Corporate News     17-Oct-12
Royal Orchid Hotels acquires shares of Cosmos Premises
Royal Orchid Hotels has acquired the shares of Cosmos Premises by entering the shareholders' agreement with Vascon Engineering. As per the said agreement, Royal Orchid Hotels is empowered to appoint the majority of the directors on the board of Cosmos Premises (i.e. three out of five directors).

In view of the above, the shareholders of Cosmos Premises have passed the special resolution at the Annual General meeting by altering the articles of association to make the Cosmos Premises as subsidiary to the Royal Orchid Hotels under section 4(1) (a) of the Companies Act, 1956.

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