DIRECTORS' REPORT Dear Shareholders, Your Directors have pleasure in presenting the Twentieth Annual Report of the Company together with the Audited Accounts for the year ended 31st March 2015. INCOME: The Total lncome for the year ended March 31, 2015 at Rs.250.02 crores was higher than that of the previous year by 27. While Room lncome was higher by 47, Food 8 Beverage income increased by 27 over the previous year, aided by growth in restaurant sales and banqueting income. During the year, the Company continued to face a challenging environment, wherein the Company owns / operates hotels and / or markets that are a source of business for us. DEPRECIATION AND FINANCI COSTS Depreciation for the year was marginally higher at Rs.24.77 crores as compared to Rs.24.64 crores for the previous year. Finance costs for the year ended March 31, 2015 was Rs.27.78 crores which is higher by Rs.4.38 crores than the finance costs of the preceding year. The company has refinanced the existing term loans with new Rupee Term Loans with a 2 year moratorium on the repayment of principle amount. DIVIDEND On account of the Loss after Tax reported by the Company during the current financial year, the Board of Directors do not recommend a dividend for the year 2014/15 (previous year Rs.0.10 per share). BUSINESS OVIRVIEW India's travel and tourism industry has huge growth potential. The medical tourism market in India is projected to hit US$ 3.9 billion mark this year having grown at a compounded annual growth rate (CAGR) of 27 per cent over the last three years, according to a joint report by FlCCl and KPMG. Also, inflow of medical tourists is expected to cross 320 million by 2015 compared with 85 million in 2012. The tourism industry is also looking forward to the ERs.visa scheme which is expected to double the tourist inflow to India. Enforcing the electronic travel authorization (ETA) before the next tourism season, which starts in November, will result in a clear jump of at least 15 per cent. ICRA ltd rating agency expects the revenue growth of Indian hotel industry strengthening to 9Rs.11 per cent in 2015Rs.16. India is projected to be number one for growth globally in the wellness tourism sector in the next five years, clocking over 20 per cent gains annually through 2017, according to a study conducted by SRI International. The policies and changes implemented by the Government of India have been instrumental in providing the necessary boost to the Indian tourism and hospitality industry and attracting more and more foreign tourists every year. Government of India launched Tourist Visa on Arrival (TVoA) enabled by Electronic Travel Authorization (ETA), presently known as -Tourist Visa scheme, on 27th November 2014 for 43 countries. The Government extended this Scheme to the citizens of Guyana and Sri Lanka in January, 2015 and April, 2015, respectively. The e-Tourist Visa facility is extended to the nationals of 31 countries in May, 2015. Even though the tourism sector in India is growing, it is over a narrow base. Considering India's potential, the gains made are relatively modest. Therefore a set of ambitious targets are required which define clear, cohesive, sustainable and equitable approaches to delivering performance in line with opportunities available for growth and diversification. The growth of the tourism sector will have a direct and tangible impact on the Indian economy in terms of spreading benefits across the country including remote areas and providing employment and entrepreneurial opportunities to youth, women, marginalized sections of the society and those in the informal sector. In addition tourism will facilitate the preservation of cultural and historical traditions. These positive outcomes on ecological, social, cultural and economic impacts along with a robust community involvement can be achieved by following a paradigm of responsible tourism as clearly defined by the UNWTO through their Global Code of Ethics. Tourism, with its positive impact on economic growth, employment generation and sustainable development can, therefore, play a significant role in the achievement of the UN Millennium Development Goals, in particular those relating to eradication of poverty, gender equality, environmental sustainability and global partnerships for development. BORROWINGS/ INDEBTNESS The total borrowings stood at Rs.269.35 crores as at March 31, 2015 as against Rs.216.86 crores as on March 31, 2014, an increase of Rs.52.49 crores. EXPANSIONS / RENOVATION PLANS TAJ KRISHNA Your Company has completed the construction of multi level car park, large banquet lawn and connecting bridge between Taj Krishna and Taj Deccan and the renovation of Swimming Pool, Spa / Gym in advance stage and will be completed during the current financial year. The additional facility will bring in more room and F8B business to both properties. GINGER HOTEL PROJECT The Company is also planning to enter the value for money segment through the 'Ginger' brand in the State of Telangana and Andhra Pradesh. The excavation works on the first Ginger hotel near the Shamshabad International Airport have been completed. The Company is expecting the final building approvals shortly and thereafter the construction work will start. MUMBAI HOTEL PROJECT The Company jointly with M/s. Greenridge Hotels 8 Resorts LLP (Greenridge Rs. a GVK Company) through SPV M/s. Green Woods Palaces 8 Resorts Private Limited (Green Woods) is setting up a 5 Star Deluxe Luxury Hotel comprising of 279 rooms near Terminal 1C, Mumbai lnternational Airport, Santacruz, Mumbai under the 'TAt SANTACRUZ' brand. Necessary agreements to this effect have been entered into and the project work is progressing as per schedule. The Company invested Rs.110.25 crores in the Hotel Project and the hotel shall commence commercial operations during the financial year 15Rs.16. BENGALURU HOTEL PROJECT Company has been allotted around 7.5 acres land in Yellahanka, Bengaluru for hotel project. The construction of bridge across the land abutting Company land to connecting to National Highway is completed. The hotel building plans are under evaluation, and expect to approach the authorities shortly for building approval and there after the construction work will commence. HUMAN RESOURCES Your Company, operating in a competitive and dynamic environment, places great importance in the overall training and development of its employees, who make the decisive difference in the hotel industry. The total strength of employees of your Company for the year under review was about 1857, which includes executives, bargainable staff, probationers, trainees, apprentices and outsourced contract employees. Industrial Relations throughout the year continued to remain cordial. QUALITY The three properties at Hyderabad and the property at Chandigarh are HACCP (Hazard Analysis Critical Control Points) certified by the international certification agency BVQl. The 3 properties at Hyderabad and the property at Chandigarh, Chennai are also lSO 22000:2005 compliant by maintaining the desired norms for Food Safety Management Systems in Food 8 Beverage operations. LISTING The Equity Shares of your Company are listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited. lt may be noted that there are no payments outstanding to the Stock Exchanges by way of Listing Fees, etc. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS During the year 2014Rs.15 four (4) Board meetings were held. And one independent directors meeting was held on 19.03.2015 as required under the schedule IV section vii of Companies Act, 2013 The dates on which the Board meetings were held are 12.05.2014, 01.08.2014, 30.10.2014 and 29.01.2015. MICHANISM FOR EVALUATION OF BOARD Evaluation of all Board members is done on an annual basis. The evaluation is done by the Board, Nomination and Remuneration Committee and Independent Directors with specific focus on the performance and effective functioning of the Board and individual Directors. 1. Criteria for evaluation of Board of Directors as a whole i. The frequency of meetings; ii. The length of meetings; iii. The administration of meeting; iv. The number of committees and their notes; v. The flow of information to board members and between board members; vi. The quality and quantity of information; and vii. The Disclosure of information to the stakeholders. 2. Criteria for evaluation of the Individual Directors i. Ability to contribute and monitor corporate governance practices; ii. Ability to contribute by introducing best practices to address top management issues; iii. Participation in long term strategic planning; iv. Commitment to the fulfillment of director obligations and fiduciary responsibilities; v. Guiding strategy vi. Monitoring management performance and development; vii. Statutory compliance 8 Corporate Governance; viii. Attendance and contribution at Board / Committee meetings; ix. Time spent by each of the member; and x. Core competencies. DIRECTORS \n accordance with the Companies Act, 2013 read with the Articles of Association of the Company, Mr. G V Sanjay Reddy and Mr. Krishnaram Bhupal, Directors, retires by rotation and being eligible offered themselves for re-appointment. Mr. Rakesh Sarna has been co-opted as an Additional Director on 30th October 2014 and shall hold the office up to this Annual General Meeting. Your company is in receipt of notice under section 160, 161(1) of the Companies Act, 2013 for his appointment as a Director liable to retire by rotation under the category of Promoter Non-executive Non-independent Director of the Company. The Board recommends his appointment as Director liable to retire by rotation. Mrs. Santha John has been co-opted as an Additional Director on 29th January 2015 and shall hold the office up to this Annual General Meeting. Your company is in receipt of notice under section 160, 161(1) of the Companies Act, 2013 for her appointment as an Independent Director of the Company. The Board recommends the appointment of Mrs. Santha John, as an independent Director not liable to retire by rotation and to hold office for a fixed term of 5 (five) years from the date of appointment. RE-APPOINTMENTOP INDEPENDENT DIRECTORS UNDER SECTION 149 (10) OP THE COMPANIES ACT, 2013 Mr. Kayabharath Reddy, Mr. D R Kaarthikeyan, Mr. M PS N Rao, Mr. Ch G Krishna Murthy and Mr. S Anwar, Directors who were appointed as an \ndependent Directors liable to retire by rotation, the Company has received individual notice from shareholder(s) proposing them as an Independent Directors not liable to retire by rotation. The Board recommends the appointment of Mr. K iayabharath Reddy Mr. D R Kaarthikeyan, Mr. M P N Rao, Mr. Ch G Krishna Murthy and Mr. S Anwar, Directors, as an Independent Directors not liable to retire by rotation and to hold office for a fixed term of 5 (five) years from the date of appointment. SECRETARIAL AUDIT Your Company appointed M/s. Narender 8 Associates, Practicing Company Secretaries, (C.P. No.5024) Hyderabad to conduct the Secretarial Audit of the Company as per the provisions under section 204(1) of the Companies Act, 2013 and other laws as applicable for the financial year 2014Rs.15. The Report in Porm MRRs.3 is enclosed as Annexure Rs. 1 to this Annual Report and there are no adverse observations by the Secretarial Auditors other than the amount not spent on Corporate Social Responsibility (CSR) expenses during financial year 2014Rs.15. The detailed explanation on this is captured under the head "CSR". INTERNAL AUDITORS Pursuant to section 138 and any other applicable provisions of the Companies Act, 2013, M/s. PKP Sridhar 8 Santhanam, Chartered Accountants, Chennai has been appointed as the internal auditors for the financial year 2014Rs.15. AUDIT COMMITTEE Audit Committee consists of the following Directors namely Mr. K tayabharath Reddy, Chairman, Mr. Rakesh Sarna, Mr. Anil P Goel, Mr. M B N Rao, Mr. D R Kaarthikeyan and Mr. C D Arha. Except Mr. Rakesh Sarna and Mr. Anil P Goel all the members of the Audit Committee are Independent Directors. There is no such incidence where Board has not accepted the recommendation of the Audit Committee during the year under review. STATUTORY AUDITORS The Statutory Auditors, M/s. Brahmayya & Co., Chartered Accountants, Hyderabad, retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office, if re-appointed. Your Directors propose the re-appointment of M/s Brahmayya & Co., as Statutory Auditors to hold office until the conclusion of the next Annual General Meeting of the Company. M/s. Brahmayya & Company, Chartered Accountants (Regn. No.000513S) have issued Auditors' Report for the Pinancial Year ended 31st March, 2015 and there are no qualifications in Auditors' Report. PUBLIC DEPOSITS During the year under review, your company has neither invited nor accepted any deposits from the public. INSURANCE All properties and insurable interests of the Company including building, plant and machinery and stocks have been fully insured. CHANGE\N THE NATURE OP BUSINESS There is no change in the nature of business of the Company. THE DETAILS OP SIGNIPICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN PUTURE No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future as per Annexure Rs. 2 to this Annual Report. MATERIAL CHANGES AND COMM\TMENTS There are no material changes and commitments in the business operations of the company for the financial year ended 31st March, 2015 to the date of signing of the Director's Report. STATEMENT UNDER COMPANIES (APPO\NTMENT AND REMUNERATION OP MANAGERIAL PERSONNEL) RULES, 2014 There are no employees drawing remuneration of more than Rs.60 lacs or drawing remuneration of Rs.5 lacs per month if employed part of the year as required under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) rules 2014 as per Annexure Rs. 3 to this Annual Report. DIRECTORS' RESPONSIBILITY STATEMENT Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory, and secretarial auditors and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during the financial year 2014Rs.15. Accordingly, pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that: a. \n 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 i.e. 31st March 2015 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 the 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; and e. The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is well defined in the organisation. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board. The Internal Audit function monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of Internal Auditors, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions suggested are presented to the Audit Committee of the Board. 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. STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB SECTION 6 OP SECTION 149 The independent Directors have submitted the declaration of independence, as required pursuant section 149(6) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in sub section 6. NOMINATION AND REMUNERATION COMMITTEE Nomination and Remuneration Committee consists of the following directors namely Mr. K tayabharath Reddy, Chairman, Mr. Rakesh Sarna, Mr. D R Kaarthikeyan and Mr. C D Arha. Brief description of terms of reference: > Identifying persons who are qualified to become directors and > Identifying persons who may be appointed as Key Managerial Person, senior management in accordance with the criteria laid down and recommend to the Board for their appointment and removal; > Carry on the evaluation of every director's performance; > Pormulation of the criteria for determining qualifications, positive attributes and independence of a director; > Recommend to the Board a policy relating to the remuneration of the directors, key managerial personnel and other employees; > Pormulation of criteria for evaluation of independent Directors and the Board; > Devising a policy on Board diversity; and > Any other matter as the Board may decide from time to time. The Brief Policy for Selection of Directors and determining Directors' independence is annexed to this report. NOMINATION AND REMUNERATION POLICY The objectives of the Policy 1) To lay down criteria and terms and conditions with regard to identifying persons who are qualified to become Directors (Executive and NonRs.Executive) and persons who may be appointed in Senior Management and Key Managerial positions and to determine their remuneration. 2) To determine remuneration based on the Company's size and financial position and trends and practices on remuneration prevailing in peer Companies. 3) To carry our evaluation of the performance of Directors, 4) To provide them reward linked directly to their effort, performance, dedication and achievement relating to the Company's operations. 5) To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and create competitive advantage. The brief Nomination and Remuneration policy is annexed to this report. CORPORATE GOVERNANCE Your Company is committed to maintain the highest standards of Corporate Governance. As required under Clause 49 of the Listing Agreement with the Stock Exchanges, the report on Management Discussion and Analysis, Corporate Governance as well as the Auditors' certificate on the compliance of Corporate Governance are annexed and form part of the Annual Report. RISK MANAGEMENT COMM\TTEE Pursuant to Clause 49 of the Listing Agreement, the Company has constituted a Risk Management Committee. The details of the Committee and its terms of reference are set out in the Corporate Governance Report. Risk Management Committee consists of the following persons namely Ms. G. Indira Krishna Reddy Rs. Managing Director, Ms. Shalini Bhupal Rs. Executive Director, General Managers of Hotel TAt Krishna, Hotel TAt Deccan, Hotel TAt Banjara and Hotel Vivanta By Taj, Begumpet. Mr. t Srinivasa Murthy, CPO 8 Company Secretary acts as secretary to the committee. The Company has a robust Risk Management framework to identify and evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on business objective and enhance the Company's competitive advantage. The risk framework defines the risk management approach across the enterprise at various levels including documentation and reporting. The framework enables risks to be appropriately rated and graded in accordance with their potential impact and likelihood. The two key components of risks are the probability (likelihood) of occurrence and the impact (consequence) of occurrence, if the risk occurs. Risk is analyzed by combining estimates of probability and impact in the context of existing control measures. Existing control measures are evaluated against Critical Success Pactors (CSPs) and Key Performance Indicators (KP\s) identified for those specific controls. Guiding principles to determine the risk consequence (impact), probability of occurrence (likelihood factor) and mitigation plan effectiveness have been set out in Risk Register. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY: The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is well defined in the organization. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of Internal Audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions suggested are presented to the Audit Committee of the Board. EXTRACTS OF ANNUAL RETURN The extracts of Annual Return is prepared in Form MGT-9 as per the provisions of the Companies Act, 2013 and Rule 12 of Companies (Management and Administration) Rules, 2014 is enclosed as Annexure - 4 to this Annual Report. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013 The details of Loans, Guarantees, Investments given during the Financial Year ended March, 31, 201S is enclosed as Annexure - S to this Annual Report in compliance with the provisions of section 186 of the Companies, Act, 2013 read with Companies (Meetings of Board and its powers) Rules, 2014. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB SECTION 1 OF SECTION 188 OF THE COMPANIES ACT, 2013 The company has not entered into any related party contracts/ agreements during the year under review. But the company has executed the Hotel Operating Agreements (HOA) for management and operation of the hotels with M/s Indian Hotels Company Limited (IHCL) and they are continuing contracts and no terms are changed or amended during the year under review. The company has placed the existing Related party agreements/ contracts to Audit Committee and Board for ratification at the meeting held on 29.01.201S. All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at the link: www.tajgvk.in under the corporate policies section. Contracts / arrangement entered to by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 which are at arm's length basis is furnishing as Annexure - 6 to this Annual Report. TRANSFER OF AMOUNT TO RESERVES As the company reported Loss after tax, the company does not propose to transfer any amount to reserves. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Corporate Social Responsibility (CSR) Committee consists of the following directors namely Mrs. G Indira Krishna Reddy, Managing Director, Mr. D R Kaarthikeyan, Independent Director and Mr. Ch G Krishna Murthy, Independent Director. CSR policy was adopted by the Board of Directors on the recommendation of CSR committee. Report on CSR as per Rule 8 of Companies (CSR Policy) Rules, 2014 is prepared, and average net profits of the Company for last three Financial Years is -2,8S4.S0 lacs and prescribed 2% expenditure for the Financial Year 2014-1S is -S7.09 lacs. The policy is uploaded on the Company's website:www.tajgvk.in under the corporate policies section. During the year under review, the company has not spent any amount earmarked for the CSR activities due to delay in execution and handing over of the Lake by Bangalore Development Authority (BDA). The company executed MOU with BDA for development and maintenance of lake before the company's land at Yelahanka, Bangalore. The entire amount pertaining to FY 14-1S and FY1S-16 shall be utilized towards the development of lake during the current financial year. VIGIL MECHANISM The Board of Directors has adopted Whistle Blower Policy. The Whistle Blower Policy aims for conducting the affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behavior. All permanent employees of the Company are covered under the Whistle Blower Policy. MANAGEMENT DISCUSSION AND ANALYSIS Management discussion and analysis of the financial condition and results of operations of the Company for the period under review as required under Clause 49 of the Listing Agreement with the Stock Exchanges, is given as separate statement in the Annual Report. OTHER INFORMATION The Audit Committee of the Company reviewed the financial statements for the year under review at its meeting held on 11th May 2015 and recommended the same for the approval of the Board of Directors. Information to be furnished under Companies {Appointment and Remuneration of Managerial Personnel) Rules, 2014: Disclosure of information under Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in the Director's Report as per Annexure Rs. 7 to this Annual Report. DISCLOSURE UNDER THE SEXUAL HARASSMENT OP WOMEN AT THE WORKPLACE {PREVENTION, PROHIBITION 8 REDRESSAL) ACT, 2013 "The Company has in place an Anti Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition 8 Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The following is a summary of sexual harassment complaints received and disposed off during the year 2014Rs.15 Number of complaints received : 1 Number of complaints disposed off : 1 DISCLOSURE OP INPORMATION <file:///NPORMAT/ON> AS REQUIRED UNDER SECTION 134{3){m) OP THE COMPANIES ACT, 2013 {ACT) READ WITH THE COMPANIES {ACCOUNTS) RULES, 2014 @I) CONSERVATION OP ENERGY The Company continued to focus on energy conservation measures during the year. Measures include replacement of incandescent lights with low power consumption LED lights, compact fluorescent and IR lights, installation of solar films to reduce heat loads, replacement of old chiller with energy efficient Screw chiller replacement of old boilers with high efficiency boilers and installation of high efficiency secondary treatment plants with improved recycling. Besides these, operational measures were continued to reduce energy consumption by regulating chiller set points according to ambient temperatures, minimizing steam consumption by optimizing steam utilization in kitchens and laundries. Some of the actions planned for next year include replacement of energy intensive pumps with high efficiency pumping systems, replacement of energy intensive fans with energy efficient fans and the increased use of Secondary Treatment Plant water for cooling towers. Operational measures include close monitoring and control of energy consumption and frequent energy audits by the hotel Engineering Department. Your Company remains focused on giving importance towards conservation of energy, which results in savings in consumption of electricity, a significant component of the energy cost, in an ongoing process. (II) TECHNOLOGY ABOSORPTION The Company continues to absorb and upgrade modern technologies and advanced hotel management techniques in various guest contact areas, which includes wireless internet connectivity in all the hotels. {iii) FOREIGN EXCHANGE EARNINGS AND OUTGO As required under Section 134(3) (m) of the Companies Act, 2013, read with rule 2 of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988,the information relating to foreign exchange earnings and outgo is given in Note No. 21(iii) is prepared and the same is hereunder. ACKNOWLEDGEMENTS Your Directors would like to express their grateful appreciation for the assistance and co-operation received from customers, banks, suppliers, shareholders, Central and State Governments and other statutory authorities and others associated with the Company. Your directors also wish to place on record their deep sense of appreciation for the excellent contribution made by employees at all levels, which enabled the Company to achieve sustained growth in the operational performance during the year under review. By Order of the Board of Directors For TAIGVK Hotels & Resorts Limited Dr G V Krishna Reddy Chairman DIN00005212 Place: Hyderabad Date: 11th May, 2015 Registered Office: Taj Krishna, Road No.1, Banjara Hills, Hyderabad 500 034. CIN: L40109AP1995PLC019349 Email: tajgvkshares.hyd@tajhotels.com Website: www.tajgvk.in Ph No. : 040- 66662323 |