Asian Hotels (West) Limited has informed the Exchange regarding Board meeting held on September 23, 2025.Board of Directors of the Company started on September 23, 2025, at 04:30PM and went on till 7:30PM and thereafter adjourned to September 24, 2025 at 11:45AM and concluded at 2:35PM. Considered and approved Audited financials (Standalone and Consolidated) for the quarter and year ended 30.03.2025 and quarter ended 30.06.2025 with many other matters as mentioned in the attachment.
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Asian Hotels (West), which owns the Hyatt Regency Mumbai, announced audited financial results for Q4 and FY ended March 31, 2025. The statutory auditor J.C. Bhalla & Co. issued an Adverse Opinion on both standalone and consolidated results, citing multiple serious issues. The company reported a standalone loss after tax of Rs. 3,628 lakhs for FY25 (improved from Rs. 7,986 lakhs loss in FY24), with total income falling sharply from Rs. 982 lakhs to Rs. 564 lakhs. Current liabilities of Rs. 43,250 lakhs far exceed current assets of Rs. 1,198 lakhs, creating a negative working capital gap of Rs. 42,052 lakhs. The auditor flagged that Rs. 3,851 lakhs of interest expense on borrowings was not recognized, and that the Saraf Group (which has advanced Rs. 39,000 lakhs) holds an option to buy the Hyatt Regency Mumbai under a Framework Agreement. Exceptional items of Rs. 811 lakhs in Q4 and Rs. 1,230 lakhs for the full year relate to old balances that should have been adjusted in prior periods.
An Adverse Opinion from the auditor is a serious red flag indicating the financial statements are materially misrepresented, which typically triggers sharp negative stock price reactions. Shareholders face significant uncertainty around the company's survival, as the auditor has raised a going concern doubt given the massive working capital gap and the Saraf Group's option to acquire the company's main asset (Hyatt Regency Mumbai). The company remains under IBC settlement proceedings, and any sale of the hotel could leave equity holders with little to no value.