Chalet Hotels rises on entering into settlement with HAL for Koramangala project in Bengaluru
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Chalet Hotels is currently trading at Rs. 239.40, up by 1.60 points or 0.67% from its previous closing of Rs. 237.80 on the BSE.
The scrip opened at Rs. 242.00 and has touched a high and low of Rs. 242.00 and Rs. 231.00 respectively. So far 37375 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 269.35 on 19-Oct-2021 and a 52 week low of Rs. 125.05 on 19-Apr-2021.
Last one week high and low of the scrip stood at Rs. 269.35 and Rs. 231.00 respectively. The current market cap of the company is Rs. 4892.89 crore.
The promoters holding in the company stood at 71.65%, while Institutions and Non-Institutions held 22.47% and 5.88% respectively.
Chalet Hotels has arrived at a settlement with HAL in connection with cancellation of NOC for height permission in respect of its Residential Project at Koramangala, Bengaluru. This is a significant milestone towards resolution of the long-standing litigation and work on the project is expected to recommence in the near future.
Pursuant to the above regulation in connection with the cancellation of NOC (NOC dated October 28, 2011) issued by HAL for height permission for the Koramangala Residential Project of the Company. The Company had filed Writ Appeal No. 704 of 2020 and HAL had filed Writ Appeal No. 397 of 2020, before the Single Bench of the Hon`ble Karnataka High Court challenging the order dated May 29, 2020 passed by the Hon`ble Karnataka High Court.
The company and HAL after discussions have on October 22, 2021, signed terms for an amicable settlement of all the disputes between the parties for filing in Court and obtaining orders, as per which: i. the Company shall undertake demolition of already constructed structures above 932 meters Above Mean Sea Level 'AMSL' of existing structures. The Company shall not modify / alter / renovate or develop the existing buildings/apartments upto 932 meters in any way until demolition of structures above 932 meters and issuance of fresh NOC by HAL.
Chalet Hotels (CHL), is an owner, developer and asset manager of high-end hotels in key metro cities in India.
