Business
IHC Assumes Full Control of Operating Subsidiaries
IHC Assumes Full Control of Operating Subsidiaries.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n \n India Hospitality Corp. Management Assumes Full Control of\n Operating Subsidiaries\n\n MUMBAI, India, Aug. 5 -- India Hospitality Corp. (\"IHC\" or \"the Company\")\nis pleased to announce that it has assumed direct operating control of its\nIndian subsidiaries, after the disengagement of the operating agreements\nbetween IHC's operating companies, Mars Restaurants Private Limited (\"MRPL\")\nand SkyGourmet Private Limited (\"Sky Gourmet\") (together the \"Operating\nCompanies\") and Mars Catering Services Private Limited (\"Mars Catering\"), a\ncompany controlled by Sanjay Narang, as of 31 July 2009 (the \"Agreements\").\n\n IHC entered into the Agreements with Mars Catering at the time of the\nreverse acquisition and re-admission to AIM on 24 July 2007 and the\nAgreements were scheduled to run for a minimum period of two years.\n\n Management\n Mr Sanjay Narang and Mr Arvind Ghei have now ceased to act as President\nand Chief Financial Officer of the Operating Companies, respectively,\nfollowing the disengagement of the Agreements. Mr Narang will be appointed\nthe honorary non-executive chairman of Sky Gourmet, the airline catering\nbusiness, for a period of 2 years for the purpose of providing a smooth\ntransition and business continuity.\n\n Over the previous two quarters, the Company taken the necessary steps to\nput in place an experienced operating and management team which will enable\nthe Company to continue to run and further develop its operations going\nforward.\n\n Gordon House Brand\n IHC, via its subsidiary MRPL, has also entered into a licence agreement\nwith Mr Narang whereby it has allowed the continued use of the Gordon House\nbrand for the Hotel Sahar, Mumbai, owned by Mr Narang, for a further period\nof 2 years. Additionally, the Company has extended the existing agreement\nwith Mr Narang for IHC to continue to directly manage the operations of the\nGordon House hotel in Colaba.\n\n The Directors believe that these hotels, along with its third hotel\nproperty under the Gordon House brand in Pune, will be key drivers of the\nCompany as it develops a pan-India hotel portfolio.\n\n Restaurants\n Following the disengagement of the Agreements, the restaurant locations\nbeing used by Not Just Jazz by the Bay, Pizzeria Pasta Bar and Just around\nthe Corner, owned by Sanjay Narang, will be transferred back to...