2. We have been informed by the Holding Company that these balances are pending since long and period wise details cannot be provided at this stage and therefore interest expenses on these statutory dues cannot be determined and hence not provided for in the consolidated financial statements.
Therefore, this matter has also be highlighted in Basis for Adverse Opinion section of our report. |

Key audit matter	How our audit addressed the key audit matter
Given the materiality of these balances and the associated interest expense, as well as the judgment involved in determining the amounts payable and recoverable, and in view of the absence of sufficient supporting information and reconciliations, this matter was considered to be of significant importance in our audit of the consolidated financial statements.
Revenue Recognition
As disclosed in note 27 to the consolidated financial statement, the Subsidiary Company is principally engaged in the business of owning and operating hotel property and its revenue comprises hotel revenue (including room revenue, food and beverages revenue) and rental income from commercial space leasing and revenue from other related services.

The Subsidiary Company recognises the revenue from customers in accordance with Ind AS 115, "Revenue from Contracts with Customers" ('Ind AS 115') when the performance obligation is satisfied i.e. when (or as) the customer obtains control of goods or services. The revenue towards a performance obligation is measured based on the transaction price net of rebates, goods and services tax etc.

Revenue is a key performance indicator of the Subsidiary Company and there is risk of overstatement of revenue due to fraud resulting from pressure to achieve targets and earnings expectations, accordingly, in line with the requirements of the Standards on Auditing, revenue has been determined as an area involving significant risk and hence, requiring significant auditor attention.

Considering volume of the transactions, significance of the amount involved, and significant attention required by the other auditor as mentioned above, we have identified revenue recognition as a key audit matter for current year audit. | Based on the consideration of report of other auditor and in view of the significance of the matter, the other auditor applied the following audit procedures in this area, among others, to obtain sufficient appropriate audit evidence.
1. Evaluated the design and tested operating effectiveness of key controls with respect to the revenue recognition process;
2. Understood the process of revenue recognition and assessed the appropriateness of Subsidiary Company's revenue recognition accounting policies in accordance with Ind AS 115;
3. Tested the revenue transactions recorded during the year (including during a specific period before and after year end) on sample basis, by inspecting the underlying documents such as invoices, bank collections and other relevant documents, as applicable, to ensure revenue is recognized in the correct accounting period and with correct amounts;
4. Tested the details of unbilled revenue and its compliance with Ind AS 115;
5. Tested manual journal entries impacting revenue including credit notes, rebates etc., selected on specified risk-based criteria, to identify unusual or irregular items;
6. Performed analytical procedures on current year revenue including variance analysis to identify any unusual variances /relationships, if any; and
7. Ensured the adequacy and appropriateness of disclosures relating to the revenue recognition made in the Subsidiary Company financial statements, in accordance with the applicable accounting standards. |

Information other than the Consolidated Financial Statements and Auditor's Report Thereon

The Holding Company's Board of Directors is responsible for the preparation and presentation of its report (herein after called as "Board Report") which comprises various information required under section 134(3) of the Companies Act, 2013 but does not include the Consolidated Financial Statements and our auditor's report thereon.

Our opinion on the Consolidated Financial Statements does not cover the Board Report and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the Board Report and in doing so, consider whether the Board Report is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

The Board Report is not made available to us at the date of this auditor's report.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Holding Company's Board of Directors is responsible for the preparation and presentation of these Consolidated Financial Statements in term of requirements of the Companies Act, 2013 that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under section 133 of the Act. The respective Board of Directors of the company included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Statements by the Directors of the Holding Company, as aforesaid.

In preparing the Consolidated Financial Statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those respective Board of Directors of the Companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error and to

issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has an adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management and Board of Directors.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure, and content of the Consolidated Financial Statements, including the disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the Consolidated Financial Statements of which we are the independent auditors. For the other entities included in the Consolidated Financial Statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Consolidated Financial Statements of which we are the independent

auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

We did not audit the Financial Statements of a Subsidiary whose separate Financial Statements reflect total assets of Rs. 77,473.67 Lakhs as at March 31, 2026, and total revenues of Rs.43,553.73 Lakhs, total net profit after tax of Rs. 7,374.89 Lakhs, total comprehensive income of Rs. 7,334.59 Lakhs, and net cash inflow of Rs. 6,311.27 Lakhs for the year ended on that date, as considered in the Consolidated Financial Statements. These Financial Statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included in respect of the Subsidiary, and our report in terms of sub-sections (3) and (11) of Section 143 of the Act, in so far as it relates to the aforesaid Subsidiary, is based solely on the reports of the other auditor.

Our opinion on the Consolidated Financial Statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

With respect to the matters specified in clause (xxi) of paragraph 3 and paragraph 4 of the Companies (Auditor's Report) Order, 2020 (the "Order"/"CARO") issued by the Central Government in terms of Section 143(11) of the Act, according to the information and explanation given to us, and based on the CARO report of the Company included in the Group, we report that there are no qualification or adverse remarks in the CARO reports of the Company included in the Group except of the following:

Name of Company	CIN	Nature of Relationship	Clause number of the CARO report which is Adverse or is adverse
Asian Hotels (West) Limited	L55101DL2007PLC157518	Holding Company	1(a)(A)1, 1(b)1, 7(a) & 7(b)2,173
Aria Hotels and Consultancy Services Private Limited	U74140DL2007PTC163275	Subsidiary Company	(i)(c)4, (vii)(b)2. (xx)5

Clause pertains to Property, plant and equipment
Clause pertains to delay in payment of statutory dues (Disputed and undisputed)
Clause pertains to cash losses
Clause pertains to title deeds of immovable properties
Clause pertains to Corporate Social Responsibility
As required by section 197(16) of the Act, based on our audit and on the consideration of the reports of subsidiary referred to in Other Matter section of our report, we report that the

Holding Company and subsidiary incorporated in India, whose financial statements have been audited under the Act, have paid remuneration to their respective directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

As required by Section 143 (3) of the Act, based on our audit and on consideration of the report of other auditor, we report that

(a) We sought and, except for the effects of the matters described in paragraphs 1.b, 2, 3 and 4 in the Basis for Adverse Opinion section of our report, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying Consolidated Financial Statements.

(b) In our opinion, proper books of account as required by law have been kept by the Holding Company so far as it appears from our examination of those books. Based on the consideration of report of other auditors, except matter stated in paragraph 3(h)(vi) below in respect of the Subsidiary Company, proper books of account as required by the law have been kept so far as it appears from their examination of those books. Further, the back-up of the books of accounts and other books and papers of the Subsidiary Company maintained in electronic mode in respect of hotel operations, has not been maintained on servers physically located in India, on a daily basis;

(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including consolidated other comprehensive income, the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the Consolidated Financial Statements.

(d) In our opinion, the aforesaid Consolidated Financial Statements comply with Ind AS specified under Section 133 of the Act, read with relevant rules issued there under.

(e) The matters described in the Basis for Adverse Opinion section of our report and the matters reported in our report on CARO 2020 included as paragraph 1 above to this report, in our opinion, may have an adverse effect on the functioning of the Group.

(f) Based on the written representations received from the directors as on March 31, 2026 and taken on record by the Board of Directors and based on the consideration of report of other auditor of the Subsidiary, none of the directors of the Holding Company or its Subsidiary is disqualified as on March 31, 2026 from being appointed as a director in terms of section 164(2) of the Act.

(g) With respect to the adequacy of the internal financial controls with reference to Consolidated Financial Statements of the Holding Company and its subsidiary company incorporated in India and the operating effectiveness of such controls, refer to our separate Report in "Annexure A" wherein we have provided an Adverse Opinion.

(h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate financial statements of the Subsidiary, as noted in the "Other Matters" section:

(i) The Group has disclosed the impact of pending litigations on its financial position. Refer Note 36 A to the Consolidated Financial Statements.

(ii) The Group did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company and Subsidiary Company;

(iv) (a) The respective management of the Holding Company and its subsidiary company incorporated in India whose financial statements have been audited under the Act has represented to us and the other auditor of such Subsidiary Company that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of its subsidiary company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Holding Company or any of its subsidiary company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The respective Management of the Holding Company and its subsidiary company incorporated in India whose financial statements have been audited under the Act has represented to us and the other auditor of such Subsidiary Company, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Holding Company or any of its subsidiary company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of its subsidiary company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditor of the subsidiary company incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditor's notice that has caused us or the other auditor to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (iv)(a) and (iv)(b) above, contain any material misstatement.

(v) The Holding Company or its subsidiary company has neither declared nor paid any dividend during the year.

(vi) As stated in note 46 of the consolidated financial statements and based on our examination which includes test checks performed by us on Holding Company and report of other auditor on its subsidiary company, the aforesaid companies have used

accounting software for maintaining its books of account for the financial year 2025-26, which have a feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software except for the instances mentioned below. Furthermore, except for the instances mentioned below where the audit trial is not available at database level, the audit trial has been preserved by the Holding and Subsidiary Company as per the statutory requirements for record retention.

The Subsidiary Company in respect of financial year commencing on April 01, 2025, has used accounting software for maintaining its books of account which have a feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with, other than the consequential impact of the exceptions given below. Furthermore, except for instances mentioned below where the audit trail is not available at database level, the audit trail has been preserved by the Subsidiary Company as per the statutory requirements for record retention.

The audit trail feature was not enabled at the database level for accounting software to log any direct data changes, used for maintenance of hotel revenue related records by the Subsidiary Company.

The Subsidiary Company has also used other accounting softwares which are operated by third-party software service providers for maintenance of accounting records. The 'Independent Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness' ('Type 2 report' issued in accordance with the attestation standards established by the American Institute of Certified Public Accountants (AICPA) and International Standard on Assurance Engagement (ISAE) 3402, Assurance Reports on Controls at a Service Organisation) were available for part of the year. Further, these reports do not provide sufficient audit evidence on audit trail (edit logs) for any direct changes made at the database level. Accordingly, we are unable to comment on whether audit trail feature with respect to the database of the said softwares was enabled and operated throughout the year in case of Subsidiary Company.

For J. C. Bhalla & Co.
Chartered Accountants
Firm's Registration No. 001111N

(Akhil Bhalla)
Partner
Membership No. 505002
UDIN: 26505002LXDPBH4198
Place: New Delhi

Date : May 25, 2026

Annexure A to the Independent Auditor’s Report referred to in paragraph 3(g) under the heading “Report on other Legal and Regulatory requirements” of our report of even date on the Consolidated Financial Statements of Asian Hotels (West) Limited.

Report on the Internal Financial Controls with reference to the Consolidated Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”).

In conjunction with our audit of the Consolidated Financial Statements of Asian Hotels (West) Limited (hereinafter referred to as “the Holding Company”) and its Subsidiary (the Holding Company and its Subsidiary together referred to as” the Group), as at and for the year ended March 31, 2026, we have audited the internal financial controls with reference to Consolidated Financial Statements of Holding Company and its subsidiary company incorporated in India under the Act.

Management’s Responsibility for Internal Financial Controls

The respective Holding Company’s Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal control with reference to Consolidated Financial Statements criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Holding company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Holding Company’s internal financial controls with reference to Consolidated Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Consolidated Financial Statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to Consolidated Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statement included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditor of the relevant subsidiary company in terms of their report referred to in the Other Matters

paragraph below is sufficient and appropriate to provide a basis for our Adverse audit opinion on the Company's internal financial controls system with reference to Consolidated Financial Statements.

Meaning of Internal Financial Controls with reference to the Consolidated Financial Statements

A company's internal financial control with reference to Consolidated Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Consolidated Financial Statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to Consolidated Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the Consolidated Financial Statements.

Adverse Opinion

Due to the effect of the matters stated in the Basis of Adverse Opinion section below, in our opinion, the Group did not maintain internal financial controls with reference to the consolidated financial statements during the year ended March 31, 2026.

Basis for Adverse Opinion

(a) The Holding Company did not have adequate controls over obtaining confirmation of balances from lenders, reconciling such balances and recording entries or taking other actions, as maybe deemed necessary to address such differences.

(b) The Holding Company's controls over assessing appropriateness of use of going concern assumption were not adequate since the assessment of the Holding Company in the use of such assumption did not consider the financial condition of the Holding Company as stated in the consolidated financial statements nor was supported by business plans.

(c) The Holding Company's internal controls did not address the assertion of existence of the Holding Company's Property Plant and Equipment and therefore its valuation as at March 31, 2026.

(d) The Holding Company's internal controls did not enable the determination and accrual of interest that may be due on delayed remittances of statutory dues.

We have considered the adverse opinion reported above in determining the nature, timing, and extent of audit tests applied in our audit of the consolidated financial statements of the Holding Company, and the adverse opinion has affected our opinion on the consolidated financial statements of the Holding Company and we have issued an adverse opinion on the consolidated financial statements.

Other Matter

Our report under section 143(3) (i) of the Act on the adequacy and operating effectiveness of the internal financial control over financial report in so far as it relates to the Subsidiary Company which is company incorporated in India, is based on the corresponding reports of the auditors of such company incorporated in India.

For J. C. Bhalla & Co.
Chartered Accountants
Firm Registration No. 001111N

Akhil Bhalla
Partner
Membership No: 505002
UDIN: 26505002LXDPBH4198

Consolidated Balance Sheet as at March 31, 2026

Particulars	Note	As at March 31, 2026	As at March 31, 2025
I ASSETS
(1) Non-current assets
(a) Property, plant and equipment	2	62,012.61	61,371.46
(b) Capital work-in-progress	3	0.00	292.28
(c) Intangibles assets	2	9.26	29.14
(d) Right-of-use assets	4	14,790.46	15,932.86
(e) Financial Assets
(i) Other financial assets	5	3,904.00	3,396.96
(f) Deferred tax assets (net)	6(a)	1,939.68	4,013.70
(g) Income tax assets (net)	7	711.19	731.58
(h) Other non current assets	8	26.30	1,754.66
		83,393.50	87,522.64
(2) Current assets
(a) Inventories	9	481.88	477.01
(b) Financial assets
(i) Investments	10	7.30	7.35
(ii) Trade receivables	11	1,751.40	1,525.78
(iii) Cash and cash equivalents	12	10,271.25	4,536.95
(iv) Bank balances other than (iii) above	13	115.08	990.16
(v) Other financial assets	14	416.11	376.10
(c) Other current assets	15	1,280.39	1,394.11
		14,323.40	9,307.46
TOTAL ASSETS		97,716.89	96,830.10
II EQUITY AND LIABILITIES
Equity
(a) Equity share capital	16	1,165.12	1,165.12
(b) Other equity	17	(2,508.58)	(8,965.95)
Total equity attributable to owners of the Company		(1,343.46)	(7,800.83)
Non controlling interest		(0.33)	(0.33)
Total equity		(1,343.79)	(7,801.15)
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings	18	21,373.33	29,667.99
(ii) Lease liabilities	4	21,924.48	21,313.57
(iii) Other financial liabilities	19	609.04	759.35
(b) Provisions	20	333.30	241.55
(c) Deferred tax liabilities (net)	6(b)	1,254.60	1,384.97
(d) Other non current liabilities	21	346.29	322.84
		45,841.04	53,690.27
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings	22	39,000.00	39,000.00
(ii) Lease liabilities	4	1,627.01	1,542.19
(iii) Trade payables	23
- outstanding dues of micro enterprises and small enterprise		25.28	8.07
- outstanding dues of creditors other than micro enterprises and small enterprises		2,873.12	2,619.90
(iv) Other financial liabilities	24	4,183.20	4,024.16
(b) Other current liabilities	25	3,082.49	3,399.37
(c) Provisions	26	2,428.54	347.30
		53,219.64	50,940.98
TOTAL EQUITY AND LIABILITIES		97,716.89	96,830.10

Statement of corporate information and Material Accounting Policies
1 & 2

The accompanying notes form an integral part of the Consolidated Financial Statements

For J.C. Bhalla & Co.
For and on behalf of Board of Directors of Asian Hotels (West) Limited

Chartered Accountants
Firm Registration No. 001111N

Harish Kumar Gautam
Chief Financial Officer
PAN: AIWPG3168K

Nidhi Khandelwal
Company Secretary
Membership No:- A20562

Consolidated Statement of Profit and Loss for the year ended March 31, 2026

Particulars	Note	For the year ended March 31, 2026	For the year ended March 31, 2025
INCOME
I Revenue from operations	27	43,539.09	41,050.91
II Other income	28	955.54	1,000.54
III Total income (I+II)		44,494.62	42,051.45
IV EXPENSES
Cost of consumption of food, beverages and others	29	3,722.45	3,999.58
Employee benefits expense	30	5,832.06	5,223.36
Finance Cost	31	5,358.36	6,807.30
Depreciation and amortisation expense	32	4,268.78	4,082.81
Other expenses	33	14,783.11	14,799.84
Total expenses (IV)		33,964.76	34,912.89
V Profit / (loss) before exceptional items and tax (III-IV)		10,529.86	7,138.56
VI Exceptional Items(Net)	49	2,075.00	2,679.78
VII Profit/ (Loss) after exceptional items and before tax (V-VI)		8,454.86	4,458.78
VIII Tax expense	34
(1) Current tax		-	-
(2) Income tax adjustments relating to earlier year		-	36.91
(3) Deferred tax (credit)/charge		1,957.20	442.14
Total tax expense (VIII)		1,957.20	479.05
IX Profit/(loss) for the year (VII-VIII)		6,497.66	3,979.73
X Other comprehensive income / (Loss)
Items that will not be reclassified to profit or loss:
- Remeasurement gains/(losses) on defined benefit obligation		(53.85)	(29.20)
- Income tax relating to items that will not be reclassified to profit or loss		13.55	7.35
Total other comprehensive income (net of tax)		(40.29)	(21.85)
XI Total comprehensive income for the year (IX + X)		6,457.36	3,957.88
XII Paid-up equity share capital		1165.12	1165.12
(Face value of ₹ 10 per share)
XIII Other Equity		(2,508.58)	(8,965.95)
Profit/(loss) attributable to:
Owners of Asian Hotels (West) Limited		6,497.66	3,979.73
Non Controlling Interest		-	-
Other Comprehensive income attributable to:
Owners of Asian Hotels (West) Limited		(40.29)	(21.85)
Non Controlling Interest		-	-
Total Comprehensive income attributable to:
Owners of Asian Hotels (West) Limited		6,457.36	3,957.88
Non Controlling Interest		-	-
Earning per equity share of face value of ₹ 10 each	35
- Basic earnings per equity share (in ₹)		55.77	34.16
- Diluted earnings per equity share (in ₹)		55.77	34.16

1 & 2

The accompanying notes form an integral part of the consolidated financial statements

For J.C. Bhalla & Co.

Chairman & Non-Executive Director

Partner

Membership No:- A20562

Consolidated Statement of Cash Flow for the year ended March 31, 2026

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
Cash flow from operating activities
Net profit/(loss) before tax (I)	8,454.86	4,458.78
Adjustment to reconcile profit/(loss) before tax to net cash flows:
Depreciation on property, plant and equipment	3,891.59	3,683.66
Amortisation of other intangible assets	19.88	19.78
Amortisation of Right-of-use assets	357.31	379.37
Loss on sale of property, plant and equipment	81.97	9.71
Provision for doubtful debts	134.89	104.02
Lease receivable written off	-	-
Exceptional items written off	2,075.00	2,679.78
Advances to Suppliers written off	-	-
Interest income on Fixed Deposit	(145.09)	(135.78)
Interest Income on Income Tax Refund	(200.03)	(283.64)
Other Income (including unwinding of security deposit)	(20.33)	(19.72)
Unrealised gain on financial assets measured at FVTPL	-	(1.03)
Finance and other costs (including fair value change adjustments)	5,358.36	6,807.30
Total (II)	11,553.55	13,243.45
Operating profit/(loss) before working capital changes (I+II)	20,008.41	17,702.23
Working Capital Adjustments:
(Increase)/Decrease in inventories	(4.87)	128.88
(Increase)/Decrease in trade receivables	(360.50)	(49.73)
(Increase)/Decrease in financial assets and other assets	(1,508.40)	(5,005.60)
Increase/(Decrease) in trade payables	270.43	709.97
Increase/(Decrease) in financial liabilities, other liabilities and provisions	1,865.12	292.50
	261.78	(3,923.99)
Cash generated (used in)/ from Operating Activities	20,270.19	13,778.24
Income taxes (paid) / refund (net)	20.38	57.08
Net cash generated from Operating Activities (A)	20,290.57	13,835.32
Cash flow from investing activities
Purchase of property, plant and equipment and CWIP	(5,403.57)	(2,067.60)
Sale of property, plant and equipment	1,081.13	-
(Investment)/Redemption in fixed deposits (net)	1,750.16	2,045.86
Interest received	145.09	135.78
Net Cash (used in) / from Investing Activities (B)	(2,427.18)	114.04
Cash flow from financing activity
Interest paid on lease liabilities	(2,244.27)	(2,177.82)
Proceeds from borrowings	-	1,900.00
Repayments of borrowings	(8,294.67)	(11,002.62)
Principal elements of lease liabilities paid	(763.44)	(1,467.80)
Finance and other cost paid	(826.72)	(2,375.77)
Net Cash (used in) / from Financing activities [C]	(12,129.09)	(15,124.01)
Net Increase / (decrease) in Cash and cash equivalents [A+B+C]	5,734.30	(1,174.66)
Cash and cash equivalent at the beginning of the year	4,536.95	5,711.61
Cash and cash equivalent at the end of the year	10,271.25	4,536.95
Cash and cash equivalents comprises of the following
Balances with banks in current accounts	2,853.66	1,579.09
Cash on hand	22.96	23.34
Deposits with original maturity of less than 3 months	7,394.63	2,934.51
Cash and cash equivalent at the end of the year	10,271.25	4,536.95

Statement of corporate information and Material Accounting Policies
1 & 2

The accompanying notes are an integral part of the consolidated financial statements.

The above statement of cash flow has been prepared under the 'indirect method' as set out in Ind AS 7 "Cash Flow Statement"

For J.C. Bhalla & Co.
Chartered Accountants
Firm Registration No. 001111N

Consolidated Statement of Changes in Equity for the Year Ended March 31, 2026

A Equity share capital

Particulars	Equity Shares
	Numbers	Amount
Balance as at April 01, 2024	1,16,51,210	1,165.12
Shares issued during the year	-	-
Closing balance as at March 31, 2025	1,16,51,210	1,165.12
Shares issued during the year	-	-
Closing balance as at March 31, 2026	1,16,51,210	1,165.12

B Other equity

	Reserves and Surplus					Total	Non-controlling interest
	Capital reserve	Securities premium	General reserve	Capital redemption reserve	Retained earnings/(Losses)
Balance as at April 01, 2024	3,033.68	723.02	15,653.24	990.00	(33,323.76)	(12,923.83)	(0.30)
Profit/(loss) for the year	-	-	-	-	3,979.73	3,979.73	(0.02)
Other comprehensive income for the year (net of tax)	-	-	-	-	(21.85)	(21.85)	(0.00)
Balance as at March 31, 2025	3,033.68	723.02	15,653.24	990.00	(29,365.88)	(8,965.95)	(0.33)
Profit/(loss) for the year	-	-	-	-	6,497.66	6,497.66	-
Other comprehensive income for the year (net of tax)	-	-	-	-	(40.29)	(40.29)	-
Balance as at March 31, 2026	3,033.68	723.02	15,653.24	990.00	(22,908.52)	(2,508.58)	(0.33)

Statement of corporate information and Material Accounting Policies 1 & 2

The accompanying notes form an integral part of the consolidated financial statements

For J.C. Bhalla & Co.

Membership No.A20562

Notes to the consolidated financial statements for the year ended March 31, 2026

2 Property, plant and equipment and Intangible Assets

Particulars	Land - freehold	Buildings	Furniture & fixture	Plant & machinery	Electrical installations and equipments	Office equipment	Vehicles	Computers	Total Property, Plant and Equipments	Computer software	Total other Intangible assets
Gross carrying value
As at April 01, 2024	9,709.20	55,010.23	9,189.53	15,361.18	6,586.83	1,285.26	80.22	456.36	97,678.77	348.75	348.75
Additions during the year		1,290.99	108.85	264.10	97.39	45.59	196.26	4.54	2,007.71	3.24	3.24
Disposals during the Year		(194.21)	-	-	-	-	-	-	(194.21)	-	-
As at March 31, 2025	9,709.20	56,107.01	9,298.38	15,625.28	6,684.22	1,330.85	276.49	460.89	99,492.27	351.99	351.99
Additions during the year	-	4,719.58	457.81	448.34	43.32	-	-	26.80	5,695.84	-	-
Disposals / Adjustments	-	(1,982.70)	(93.65)	(338.99)	-	-	-	-	(2,415.34)	-	-
As at March 31, 2026	9,709.20	58,843.89	9,662.54	15,734.63	6,727.54	1,330.85	276.49	487.69	1,02,772.77	351.99	351.99

Accumulated depreciation

April 01, 2024	-	12,860.34	7,825.58	8,833.78	3,696.30	1,044.91	71.88	288.89	34,621.65	303.07	303.07
Charge for the period	-	2,074.95	183.71	835.44	487.17	36.62	6.72	59.06	3,683.66	19.78	19.78
Disposals	-	(184.50)	-	-	-	-	-	-	(184.50)	-	-
As at March 31, 2025	-	14,750.79	8,009.29	9,669.22	4,183.47	1,081.53	78.60	347.95	38,120.81	322.85	322.85
Charge for the period	-	2,187.29	198.89	884.96	504.51	31.35	24.11	60.48	3,891.59	19.88	19.88
Disposals	-	(1,001.15)	(10.66)	(240.43)	-	-	-	-	(1,252.24)	-	-
As at March 31, 2026	-	15,936.93	8,197.52	10,313.75	4,687.98	1,112.88	102.71	408.43	40,760.16	342.73	342.73
Net carrying value
As at March 31, 2026	9,709.20	42,906.96	1,465.02	5,420.88	2,039.56	217.96	173.77	79.26	62,012.61	9.26	9.26
As at March 31, 2025	9,709.20	41,356.22	1,289.10	5,956.06	2,500.75	249.31	197.88	112.94	61,371.46	29.14	29.14

(i) Note: Refer note 4 for impact on adoption of Ind AS 116.

3 Capital work-in-progress
Movement of capital work in progress is as follows:

Particulars	Amount
As at April 01, 2024	245.72
Add: Addition during the year	1,347.65
Less: Written off during the year	(10.10)
Less: Capitalisation during the year	(1,290.99)
As at March 31, 2025	292.28
Add: Addition during the year	4,482.03
Less: Written off during the year	-
Less: Capitalisation during the year	(4,774.29)
As at March 31, 2026	0.00

Note:
(i) Capital work in progress as at 31 March 2026 and 31 March 2025 comprises expenditure for the fit-out of new Restaurant.

(ii) CWIP Ageing Schedule
As at March 31 2026

Capital Work in Progress	Amount in CWIP for a period of				Total
	Less than 1 year	1-2 years	2-3 years	More than 3 years
Project in progress	-	-	-	-	-
Project temporarily suspended	-	-	-	-	-
Total	-	-	-	-	-

As at March 31 2025

Capital Work in Progress	Amount in CWIP for a period of				Total
	Less than 1 year	1-2 years	2-3 years	More than 3 years
Project in progress	292.28	-	-	-	292.28
Project temporarily suspended	-	-	-	-	-
Total	292.28	-	-	-	292.28

Notes to the consolidated financial statements for the year ended March 31, 2026

4 Leases

A Right-of-use assets

Particulars	Land	Plant and machinery	Total
Gross carrying value
As at April 01, 2024	18,237.41	-	18,237.41
Additions on account of new leases	-	-	-
Adjustment on account of sublease transaction categorised as finance lease	-	-	-
Balance as at March 31, 2025	18,237.41	-	18,237.41
Additions on account of new leases
Adjustment on account of sublease transaction categorised as finance lease	(908.50)		(908.50)
Balance as at March 31, 2026	17,328.91		17,328.91
Accumulated depreciation
As at April 01, 2024	1,925.18	-	1,925.18
Charge for the year	379.37		379.37
Adjustment on account of sublease transaction categorised as finance lease	-		-
As at March 31, 2025	2,304.55	-	2,304.55
Charge for the year	357.31		357.31
Adjustment on account of sublease transaction categorised as finance lease	(123.41)		(123.41)
As at March 31, 2026	2,538.45		2,538.45
Net Block
Balance as at March 31, 2025	15,932.86	-	15,932.86
Balance as at March 31, 2026	14,790.46	-	14,790.46

The subsidiary company has entered into development agreement, dated 4 July 2009, with Delhi International Airport Private Limited ('DIAL') for acquiring development rights by way of a license over the specified area at the airport site for developing, designing, financing, constructing, owning, operating and maintaining an upscale and luxury hotel property, the subsidiary company has recognised Right-of-use assets and corresponding lease liability in relation to such agreement.

B Lease liabilities

Set out below are the carry amount of lease liabilities and movement for the year.

Particulars	Amount
As at March 31, 2024	22,145.73
Additions on account of new leases	-
Add : Accretion of interest on lease liabilities for the year	2,177.82
Less: Lease payment for the year	(1,467.79)
As at March 31, 2025	22,855.76
Additions on account of new leases
Add : Addition / modification of lease for the year
Add : Accretion of interest on lease liabilities for the year	2,244.27
Less: Lease payment for the year	(1,548.54)
As at March 31, 2026	23,551.49

Lease liabilities are presented in the statement of financial position as follows:

Particulars	March 31, 2026	March 31, 2025
Non-current	21,924.48	21,313.57
Current	1,627.01	1,542.19

The lease liabilities are secured by the related underlying assets. The maturity analysis of lease liabilities are disclosed below.

Extension and termination options

The Group has considered option of extending the tenure by 30 years for the above land lease in lease period assessment since the Group can enforce its right to extend the lease beyond the initial lease period ending May 02, 2036 as the Group is likely to be benefited by exercising the such an extension option.

Lease payments not recognised as a liability

The annual increase in the Group's payments towards the above land lease agreement during the extended term are based on the movement in Consumer Price Index (Industrial workers) for the respective years of the extended term. Based on the principles of Ind AS 116, the Group has not estimated this future inflation but, instead, measures lease liabilities using lease payments that assume no inflation over the extended lease term. The impact of changes in the lease liabilities on account of such indexed lease payments will be made in the year of respective cashflow changes over the extended term beginning May 02, 2036.

Further, the Group has elected not to recognise a lease liability for lease on low value assets and short term leases (leases of expected term of 12 months or less). Payments made under such leases are expensed on a straight-line basis.

The expense relating to payments not included in the measurement of the lease liability is as follows:

Particulars	March 31, 2026	March 31, 2025
Short-term leases	-	-
Leases of low value assets	-	-

C The following are amounts recognised in profit or loss with respect to leasing arrangements:

Particulars	March 31, 2026	March 31, 2025
Amortisation expense on Right-of-use assets	357.31	379.37
Interest expense on lease liabilities	2,244.27	2,177.82
Income on subleasing the Right-of-use assets and other contributory items of Property, plant and equipment	924.77	1,316.26
Interest income on finance lease receivable (subleased assets)	200.03	283.64
Other rental income	541.18	489.31
Total	4,268.10	4,646.42

Total cash outflow in respect of leases in the year amounts to ₹1548.54 lakhs (March 31, 2025: ₹ 1467.79 lakhs)

D Details about arrangements entered as a lessor

Finance Lease

The Group had entered into various sub licensing agreements for commercial space which are based on identical terms vis a vis its land lease arrangement with DIAL, therefore these sublicensing agreements are accounted for as finance leases on adoption of Ind AS 116 with respect to corresponding Right-of-use asset. The following table represents maturity analysis of future cashflows to be received from such agreements by the Group over the lease term ending on May 02, 2066:

Particulars	March 31, 2026	March 31, 2025
(a) Not later than one year	254.41	183.46
(b) Later than one year and not later than five years	1,179.55	573.08
(c) Later than five years	26,259.62	23,348.02

Operating lease

The Group had entered into various sub licensing agreements other than the agreement mentioned above for commercial space for a specified period of time which is considerably shorter than the corresponding land lease arrangement with DIAL, therefore these sublicensing agreements are accounted for as operating leases as per Ind AS 116 with respect to corresponding Right-of-use asset. Further, the Group has leased out its roof top space to telecom operators for setting up of tower. The following table represents maturity analysis of future cashflows to be received from such agreements by the Group over the respective lease terms:

Particulars	As at March 31, 2026	As at March 31, 2025
(a) Not later than one year	672.29	1,299.50
(b) Later than one year and not later than five years	1,869.16	3,974.91
(c) Later than five years	339.70	608.80

Particulars	As at March 31, 2026	As at March 31, 2025
Other financial assets (non-current)
Unsecured, considered good
At amortised cost
Deposits with remaining maturity of more than 12 months	14.83	-
Security deposits	364.05	351.65
Lease receivable	3,525.13	3,045.31
Total	3,904.00	3,396.96
Note:
Refer note 40 for disclosure of fair values in respect of financial assets measured at amortised cost and assessment of expected credit losses.
(a) Deferred tax assets
Deferred tax liabilities arising on account of
Property, plant and equipment and intangible assets	3,852.13	4,379.97
Right of use assets	3,673.33	3,960.85
Total deferred tax liabilities	7,525.46	8,340.02
Deferred tax assets arising on account of
Brought forward Business Loss and Unabsorbed depreciation (refer note (i) below)	4,462.91	7,263.00
Financial assets and financial liabilities at amortised cost	4,076.81	4,766.20
Provision for employee benefits and other liabilities deductible on actual payment	179.11	135.12
Provision for doubtful debts/advances	224.07	190.20
Provision for contingencies	522.24	-
Total deferred tax assets	9,465.14	12,354.52
Total deferred tax assets (net)	1,939.68	4,013.70
(b) Deferred tax liabilities
Deferred tax liabilities arising on account of
Property, plant and equipment	1,547.45	1,592.05
Right of use assets	-	-
Financial Liabilities at amortised cost	3.95	4.24
Financial assets classified at FVTPL	0.22	0.23
	-	-
Deferred tax assets arising on account of
Unabsorbed depreciation	1,551.62	1,596.52
	297.02	211.55
	297.02	211.55
Net Deferred tax liabilities	1,254.60	1,384.97
Note:
(i) The subsidiary company has created Deferred Tax Assets on bought forward business loss and unabsorbed depreciation to the extent management of the subsidiary Company is reasonably certain that the same would be available for adjustment against foreseeable taxable profit.
(ii) Refer note 34 for changes in deferred tax balances.
Income tax assets (net)
Advance income tax (net of provision for tax)	711.19	731.58
Total	711.19	731.58

(All amount in 4 lakhs, unless otherwise stated)

| 8 | Other non-current assets
(Unsecured, considered good) | | |
| --- | --- | --- | --- |
| | Capital advances | 26.25 | 1,754.66 |
| | Prepaid expenses | 0.05 | - |
| | Total | 26.30 | 1,754.66 |
| 9 | Inventories
(Valued at lower of cost and net realisable value) | | |
| | Wines, liquor and Smokes | 424.43 | 436.00 |
| | Food and beverages | 57.45 | 41.01 |
| | Total | 481.88 | 477.01 |
| | Investments (Current) | | |
| 10 | Investment at fair value through profit and loss (FVTPL) | | |
| | Quoted equity shares: | | |
| | 1,155 (Previous year : 1,155 ) shares held for trading | 7.30 | 7.35 |
| 11 | Total | 7.30 | 7.35 |
| | Aggregate amount of Quoted investments | 7.30 | 7.35 |
| 11 | Trade receivables (Unsecured)* | | |
| | Considered good | 1,455.82 | 1,230.18 |
| | Significant increase in credit risk | 343.97 | 101.20 |
| | Credit Impaired | 169.82 | 345.22 |
| | Total | 1,969.61 | 1,676.60 |
| | Less : Allowances for expected credit loss | (218.21) | (150.82) |
| | Total | 1,751.40 | 1,525.78 |
| Particulars | As at 31 March 2026 | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | Outstanding for following periods from * | | | | | | |
| | Unbilled | Less than 6 | 6 months- 1 | 1-2 years | 2-3 years | More than 3 years | Total |
| (i) Undisputed Trade receivables | | | | | | | |
| -considered good | 506.65 | 783.25 | 13.26 | 55.50 | 32.85 | 64.31 | 1,455.82 |
| -significant increase in credit risk | - | 38.39 | 17.61 | 12.86 | 22.20 | 252.92 | 343.97 |
| -credit impaired | - | 4.60 | 19.83 | 68.13 | 29.55 | 47.72 | 169.82 |
| (ii) Disputed Trade receivables | | | | | | | |
| -considered good | - | - | - | - | - | - | - |
| -significant increase in credit risk | - | - | - | - | - | - | - |
| -credit impaired | - | - | - | - | - | - | - |
| Particulars | As at 31 March 2025 | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | Outstanding for following periods from * | | | | | | |
| | Unbilled | Less than 6 | 6 months- 1 | 1-2 years | 2-3 years | More than 3 years | Total |
| (i) Undisputed Trade receivables | | | | | | | |
| -considered good | 157.98 | 886.86 | 65.55 | 32.06 | 25.05 | 62.68 | 1,230.18 |
| -significant increase in credit risk | - | 25.42 | 0.53 | 23.00 | 49.35 | 2.90 | 101.20 |
| -credit impaired | - | 6.01 | 23.65 | 37.73 | 68.22 | 209.61 | 345.22 |
| (ii) Disputed Trade receivables | | | | | | | |
| -considered good | - | - | - | - | - | - | - |
| -significant increase in credit risk | - | - | - | - | - | - | - |
| -credit impaired | - | - | - | - | - | - | - |
| Note: | |
| --- | --- |
| * Ageing of trade receivables has been considered from date of invoice since the company does not have any agreed credit term with its customers. | |
| Refer note 40 for disclosure of fair values in respect of financial assets measured at amortised cost. | |
| Cash and cash equivalents | | |
| --- | --- | --- |
| Balances with banks in current accounts | 2,853.66 | 1,579.10 |
| Cash on hand | 22.96 | 23.34 |
| Deposits with original maturity of less than 3 months | 7,394.63 | 2,934.51 |
| Total | 10,271.25 | 4,536.95 |
| Note: |
| --- |
| Refer note 40 for disclosure of fair values in respect of financial assets measured at amortised cost. |
| Other bank balances | | |
| --- | --- | --- |
| Earmarked Balances | | |
| Dividend accounts | 1.92 | 10.50 |
| Deposits with original maturity for more than 3 months but less than 12 months (refer note (ii) below) | 113.16 | 235.96 |
| Deposits with original maturity of more than 12 months but remaining maturity of less than 12 months (refer note (iii) below) | - | 743.70 |
| Total | 115.08 | 990.16 |

Notes:	Refer note 40 for disclosure of fair values in respect of financial assets measured at amortised cost.
(ii)	Deposit under lien against bank guarantee amounting to ¥ Nil (March 31, 2025: ¥ 24.84 lakhs) issued to BSIS Rajdhani Power Limited for electricity connection.
(iii)	Deposit under lien against bank guarantee amounting to ¥ 0.90 lakhs (March 31, 2025: ¥ 0.90 lakhs) issued to Value Added Tax (VAT) Authorities.
14	Other current financial assets
	Unsecured, considered good
	Security deposits	6.32	16.34
	Rent Receivable	-	8.12
	Dividend Receivables	0.14	0.06
	Other receivable	-	-
	-considered good	409.65	351.58
	-considered doubtful	298.37	231.17
	Less: Allowance for doubtful balances	714.47	607.27
	Total	(298.37)	(231.17)
		416.11	376.10
	Note:
	Refer note 40 for disclosure of fair values in respect of financial assets measured at amortised cost and assessment of expected credit losses.
15	Other current assets
	(Unsecured, considered good, unless otherwise stated)
	Advance to suppliers	146.92	157.03
	-considered good	78.12	78.12
	-considered doubtful	417.12	666.70
	Balances with statutory authorities	273.51	300.96
	Lease equalisation receivables	442.84	269.42
	Prepaid expenses	-	-
	Other receivable	1,358.51	1,472.23
	Less: Allowance for doubtful balances	(78.12)	(78.12)
	Total	1,280.39	1,394.11

Asian Hotels (West) Limited
CIN: L55101DL2007PLC157518
Notes to the consolidated financial statements for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

Equity

16	Equity share capital	As at March 31, 2026	As at March 31, 2025
A	Authorised
	2,50,00,000 (Previous year: 2,50,00,000) Equity shares of ₹ 10 each	2,500.00	2,500.00
	1,50,00,000 (previous year: 1,50,00,000) Preference shares of ₹ 10 each (Refer note 18(b))	1,500.00	1,500.00
		4,000.00	4,000.00
B	Issued, subscribed & fully paid up
	1,16,51,210 (Previous year: 1,16,51,210) equity shares of ₹ 10 each)	1,165.12	1,165.12
	Total	1,165.12	1,165.12

C Terms / rights attached to each class of shares:

The Group has two class of shares i.e Equity shares and Preference shares having a par value of ₹ 10/- each.

Each holder of equity shares is entitled to one vote per share. The Group declares and pays dividends in Indian rupees.

In the event of liquidation of the Group, the holders of equity shares will be entitled to receive remaining assets of the Group, after distribution of all preferential amounts.

During the last five years, the Group has not issued any bonus shares nor are there any shares bought back and issued for consideration other than cash.

D Reconciliation of number of equity shares

	March 31, 2026		As at March 31, 2025
	No of shares	Amount	No of shares	Amount
Equity shares at the beginning of the year	1,16,51,210	1,165.12	1,16,51,210	1,165.12
Changes during the year
Equity shares at the end of the year	1,16,51,210	1,165.12	1,16,51,210	1,165.12

E Details of shareholders holding more than 5% of equity shares in the Group

	As at March 31, 2026		As at March 31, 2025
	No of shares	% holding	No of shares	% holding
D.S.O. Limited	53,84,555	46.21%	53,84,555	46.21%
Mr. Sandeep Gupta	9,50,833	8.16%	9,50,833	8.16%
Ms. Vinita Gupta	10,70,496	9.19%	10,70,496	9.19%
Ms. Ratna Saraf	11,01,171	9.45%	11,01,171	9.45%
Robust Hotels Limited	9,82,422	8.43%	9,82,422	8.43%

As per records of the Group, including its register of shareholders/members.

F Details of shares held by promoters*:

S. No.	Promoter Name	As at March 31, 2026			As at March 31, 2025
		No. of shares	% holding	% Change	No. of shares	% holding	% Change
1	Chaman Lal Gupta & Sons Huf	85,000	0.73%	0.00%	85,000	0.73%	0.00%
2	Renu Arun Aggarwal	49,500	0.42%	0.00%	49,500	0.42%	0.00%
3	Sandeep Gupta	9,50,833	8.16%	0.00%	9,50,833	8.16%	0.00%
4	Sudhir Chamanlal Gupta	2,14,290	1.84%	0.00%	2,14,290	1.84%	0.00%
5	Gunjan Jain	1,61,810	1.39%	108.25%	77,700	0.67%	0.00%
6	Late Sushil Kumar Gupta	80,645	0.69%	0.00%	80,645	0.69%	0.00%
7	Madhu Jain	1,02,215	0.88%	0.00%	1,02,215	0.88%	0.00%
8	Sonal Sharma	16,500	0.14%	0.00%	16,500	0.14%	0.00%
9	Pankaj Gupta	55,275	0.47%	0.00%	55,275	0.47%	0.00%
10	Vinita Gupta	10,70,496	9.19%	0.00%	10,70,496	9.19%	0.00%
11	Jyotsana Amal Karl	14,325	0.12%	0.00%	14,325	0.12%	0.00%
12	Aria Resorts India Private Limited	1,95,349	1.68%	0.00%	1,95,349	1.68%	67.21%
13	Chaman Lal Brij Rani Charitable Trust	21,600	0.19%	0.00%	21,600	0.19%	0.00%
14	DSO Limited	53,84,555	46.21%	0.00%	53,84,555	46.21%	0.00%
Particulars		As at March 31, 2026	As at March 31, 2025
---	---	---	---
17	Other equity
A	Capital reserve
	Opening balance	3,033.68	3,033.68
	Change during the year	-	-
	Closing balance	3,033.68	3,033.68
B	Securities premium
	Opening balance	723.02	723.02
	Change during the year	-	-
	Closing balance	723.02	723.02
C	General reserve
	Opening balance	15,653.24	15,653.24
	Change during the year	-	-
	Closing balance	15,653.24	15,653.24
D	Capital redemption reserve
	Opening balance	990.00	990.00
	Change during the year	-	-
	Closing balance	990.00	990.00
E	Retained earnings / (losses)
	Opening balance	(29,365.88)	(33,323.76)
	Add: Net profit/(loss) for the year	6,497.66	3,979.73
	Add: Other comprehensive income/(loss)	(40.29)	(21.85)
	Closing balance	(22,908.52)	(29,365.88)
Total		(2,508.58)	(8,965.95)

Nature and purpose of other reserves

Capital reserve: The Group had entered into a Scheme of Arrangement and Demerger with Asian Hotels Limited pursuant to which Hyatt Regency, Mumbai was transferred to and vested in the Group. This reserve were transferred to the Group on account of demerger.

General reserve: The Group has created General reserve from time to time by way of transfer of profits from retained earnings for appropriation purposes based on the provisions of the Companies Act prior to its amendment.

Capital redemption reserve: The Group has created Capital redemption reserve in accordance with provision of the Act for the buy back of equity shares from the market. The Group had entered into a Scheme of Arrangement and Demerger with Asian Hotels Limited pursuant to which Hyatt Regency, Mumbai was transferred to and vested in the Group. This reserve were transferred to the Group on account of demerger.

Retained earnings / (Losses): This Reserve represents the cumulative profits/(losses) of the Group and effects of remeasurement of defined benefit obligations. This Reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

Asian Hotels (West) Limited
CIN : LS5101DL2007PLC157518
Notes to the consolidated financial statements for the year ended March 31, 2026
(All amount in $\mathbb{F}$ lakhs, unless otherwise stated)

Particulars	As at March 31, 2026	As at March 31, 2025
Borrowings (non-current)
Term loans (secured)
Rupee loan
From banks (refer note (i) and (ii) Below)	20,723.33	29,017.99
Less: current maturities of non-current borrowings	20,723.33	29,017.99
Preference Share Capital
9% Non Convertible & Non Cumulative Preference share capital (refer note (i) and (iii) Below)	650.00	650.00
Total	21,373.33	29,667.99

Notes:

(i)

Particulars	As at March 31, 2026	As at March 31, 2025
From banks (contractual interest rate - 9.40% to 11.10%)
Union Bank of India erstwhile Andhra Bank **	2,142.94	4,565.49
Union Bank of India erstwhile Corporation Bank **	4,168.12	4,875.90
Karnataka Bank **	-	1,131.49
Union Bank of India **	3,810.78	5,794.09
IndusInd Bank Ltd. **	10,922.99	13,011.34
Total	21,044.84	29,378.31
Less: Adjustment of ancillary borrowing cost	321.50	360.32
Net Borrowings from Banks & NBFC	20,723.34	29,017.99
Preference Share Capital
9% Non Convertible & Non Cumulative Preference share capital (refer note (iii) Below)	650.00	650.00
Net Borrowings	21,373.34	29,667.99

** Repayment terms and details of Security

During the earlier years the Subsidiary company has availed a term loan from consortium of banks and a financial institution, with Union Bank of India as lead bank. As per the sanction terms of flexible structuring scheme with cut off date of 1st Oct, 2016, the term loan is repayable in 77 structured unequal quarterly installments and the first installment was payable from DecemBNr 31, 2016.

The above term loans are secured by way of first pari passu charge on the under mentioned:

(a) A first mortgage and charge on all the Subsidiary company immovable properties pertaining to the Project, both present and future (save and except Project Site) subject to first pari-pasu charge in favour of Union Bank of India for Lease Rental Discounting (LRD) loan as Below and excluding charge on commercial space to be Sub Licensed on long term basis covering $45\%$ of total commercial area i.e. Non-cancellable tenure of $>15$ year Further during the earlier years, 21,616 sq ft area had been further excluded from charge and proceeds realised under long term sub license arrangement was used to repay all consortium lenders towards proportionate reduction of debts.

(b) A first charge on the movable fixed assets and pertaining to the Project, both present and future (save and except Current Assets);
(c) A second charge on all Current Assets, including but not limited to stock, receivables in respect of the Project, both present and future provided that first charge may BN created in favour of working capital lender with respect to working capital facilities;
(d) A second charge over all bank accounts, excluding the Escrow Account, or any account in substitution thereof and any other accounts and all funds from time to time deposited therein and in all Authorised Investments or other securities representing all amounts credited thereto;
(e) A first charge over the escrow account, (or any account in substitution thereof) except the charge created in favour of Union Bank for lease rental deposits (from 11,683 sq. ft of commercial space), including without limitation, any other accounts and all funds from time to time deposited therein and in all authorised investments or other
(f) A first charge on all intangibles of the Subsidiary company including but not limited to goodwill, rights, undertakings and uncalled capital, present and future;
(g) An assignment by way of security:
(i) of the right, title and interest of the Subsidiary company in, to and under the Project Documents;
(ii) of the right, title and interest of the Subsidiary company in, to and under all the contracts, the approvals and Insurance Contracts; and
(iii) of the right, title and interest of the Subsidiary company in, to and under any letter of credit, guarantee including contractor guarantees and liquidated damages and performance bond provided by any party to the project documents.
(iv) assignment of all rights, titles, benefits arising out of the grant of license to the Subsidiary company as per the Development Agreement between DIAL and the Subsidiary company dated July 4, 2009.
(h) Irrevocable and unconditional personal guarantee of Late Mr. Sushil Gupta, Chairman through his legal heir

As part of consortium loan arrangements, the Subsidiary Company is required to maintain certain financial covenants based on last audited financial statements. Subsequent to the year end, in line with earlier years, the Subsidiary Company had been granted waiver against variances in certain ratios against the defined benchmark levels for predeeding year. As at March 31, 2024, while there are no current maturities of borrowings as per original repayment schedule due to prepayments already made during the year, the Subsidiary Company is currently in the process of meeting the prescribed DSRA limits in lieu of personal guarantee of one of the promoter, as per the terms of the latest renewal letter and the management believes that no adjustment is necessary in this regard.

The Holding Company had executed promoter undertaking with consortium lenders of the subsidiary Company to hold and maintain not less than $51\%$ of the paid up and voting equity shares of the subsidiary Company until the final settlement date and shall not without prior approval in writing of the consortium lenders transfer, pledge, alienate, dispose of or otherwise create any third party rights in respect of $51\%$ of shareholding of the subsidiary Company.

***Repayment terms and details of Security

During earlier year, IndusInd bank had taken over existing term loans in Subsidiary company from banks i.e Allahabad bank, Canara Bank & Tourism Finance Corporation of India Limited. Repayment in structured installment is in line with the existing consortium loan from various lender.

CIN : LS5101DL2007PLC157518

(ii) The Company has access to following funding facilities:

Year Ended	Total Facility	Drawn	Undrawn
As at March 31, 2026	750.00		750.00
As at March 31, 2025	750.00	-	750.00

(iii) Preference Share Capital:

The Holding company has also issued 9% Non Convertible & Non Cumulative Redeemable Preference shares in July 2018 which are redeemable within a period of 10 years from the date of allotment.

(iv) Refer note 40 for disclosure of fair values in respect of financial liabilities measured at amortised cost and analysis of their maturity profile.

19	Other Non-current Financial liabilities	As at March 31, 2026	As at March 31, 2025
	At amortised cost
Security deposits	609.04	759.35
		609.04	759.35

Note

Refer note 40 for disclosure of fair values in respect of financial liabilities measured at amortised cost and analysis of their maturity profile.

20	Non-current provisions	As at March 31, 2026	As at March 31, 2025
	Provision for gratuity	245.59	150.97
	Provision for compensated absences	87.71	90.58
	Total	333.30	241.55
	Note:
	Refer note 39 for disclosure pertaining to Gratuity & other post employment Benefits
21	Other non-current liabilities
	Deferred income on discounting of security deposits	346.29	322.84
	Total	346.29	322.84
22	Borrowings (current)
	Repayable on demand
	Loan from Novak Hotels Private Limited	39,000.00	39,000.00
	Total	39,000.00	39,000.00

Asian Hotels (West) Limited
CIN: L55101DL2007PLC157518
Notes to the consolidated financial statements for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

Trade payables	As at March 31, 2026	As at March 31, 2025
- outstanding dues of micro enterprises and small enterprise (Refer note Below)	25.28	8.07
- outstanding dues of creditors other than micro enterprises and small enterprises	2,873.12	2,619.90
Total	2,898.40	2,627.97

Note:
(i) The amount due to Micro and Small Enterprises as defined in the "The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information collected by the Management.
(ii) Refer note 37 for Related party disclosures
(iii) The disclosures relating to Micro and Small Enterprises are as under:

Details of dues to micro, small and medium enterprises as defined under the Micro Small and Medium Enterprises Development Act, 2006

S.no.	Particulars	As at March 31, 2026		As at March 31, 2025
		Principal	Interest	Principal	Interest
(i)	The principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year	25.28		8.07	-
(ii)	The amount of interest paid by the buyer in terms of Section 16 of the MSMED Act along with the amounts of the payment made to the supplier Beyond the appointed day during each accounting year			-	-
(iii)	The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under MSMED Act			-	-
(iv)	The amount of interest accrued and remaining unpaid at the end of each accounting year			-	-
(v)	The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under Section 23 of the MSMED Act			-	-

Trade Payables ageing schedule:

Particulars	As at March 31, 2026
	Outstanding from the date of transactions
	Not Due	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
(i) MSME	6.91	18.37	-	-	-	25.28
(ii) Others	2.68	1,322.67	13.25	0.54	17.27	1,356.41
(iii) Disputed dues- MSME	-	-	-	-	-	-
(iv) Disputed dues- others	-	-	-	-	-	-
(v) Unbilled	1,516.71	-	-	-	-	1,516.71
Total	1,526.30	1,341.04	13.25	0.54	17.27	2,898.40
Particulars	As at March 31, 2025
---	---	---	---	---	---	---
	Outstanding from the date of transactions
	Not Due	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
(i) MSME	0.25	7.82	-	-	-	8.07
(ii) Others	-	2,318.69	112.00	180.27	5.79	2,619.90
(iii) Disputed dues- MSME	-	-	-	-	-	-
(iv) Disputed dues- others	-	-	-	-	-	-
Total	0.25	2,326.51	112.00	180.27	5.79	2,627.97

Other current financial liabilities	As at	As at
	March 31, 2026	March 31, 2025
Security deposits received	851.74	1,505.15
Unpaid dividend	1.92	10.53
Interest accrued but not due	-	2,158.20
Interest accrued and due on borrowings	2,342.85	9.33
- Retention money	-	-
- Others	494.80	9.47
Employee related payable (Refer note 37)	486.49	326.08
Audit fees payable	5.40	5.40
Total	4,183.20	4,024.16
Note:
Other current liabilities
Advances from customers	1,139.22	1,273.68
Income received in advance	221.12	205.45
Statutory dues	1,664.22	1,866.35
Deferred income on discounting of security deposits	57.92	53.88
Total	3,082.49	3,399.37
Short Term Provisions
Provision for gratuity	120.92	79.39
Employee Provident Fund Demand (refer note below)	188.57	222.64
Provision for compensated absences	44.04	45.27
Provision for contingencies*	2,075.00	-
Total	2,428.54	347.30

Note:
Refer note 39 for disclosure pertaining to Gratuity & other post employment Benefits

In respect of any present obligation as a result of past event that could lead to a probable outflow of resources, provision has been made, which would be required to settle the obligations regarding a claim by statutory authority, likely to devolve on the Company. The said provision is made as per the best estimate of the management and disclosure as per Ind AS 37 - 'Provisions, Contingent Liabilities & Contingent Assets' has been given below:

	As at March 31, 2026	As at March 31, 2025
As at the beginning of the year	-	-
Additions during the year	2,075.00	-
Reversals/ utilised during the year	-	-
As at the end of the reporting year	2,075.00	-

Ageing of Short Term Provision March 31,2026

Particulars	Opening Balance	Provision Created	Utilized/ Reversal	Closing Balance
Employee Provided Fund demand	222.64	-	34.07	188.57
Total	222.64	-	34.07	188.57

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
Revenue from operations
Sale of products and services
Rooms	22,872.29	22,183.05
Wines and liquor	2,734.50	2,879.56
Food, other beverages, smokes & banquets	11,161.94	11,622.38
Sub License Fees (including maintenance fee)	924.77	1,316.26
Gain on sublease	2,330.53	-
Other operating revenue	3,515.05	3,049.65
Total revenue from operations	43,539.09	41,050.91

A Changes in balances of contract liabilities during the year:

Description	March 31, 2026	March 31, 2025
Opening balance of contract liabilities	1,450.63	1,488.10
Addition in balance of contract liabilities for current year	1,360.34	1,273.68
Amount of revenue recognised against opening contract liabilities	(1,273.67)	(1,311.15)
Balance Written back	-	(176.95)
Closing balance of contract liabilities	1,360.34	1,450.63

B Assets and liabilities related to contracts with customers

Description	March 31, 2026	March 31, 2025
Contract liabilities
Advance from customers	1,139.22	1,068.23
Income received in advance (refer note 26)	221.12	205.45
Contract assets
Trade receivables	1,751.40	1,525.78

Other income	For the year ended March 31, 2026	For the year ended March 31, 2025
Rental Income	541.18	489.31
Export incentives	-	-
Dividend income	0.09
Interest income on unwinding of security deposits at amortised cost	20.33	19.72
Fair value gain on Investment in equity shares	-	1.03
Interest income on fixed deposit	145.09	135.78
Interest on income tax refund	37.11	22.40
Interest income on lease receivable	200.03	283.64
Dividend income		0.08
Miscellaneous Income	2.71	48.58
Credit Balances Written Back	9.00	-
Total	955.54	1,000.54

29	Cost of consumption of food, beverages and others	For the year ended March 31, 2025	For the year ended March 31, 2025
30	Wines & liquor
	Opening stock	436.00	399.05
	Add : Purchases	345.41	482.74
		781.41	881.79
	Less : Closing stock	424.43	436.00
		356.98	445.79
	Food, beverages and smokes
	Opening stock	41.01	37.04
	Add:- Purchases	3,381.91	3,557.75
		3,422.92	3,594.79
30	Less:- Closing stock	57.45	41.01
		3,365.47	3,553.79
	Total	3,722.45	3,999.58
	Employee benefits expense
	Salaries, wages, & allowances	4,838.72	4,305.42
	Gratuity & Leave Encashment	113.56	89.92
	Contribution to provident and other funds	318.78	266.71
	Staff welfare expenses	561.00	561.31
	Total	5,832.06	5,223.36
	Note: Refer note 39 for disclosure pertaining to Gratuity & other post employment Benefits
31	Finance costs
	Interest expense on:
	Borrowings	198.00	198.00
	Term loans	2,873.00	4,287.40
	Lease liability	2,244.27	2,177.82
	Unwinding of discount on financial liabilities measured at amortised cost	43.10	75.88
	Interest expense on delayed payment of Stautory Dues	-	68.20
Total		5,358.36	6,807.30
32	Note: *Represent payment on account of settlement with the Lender.
	Depreciation and amortisation
	Depreciation on property, plant and equipment	3,891.59	3,683.66
	Amortisation of other intangible assets	19.88	19.78
	Amortisation of Right-of-use assets	357.31	379.37
Total		4,268.78	4,082.81

Other expenses
Consumption of linen, room, catering and other supplies/services	601.29	578.44
Consumption of stores and spares	788.70	772.50
Operating equipments and supplies	2,881.34	2,781.83
Power & fuel	2,072.86	2,471.71
Contract services	1,085.44	1,065.68
Repairs and maintenance:
- Buildings	667.68	675.63
- Plant and machinery	706.79	734.41
- Others	-	-
Rates and taxes	424.88	478.47
Insurance	121.37	103.66
Directors' sitting fee (Refer note 37B)	34.40	51.40
Legal and professional expenses (Refer note below)	1,040.55	1,102.09
Equipment hire charges	247.13	230.92
Stationery and printing	124.81	144.86
Plants and decorations	116.88	127.69
Membership and subscription	48.55	29.98
Travelling and conveyance	717.95	707.06
Communication expenses	116.42	111.59
Advertisement and publicity	470.63	420.37
Commission and brokerage	1,134.31	1,095.97
Bank charges	377.16	537.66
BMC Property Tax - Expenses	422.91	-
Provision for doubtful debts/advances(net)	134.89	104.02
Gain/(loss) on trading of shares/derivatives	0.05	-
Loss on property, plant & equipment sold/discarded (net)	81.97	9.71
Recruitment & training	33.45	31.17
Loss on foreign exchange	38.53	13.89
Miscellaneous expenses	238.33	347.18
Corporate social responsibility expenses (refer note 45)	20.00	-
Penalty & Fines	33.83	71.95
Total	14,783.11	14,799.84
Note:
As auditor:
- Statutory Audit & Limited Review	51.10	68.00
- Tax audit fee	2.20	2.20
In other capacity:
- Other services	0.25	0.25
- Reimbursement of expenses	1.89	2.14

Income tax	As at March 31, 2026	As at March 31, 2025
The income tax expense consists of the following:
Current tax
Current tax
Income tax adjustments relating to earlier year	-	36.91
Deferred tax expense/(credit)	1,957.20	442.14
Total income tax	1,957.20	479.05
Reconciliation of tax expense applicable to profit before tax at the latest statutory enacted tax rate in India to income tax expense reported is as follows:	As at March 31, 2026	As at March 31, 2025
---	---	---
Profit/(loss) before income taxes	8,409.81	7,138.57
At Group's statutory income tax rate of 22.88% of holding company and 25.168% for subsidiary company (31 March 2025: 22.88% for holding company & 25.168% for subsidiary company)	2,139.56	1,796.64
Adjustments in respect of current income tax
Difference in depreciation charged as per Income-tax Act, 1961 vis-à-vis depreciation as per books of accounts	148.65	139.99
Employee Benefits	100.50	76.93
Tax Impact of other expenses disallowed under Income Tax	317.24	147.88
Other items disallowed/ (allowed) under Income- tax Act, 1961	25.66	166.85
Brought forward losses utilised during the current year	(2,800.09)	(2,393.29)
Deferred tax asset recognised during the year	2,025.69	507.14
Total	1,957.20	442.14
Earlier Year Tax Adjustment	-	36.91
Total Tax Recognised in statement of Profit & Loss	1,957.20	479.05

Reconciliation of deferred tax assets (net) for the year ended March 31, 2026:

Particulars	Opening deferred tax asset / (liability)	Income tax (expense) / credit recognized in profit or loss	Income tax (expense) / credit recognized in other comprehensive	Closing deferred tax asset / (liability)
Deferred tax assets/liabilities in relation to :
Deferred tax liabilities arising out of:
Property, plant and equipment and intangible assets	4,379.97	527.84		3,852.13
Unamortised borrowing costs	3,960.85	287.52		3,673.33
Security deposit received	8,340.82	815.36	-	7,525.46
Right of use assets
Lease receivables
Deferred tax assets arising out of:
Prepaid expense on security deposits		-
Lease liability		-
Brought forward losses and Unabsorbed depreciation	7,263.00	(2,800.09)		4,462.91
Govt Grant received
Financial assets and financial liabilities at amortised cost (including lease liabilities/receivables and	4,766.20	(689.39)		4,076.81
Provision for employee benefits and other liabilities deductible on actual payment	135.12	30.44	13.55	179.11
Provision for doubtful debts/advances	190.20	33.87		224.07
Provision for contingencies		522.24		522.24
	12,354.52	(2,902.94)	13.55	9,465.14
Net deferred assets/(liabilities)	4,013.70	(2,087.58)	13.55	1,939.68

Reconciliation of deferred tax liabilities (net) for the year ended March 31, 2026:

Particulars	Opening deferred tax asset / (liability)	Income tax (expense) / credit recognized in profit or loss	Income tax (expense) / credit recognized in other comprehensive	Closing deferred tax asset / (liability)
Deferred tax assets/liabilities in relation to :
Deferred tax liabilities arising out of:
Property, plant and equipment	1,592.05	44.61		1,547.45
Right of use assets	-	-		-
Finance income on unwinding of security deposit	0.23	0.01		0.22
Financial assets classified at FVTPL	4.24	0.29		3.95
	1,596.52	44.91	-	1,551.62
Deferred tax assets arising out of:
Provision for employee benefits and other liabilities deductible on actual payment
Provision for doubtful debtors
Provision for Gratuity, Leave encashments, Bonus and Expatria	-	-		-
Financial assets and financial liabilities at amortised cost (including lease liabilities and resulting Business losses	-	-		-
Unabsorbed Depreciation	211.55	85.47		297.02
	211.55	85.47	-	297.02
Net deferred assets/(liabilities)	(1,384.97)	130.37	-	(1,254.60)

(All amount in 8 lakhs, unless otherwise stated)

Reconciliation of deferred tax assets (net) for the year ended March 31, 2025:-

Reconciliation of deferred tax liabilities (net) for the year ended March 31, 2025:-

The holding and subsidiary company has restricted the recognition of deferred tax assets on unabsorbed depreciation and brought forward business losses to the extent the management is reasonably certain that the same would be available for adjustment against foreseeable taxable profit. The following table summarises the total unused tax losses and unabsorbed depreciation under the Income Tax Act, 1961, as at March 31, 2026:-

Assessment year	Assessment year of expiry	Unused tax losses	Unabsorbed depreciation	Total
2016-17	2024-25	-	1,250.62	1,250.62
2017-18	2025-26	-	5,518.31	5,518.31
2018-19	2026-27	-	2,854.56	2,854.56
2021-22	2029-30	-	4,306.00	4,306.00
2022-23	2030-31	-	3,802.97	3,802.97
2024-25	2032-33	6,708.96	495.70	7,204.66
2025-26	2033-34	2,171.10	429.01	2,600.11
2026-27	2034-35	-	373.45	373.45
Total losses available for set off in future years		8,880.06	19,030.63	27,910.69
Tax rate				25.168%
Total deferred tax assets on unused tax losses				7,024.56
Less: deferred tax assets recognised in the financial statements				(4,759.93)
Net deferred tax assets not recognised as at March 31, 2026				2,264.64

Tax losses can be carried forward for a period of eight years from the date of incurrence of such losses and unabsorbed depreciation can be carried forward indefinitely.

(All amount in
\ell
lakhs, unless otherwise stated)

35 Earning per share

Particulars	As at March 31, 2026	As at March 31, 2025
The following reflects the income and share data used in the basic and diluted EPS computations:
Net profit/ (Loss) for the year (in lakhs) for basic EPS and diluted EPS (A)	6,497.66	3,979.73
Weighted-average number of equity shares for basic EPS and diluted EPS (B)	1,16,51,210	1,16,51,210
Basic EPS (Amount in ℓ) (A/B)	55.77	34.16
Diluted EPS (Amount in ℓ) (A/B)	55.77	34.16

36 Contingent liabilities and commitments

A Contingent liabilities (to the extent not provided for)

Particulars	As at March 31, 2026	As at March 31, 2025
Disputed demands/show-cause notices under-
TDS demand for the year ended March 31, 2026	0.06	-
Property tax demand ( refer note (1) below)	-	862.01
	0.06	862.01

Note:

1 * In the year 2013, the Company had received demand amounting to Rs 176.63 lakhs from South Delhi Municipal Corporation ("SDMC") for property tax pertaining to its hotel property at Aerocity, New Delhi for financial year 2009-10 to 2013-14. The Company had challenged the said demand by filing a Writ Petition before the Hon'ble High Court of Delhi inter-alia on ground of jurisdiction of SDMC to levy property tax besides being erroneous and untenable. The Hon'ble High Court of Delhi, vide interim order dated 23 March 2016 ('interim order') had directed the Company to pay the property tax by using the User factor (UF) of 4 and the property tax rate @ 10% of the annual value till the next date of hearing. Accordingly, the Company had been discharging its annual liability and has already deposited Rs. 947.11 lakhs as property tax to SDMC for the period from 2009-10 to 2025-26, computed in the manner prescribed in the interim order. In the meanwhile, during the pendency of the aforesaid Writ Petition, the Company received another Demand Notice from SDMC demanding payment of outstanding property tax along with interest and penalties, claiming different rate of tax for Hotel Block and Commercial Block, by levying property tax @ 20% and UF of 10 and UF of 4, as per table mentioned in the said demand notice.

During the year ended 31 March 2026, the Hon'ble High Court of Delhi vide its order dated 12 September 2025, directed the Company to approach the Municipal Tax Tribunal ("MTT") to challenge the assessment orders and consequent demands of imposition of UF 10 and 20% property tax rate. Simultaneously, the Municipal Corporation of Delhi (MCD) had introduced an Amnesty scheme valid till 31 December 2025 that was extended till 30 April 2026, wherein the Company had the option to avail waiver of past dues (without levy of any interest etc.) by paying property tax, calculated using UF 10 and 20% property tax rate, for past five years and current year 2025-26, subject to fulfilment of certain conditions. The management, in view of an appeal filed before the higher bench of Hon'ble High Court of Delhi, in line with position adopted by Federation of Hotels and Restaurants Association of India ('FHRAI') and other hotels in Aerocity area, decided not to avail the Amnesty scheme and consequently, has estimated its additional liability (excluding interest) to be Rs. 2,075.00 lakhs. The next date of hearing is scheduled on 14 September 2026.

2 Claims by the customers (including interest) in the normal course of business may be payable as and when the outcome of the related matters are finally determined. Management, based on the legal inputs and historic trends, believes that no material liability will devolve on the Company, in
B. Management, based on the legal inputs and historic trends, believes that claims by the Company (including interest) in the normal course of business would be receivable and accounted for in the books of accounts as and when the outcome of the related matters are finally determined.
C. Bank guarantee provided to BSES Rajdhani Power Limited amounting to Rs. 98.26 lakhs (31 March 2025: Rs. 93.28 lakhs) which is secured by pledge of its fixed deposit of Rs. 14.83 lakhs (31 March 2025: Rs. 24.84 lakhs) as margin for issuance of such bank guarantee.
D. On 21 November 2025, the Government of India notified four new Labour Codes (the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020) consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed and estimated the incremental impact of these changes with the best information available in accordance with the Ind AS 19 Employee Benefits and the FAQs on Key Accounting Implications issued by the Institute of Chartered Accountants of India ("ICAI"). The impact of the above change amounting to Rs. 21.27 lakhs has been recognised under "Employee benefit expenses" in the financial results for the quarter and nine months period ended 31 December 2025. The Company continues to monitor the finalization of Central/ State Rules and clarifications from the Government on other aspects of the Labour Codes and would provide appropriate accounting effect as and when such clarifications are issued/rules are notified.

E. Capital and other commitments

Estimated amount of contracts remaining to be executed on capital account, net of advances and not provided in the books are as follows:

Particulars	As at March 31, 2026	As at March 31, 2025
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	14.03	2,114.41

Asian Hotels (West) Limited
CIN : L55101DL2007PLC157518
Notes to the consolidated financial statements for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

37 Related party disclosures

A As per Ind AS 24, the disclosure of transactions with related parties are as given below:

List of related parties with whom transactions have taken place during the current year and relationship:

a) Key Management Personnel:
- Mr. Sudhir Gupta - Non-Executive Director
- Mr. Sandeep Gupta - Chairman & Non-Executive Director
- Mr. Rakesh Kumar Aggarwal - Executive Director
- Mr. Amit Saraf - Executive Director
- Mr. Harish Kumar Gautam - Chief Financial Officer (w.e.f. August 01, 2024)
- Ms. Nidhi Khandelwal - Company Secretary and Compliance Officer (w.e.f. March 15, 2024 till September 13, 2024 and reappointed dated September 27, 2024)
- Mr. Saumen Chatterjee - Independent Director
- Mr. Shekhar Gupta - Independent Director
- Mr. Ravinder Singhania - Independent Director
- Ms. Mekhala Sen Gupta (w.e.f July 01, 2024)
- Mr. Deepak Singhania - Chief Financial Officer

B.	Transactions with Subsidiaries, Key Management Personnel, their relatives and Entities over which Directors and their relatives can exercise significance influence:
S. No.	Particulars	Key Management Personnel		Relatives of Key Management Personnel		Entities over which Directors and their relatives can exercise significance influence.
		March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
I)	Transactions made during the year
	Legal & Professional :
	- Sidharth Aggarwal
Singhania & Partners LLP		-	82.85	107.89		-
8.80
2)	Other Expense :
	- Aria International Limited		-			138.00	138.00
3)	Managerial remuneration/Salary:
	Mr. Sandeep Gupta	414.22	150.90		-		-
	Mr. Amit Saraf	24.00	24.00
	Mr. Rakesh Kumar Aggarwal	24.00	24.00
	Mr. Harish Kumar Gautam	23.84	14.58
	Mr. Nidhi Khandelwal	19.26	14.75
	Mr. Deepak Singhania		0.75
	Ms. Nupur Garg	31.55
	Mr. Arun Kumar Shukla	31.06
4)	Reimbursement of expenses
	Mr. Harish Kumar Gautam	5.59	3.42
	Ms. Nidhi Khandelwal	3.64	4.06
5)	Director Sitting Fee:
	Mr. Rakesh Kumar Aggarwal (Non Executive - Director in subsidiary	4.00	4.50		-		-
	Mr. Sudhir Gupta (Non Executive - Director in subsidiary company)	2.00	5.50		-		-
	Dr. Tamali Sen Gupta (Independent - Director in subsidiary company)		7.20		-		-
	Mr. Sandeep Gupta		-		-		-
	Mr. Saumen Chatterjee	5.00	6.00
	Mr. Shekhar Gulzarilal Gupta	1.00	10.00		-		-
	Mr. Sudhir Gupta		-		-		-
	Mr. Shyam Sunder Suri		2.50		-		-
	Mr. Ravinder Singhania	5.00	12.20
	Mr. Mekhala Sen Gupta	11.70	3.50
	Mr. Rohit Rajpal	3.00
	Mr. Raman Singh Sidhu	2.70
6)	Director Remuneration Payable
	Mr. Sandeep Gupta		57.85
	Mr. Sudhir Gupta		62.89
7)	Expenses incurred by the Company on behalf of
	- Aria International Private Limited		-		-		-
	- Mr. Sandeep Gupta		-		-		-
II)	Year end balances
1)	Outstanding Receivables (net of provision):

B.	Transactions with Subsidiaries, Key Management Personnel, their relatives and Entities over which Directors and their relatives can exercise significance influence:
S. No.	Particulars	Key Management Personnel		Relatives of Key Management Personnel		Entities over which Directors and their relatives can exercise significance influence.
		March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
	- Mr. Sandeep Gupta		-		-		-
	- Aria International Private Limited		-		-	13.00	22.90

Note: The amount of transactions / balances is without giving effect to the IND AS adjustment on account of fair valuation / amortization.

includes employer contribution to provident fund and all taxable perquisites.

38 Interest in subsidiaries

The consolidated financial statements of the Group includes subsidiaries listed in the table below:

(a) Subsidiary company:

Name of the Subsidiary	Principal Activity	Method used for consolidation	Place of Incorporation and Place of Operation	Proportion of Ownership Interest and Voting power held by the company		Quoted (Y/N)
Aria Hotels and Consultancy Services Private Limited	Development, design, finance, construction, operation and maintenance of upscale and Luxury hotel property	Line by line consolidation	India	31-Mar-26	31-Mar-25	N
				99.98%	99.98%

(b) Additional information pursuant to paragraph 2 of Division II of Schedule III of the Companies Act, 2013

	Net assets (total assets minus total liabilities)		Share in profit and loss		Share in other comprehensive income		Share in total comprehensive income
	As a % of consolidated net assets	Amount	As a % of consolidated net assets	Amount	As a % of consolidated net assets	Amount	As a % of consolidated net assets	Amount
Parent
Asian Hotels (West) Limited	-747.64%	10,046.72	-13.16%	(854.87)	0.00%	-	-13.24%	(854.87)
Subsidiary- Indian
Aria Hotels And Consultancy Services Private Limited	-1615.91%	21,714.45	113.50%	7,374.89	100.00%	(40.29)	113.59%	7,334.60
Elimination	2463.56%	(33,104.96)	-0.34%	(22.37)	0.00%	-	-0.35%	(22.37)
At 31 March 2026	100%	(1,343.79)	100%	6,497.66	100%	(40.29)	100%	6,457.36
	Net assets (total assets minus total liabilities)		Share in profit and loss		Share in other comprehensive income		Share in total comprehensive income
---	---	---	---	---	---	---	---	---
	As a % of consolidated net assets	Amount	As a % of consolidated net assets	Amount	As a % of consolidated net assets	Amount	As a % of consolidated net assets	Amount

39 Employee benefits obligations

A. Defined contribution plans

The Company's contribution to state governed provident fund scheme, employee state insurance scheme and Labour Welfare Fund scheme are considered as defined contribution plans. The contribution under the schemes is recognised as an expense, when an employee renders the related service. There are no other obligations other than the contribution payable to the respective funds.

B. Defined benefit plan

Gratuity

The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service.

The amounts recognised in the balance sheet and the movements in the net defined benefit obligation over the year are as follows:

Reconciliation of present value of defined benefit obligation and the fair value of plan assets	As at March 31, 2026	As at March 31, 2025
Present value of defined benefit obligation as at the end of the year	366.50	230.36
Fair value of plan assets as at the end of the year	-	-
Net liability position recognized in balance sheet	366.50	230.36
Current liability (Amount due within one year)	120.92	79.39
Non-Current liability (Amount due over one year)	245.59	150.97
Changes in defined benefit obligation	As at March 31, 2026	As at March 31, 2025
Present value of defined benefit obligation as at the start of the year	230.36	163.02
Interest cost	16.22	11.82
Current service cost	54.75	35.19
Past Service Cost	21.88
Benefits paid	(10.55)	(8.87)
Actuarial (gain)/loss on obligation	53.85	29.20
Present value of defined benefit obligation as at the end of the year	366.51	230.36
Expense recognised in the statement of profit and loss consists of:	As at March 31, 2026	Year ended March 31, 2025
Employee benefit expense
Net interest cost	16.22	11.82
Past service cost	21.88	-
Current service cost	54.75	35.19
Net Cost	92.84	47.01
Other comprehensive income
Actuarial gain on arising from change in demographic assumption	-	-
Actuarial (gain)/loss on arising from change in financial assumption	(5.94)	0.91
Actuarial gain on arising from experience adjustment	59.79	28.29
Actuarial loss on arising on plan assets	53.85	29.20

	As at March 31, 2026	As at March 31, 2025
iv. Actuarial assumptions
Discount rate	7.19% to 7.9%	7.04%
Future salary increase	5.00%	5.00%
v. Demographic Assumption
Superannuation age	58 years to 60 years	60 years
Mortality table	100% of IALM (2012-14)	100% of IALM (2012-14)
Formula used	Projected unit cost (PUC) method	Projected unit cost (PUC) method
Average remaining working life	29.16 years	29.82 years
Ages	Withdrawal Rate(%)	Withdrawal Rate(%)
Up to 30 years	42% to 300%	42%
From 31 to 44 years	42% to 200%	42%
Above 44 years	42% to 100%	42%
	As at March 31, 2026	As at March 31, 2025
vi. Sensitivity analysis for gratuity liability
Impact of the change in discount rate
a) Impact due to increase of 0.50%	(3.46)	(2.20)
b) Impact due to decrease of 0.50%	3.55	2.25
Impact of the change in salary increase
a) Impact due to increase of 0.50%	3.63	2.28
b) Impact due to decrease of 0.50%	(3.57)	(2.25)
vii. Maturity profile of defined benefit obligation
Within the next 12 months (next annual reporting period)	120.92	79.39
Between 2 and 5 years	212.16	130.41
Beyond 5 years	33.43	20.56
Total expected payments	366.50	230.36

Subsidiary Company

The average duration of the defined benefit plan obligation at the end of the reporting period is 1.79 years (31 March 2025: 1.79 years).

Asian Hotels (West) Limited
CIN : L55101DL2007PLC157518
Notes to the consolidated financial statements for the year ended March 31, 2026
(All amount in ₹ lakhs, unless otherwise stated)

40 Financial Instruments

A Financial assets and liabilities

The accounting classification of each category of financial instruments, and their carrying amounts, are set out below:

Particulars	As at March 31, 2026	As at March 31, 2025
Financial assets measured at fair value through profit or loss:
Investments	7.30	7.35
Financial assets measured at amortised cost:
Other financial assets	4,320.10	3,773.06
Trade receivables	1,751.40	1,525.78
Cash and cash equivalents	10,271.25	4,536.95
Other bank balances	115.08	990.16
Total	16,465.13	10,833.31
Financial liabilities measured at amortised cost:
Borrowings	60,373.33	68,667.99
Lease liability	23,551.49	22,855.76
Other financial liabilities	4,792.24	4,783.51
Trade payables	2,898.40	2,627.97
Total	91,615.46	98,935.24

B Fair values hierarchy

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs; and

Financial assets and liabilities measured at fair value - recurring fair value measurements

As at March 31, 2026	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value through profit or loss:
Investments	7.30	-	-	7.30
Financial assets measured at amortised cost:
Other financial assets	-	4,320.10	-	4,320.10
Trade receivables	-	1,751.40	-	1,751.40
Cash and cash equivalents	-	10,271.25	-	10,271.25
Other bank balances	-	115.08	-	115.08
Financial liabilities measured at amortised cost:
Borrowings	-	60,373.33	-	60,373.33
Lease liability	-	23,551.49	-	23,551.49
Other financial liabilities	-	4,792.24	-	4,792.24
Trade payables	-	2,898.40	-	2,898.40

As at March 31, 2025	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value through profit or loss:
Investments	7.35	-	-	7.35
Financial assets measured at amortised cost:
Other financial assets	-	3,773.06	-	3,773.06
Trade receivables	-	1,525.78	-	1,525.78
Cash and cash equivalents	-	4,536.95	-	4,536.95
Other bank balances	-	990.16	-	990.16
Financial liabilities measured at amortised cost:
Borrowings	-	68,667.99	-	68,667.99
Lease liability	-	22,855.76	-	22,855.76
Other financial liabilities	-	4,783.51	-	4,783.51
Trade payables	-	2,627.97	-	2,627.97

(i) long-term loans and advances and non-current financial liabilities are evaluated by the Group based on parameters such as interest rates, individual creditworthiness of the customer and other market risk factor.

(ii) The fair values of the Group's fixed interest-bearing liabilities, loans and receivables are determined by applying discounted cash flows ('DCF') method, using discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own non-performance risk as at March 31, 2024 was assessed to be insignificant.

(iii) All the other long term borrowing facilities availed by the Group are variable rate facilities which are subject to changes in underlying interest rate indices. Further, the credit spread on these facilities are subject to change with changes in Group's creditworthiness. The management believes that the current rate of interest on these loans are in close approximation from market rates applicable to the Group. Therefore, the management estimates that the fair value of these borrowings are approximate to their respective carrying values.

CIN: L55101DL2087PLC157518

41 Capital management

For the purpose of the Group's capital management, capital includes issued equity share capital, preference share capital and all other equity reserves attributable to the shareholders of the Group. The primary objective of the Group's capital management is to maximise the shareholder value.

The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group's policy is to keep the gearing ratio between 43% and 48%. The Group includes within net debt, interest bearing loans and borrowings, trade and other payables and cash and cash equivalents.

Particulars	As at March 31, 2026	As at March 31, 2025
Total outstanding liability	99,060.68	1,04,631.25
Less: Cash and Cash equivalents	10,271.25	4,536.95
Net outstanding liability (A)	88,789.43	1,00,094.30
Equity share capital	1,165.12	1,165.12
Other equity	(2,508.58)	(8,965.95)
Equity other equity	(1,343.46)	(7,800.83)
Gearing ratio (A)/(A+B) (%)	101.54%	108.45%

In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2026 and March 31, 2025

42 Segment Information

Information regarding Primary Segment Reporting as per Ind AS-108

The Group is engaged in only one segment of Hotel business. The Group has presented segment information in the consolidated financial statements which are presented in the same financial report. Accordingly, in terms of Paragraph 4 of Ind AS 108 'Operating Segments', no disclosures related to segments are presented in these financial statements.

43

Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 dated September 20, 2019, the Group has decided to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961.

44 Disclosure required under Section 186(4) of the Companies Act 2013

A Particulars of Corporate Guarantee given:

The Company has not given any corporate guarantee

B Particulars of Investment made:

S. No.	Name of Investor	As at March 31, 2025 (₹ Lakhs)	Investment made (₹ Lakhs)	Investment converted into equity (₹ Lakhs)*	As at March 31, 2026 (₹ Lakhs)	Purpose
Investment in equity shares	Aria Hotels and Consultancy Services Private Limited	32,745.80	-	-	32,745.80	Long term investment

*Pertains to accretion in the value of investment classified at fair value through profit and loss.

C Particulars of security deposit:

Name of Party	Nature of Security	Purpose	As at March 31, 2026	As at March 31, 2025
Aria Hotels and Consultancy Services Private Limited	Security deposit paid for office space/ commercial space on Lease	For Business Purpose	3,193.62	3,193.62

45 Additional information not disclosed elsewhere in the financial statements:

Benami Property

The Group does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

Borrowing secured against assets

The Group has borrowings from banks and financial institutions on the basis of security of all movable and non movable assets, current assets, receivables, bank accounts and cash flow of the company.

Willful defaulter

The Group is not a wilful defaulter of any loan or other borrowing from any lender.

Relationship with struck off companies

The Subsidiary Company have following transactions with companies struck off:

Name of struck off company	Nature of transactions with struck off company	Balance outstanding (in Lakhs)	Relationship with the struck off company, if any, to be disclosed
7Saturn Infratech Limited	Receivables	107.71	The company has no relation with the entity as per section 2(36) of Companies Act 2013
7Saturn Infratech Limited	Security deposit payable	632.55
7Saturn Infratech Limited	Receivables	18.50

The Holding Company does not have any transaction with companies struck off.

Compliance with number of layers of companies

The Group has complied with the number of layers of companies prescribed under the Companies Act, 2013.

Compliance with approved scheme(s) of arrangements

The Group has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

Registration of charges or satisfaction with Registrar of Companies

The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

Utilisation of Borrowed funds and share premium

The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Undisclosed income

The Group has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

Details of Crypto Currency or Virtual Currency

The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.

Valuation of PPE and intangible asset

The Group has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

46 Audit Trail: The Ministry of Corporate Affairs (MCA) has prescribed requirements for the Companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, inserted by the Companies (Accounts) Amendments Rules 2021 requiring Companies covered under Act, which uses accounting software for maintaining its books of accounts, shall only use such accounting software which has a feature of recording audit trial of each and every transaction, creating an edit log of each change made in the books of accounts along-with the date when such changes were made and ensuring that the audit trail cannot be disabled. The Holding Company uses one accounting software's i.e. Tally Prime Edit Log Gold for maintaining its books of accounts. During the year, the Audit Trail (Edit Log) was enabled in such software. The Company has preserved Audit Trail as per the statutory requirements for record retention.

The Subsidiary Company has accounting software for maintenance of its books of accounts and financial reporting which has a feature of recording audit trail (edit log). The audit trail (edit log) feature at application level was enabled throughout the year.

The Subsidiary Company has used accounting software which has a feature of recording audit trail (edit log) for maintenance of hotel revenue related records. The audit trail (edit log) feature was not enabled at database level to log any direct data changes. However, the audit trail (edit log) feature at application level was enabled throughout the year.

The Subsidiary Company has also used other accounting software which are operated by third-party software service providers for maintenance of revenue and purchase records. The 'Independent Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness' ('Type 2 report' issued in accordance with the attestation standards established by the American Institute of Certified Public Accountants (AICPA) and International Standard on Assurance Engagement (ISAE) 3402, Assurance Reports on Controls at a Service Organisation) were available for part of the year. Further, these reports do not provide information on existence of audit trail (edit logs) for any direct changes made at the database level. However, the audit trail (edit log) feature at the application level was operating for all relevant transactions recorded in the respective software.

Further, the Subsidiary Company has retained the audit trail as per the statutory record retention period except for cases where audit trail is not available at database level.

47 Recent pronouncements

The below amendments to the existing standard which are notified by Ministry of Corporate affairs but are not yet effective: Amendment to Ind AS 1 'Presentation of Financial Statements' - Classification of Liabilities as current or non-current and non-current liabilities with covenants. The amendment includes specific provisions that will take effect for reporting periods beginning on or after 1 April 2026, retrospectively, as outlined below:

a) Breach of material covenant for long-term loan arrangement on or before end of reporting period with effect that liability becomes payable on demand as on reporting date, then it shall be classified as current liability, if lender agreed after reporting period and before approval of financial statements to not demand payment as a consequence of breach.

b) Classify as non-current liability, if lender agreed by end of reporting period to provide grace period ending at least 12 months after reporting period within which entity can rectify the breach provided lender does not demand immediate repayment.

c) Disclose information about the timing of settlement to understand the impact of the liability on the financial statements. The Holding Company does not expect this amendment to have an impact on its operations or financial statements.

48 Novak Hotels Private Limited ("Saraf Group" or "lender") had advanced an amount of ₹ 37,100 lakhs till March 31, 2024 and further Rs.1,900 Lakhs during the year thus aggregating to Rs.39,000 Lakhs to the Holding Company which was utilized for making all payments to creditors, all other regulatory and necessitated expenses. The amount was received in terms of a framework agreement between the promoters of the Holding Company and Saraf Group entered into as part of the insolvency resolution process of the Holding Company. Whilst the Holding Company is not a party to the framework agreement, the Holding Company has been informed by its promoters, who are also on the Board of Directors of the Holding Company, that the amount was in the nature of a loan and has accordingly been disclosed as "Borrowings" in note 20 to the standalone financial statements. The Holding Company is in the process of executing the loan documents with the lender in respect of the said borrowing, and finalising and agreeing to the terms and condition of the loan, including the nature of security, interest rate and terms of repayment. The Holding Company had recognized an interest expense of ₹ 2,200 lakhs during the previous year ended March 31, 2024. Further, the Holding Company has recognized an interest expense of ₹ 198 lakhs being 9% p.a. on ₹ 2,200 lakhs as on March 31, 2025 and ₹ 198 lakhs during the year 2025-26. The Holding Company has not recognized the interest expense of Rs 7,845.07 lakhs, certain expenses as reimbursement of Rs 1,598.39 lakhs and an unreconciled balance of Rs 242.64 lakhs on the amount of Borrowings as claimed by the lender as these matters are in dispute with the lender.

49 Property Tax (BMC)

The Holding Company had received a property tax demand of ₹ 1,450.27 lakhs (including penalty of ₹ 554.72 lakhs) from Brihanmumbai Municipal Corporation (BMC). On a conservative basis, the Holding Company has made a provision of this demand of ₹ 1,450.27 lakhs. Out of this provision, the payment of ₹ 895.54 lakhs was paid in F.Y. 2024-25 and remaining penalty amount of ₹ 554.72 is being paid during the year 2025-26 with extra penalty levied of ₹ 31.34 lakhs. Further a statement of Rs. 422.91 received from the BMC department and Holding Company has booked BMC property tax expenses of Rs. 422.91 lakhs out of which Rs. 293.38 lakhs has been paid during the year and for remanning amount Rs. 129.52 lakhs, we have created provision and shown under statutory dues payable.

50 The outstanding recoverable/payable balances with the government authorities are under reconciliation with the statutory records in Holding Holding Company. However, the management does not expect any material consequential adjustment due to this.

51 Figures of the previous year have been regrouped and reclassified wherever necessary to make them comparable with the current year figures.

The acHolding Company notes are an integral part of consolidated financial statements

Holding Company Secretary

Membership No: - A20562

AI assistant

Asian Hotels (West) Ltd — Proxy Solicitation & Information Statement 2026

62553_rns_2026-05-26_58998173-7ef1-4d86-adb2-267a122ccff1.pdf

ASIAN HOTELS (WEST) LIMITED

General Guidelines for Members:

PROCEDURE TO RAISE QUESTIONS/SEEK CLARIFICATIONS

DIRECTORS' REPORT

BUSINESS OVERVIEW AND FUTURE OUTLOOK

FINANCIAL SUMMARY

OPERATIONS AND STATE OF COMPANY AFFAIRS

CONSOLIDATED FINANCIAL STATEMENTS

SUBSIDIARY / JOINT VENTURE AND ASSOCIATE COMPANIES

CAPITAL STRUCTURE

INVESTMENT MADE DURING THE YEAR

DEBT

DIRECTORS AND KEY MANAGERIAL PERSONNEL

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURE

MANAGEMENT DISCUSSION AND ANALYSIS

CORPORATE GOVERNANCE

COMPLIANCE UNDER COMPANIES ACT, 2013

Board Meetings

Directors' Responsibility Statement

Auditors & Auditors' Report

Reply of the Management to the Comments/ Observations of the Statutory Auditors' Report:

Committees of the Board

a) Audit Committee

b) Stakeholders' Relationship Committee

c) Nomination and Remuneration Committee

d) Corporate Social Responsibility (CSR) Committee

e) Risk Management Committee

ANNEXURE 1 TO THE DIRECTORS' REPORT

Part "B": Associates and Joint Ventures

ANNEXURE 2 TO THE DIRECTORS' REPORT

MANAGEMENT DISCUSSION AND ANALYSIS

INDIAN ECONOMY

INDUSTRY STRUCTURE AND DEVELOPMENTS

INDIAN HOSPITALITY OUTLOOK

OPPORTUNITIES, THREATS, RISKS AND CONCERNS

Opportunities

Threats

Risks (Operational & Financial)

Concerns

Conclusion

SEGMENT WISE PERFORMANCE

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE (STANDALONE BASIS).

Total Income

Profit before Tax

Total Comprehensive Income/(loss) after tax

Key Ratios

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES /INDUSTRIAL RELATIONS FRONT

DETAILS OF SIGNIFICANT CHANGE (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN THE KEY FINANCIAL RATIO

DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR

Cautionary Statement

Nomination and Remuneration Committee

a. Brief description of terms of reference

b. Composition, name of members and chairperson, Meetings and Attendance

OTHER DISCLOSURES

Compliances with Governance Framework

Compliance with Code of Conduct for the Board of Directors and Senior Management Personnel

Compliance Certificate on Corporate Governance

We further report that

INDEPENDENT AUDITORS' REPORT

Adverse Opinion

Basis for Adverse Opinion

Key Audit Matters

Information other than the Standalone Financial Statements and Auditor's Report Thereon

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

Auditor's Responsibilities for the Audit of Standalone Financial Statements

Report on Other Legal and Regulatory Requirements

Management’s Responsibility for Internal Financial Controls with reference to standalone financial statements

Auditor’s Responsibility for Internal Financial Controls with reference to the Standalone Financial Statements

4 Leases

Extension and termination options

Lease payments not recognised as a liability

Operating lease

C Terms/rights attached to each class of shares:

E Details of shareholders holding more than 5% of equity shares in the company

F Details of shares held by promoters:

Nature and purpose of reserves

Asian Hotels (West) Ltd Proxy Solicitation & Information Statement 2026