Howard Hotels Limited was incorporated as a Private Limited Company on December 11, 1989 by Mr.S. R.Narula and Mr. Sandeep Narula with an object of setting up a Three Star hotel at Fatehabad Road, Agra. The company was subsequently converted into a Public Limited Company on January 21,1994. During the past years, company was mainly engaged in acquiring land, construction of Hotel building and placing various orders of plant and machinery required for the Hotel. In the year 1990 the company acquired about 2700 Sq.mtr. of land at Mustkil Tajganj, Fatehabad Road, Agra. The building plans were approved by the Agra Development authority and collector in 1991 and company awarded the building civil work and other related work in 1992. The company finalised the various plant and machinery orders in 1993 and entered into an affiliation agreement with Best Western International Inc. and also got his project appraised by the PICUP The hotel project was conceived as a Three - Star Deluxe hotel with a project cost of Rs. 391.80 lacs in the year 1990. The project was to be funded through a Promoters' share capital of Rs. 112.40 lacs, Interest free Unsecured Loans of Rs. 39.40 lacs and term loans of Rs. 1 50.0O lacs and Rs. 90.00 lacs by PICUP and UPFC. The promoters felt that with the spiralling growth in tourist traffic to Agra, there was a need to enhance the facilities to 5-star category so as to cater to the needs of the discerning traveller. Accordingly, the promoters entered into a tie-up with Best Western International Inc. through their Indian affiliates and the hotel has now been upgraded with amenities confirming to a 5-Star Category Hotel. The Company has applied to the Deptt. of Tourism, Govt. of India for getting a status of 5-Star Category Hotel. The revised project will have a project cost of Rs. 950.00 lacs and the same has been appraised by Pradeshiya Industrial and Investment Corporation of U.P.Ltd. (PICUP) in June 1994. The company had no labour problems in the past. The company is presently engaged in completion of their hotel at Agra which is likely to be operational by January 95. The financial performance of the company since incorporation has been as under and no material qualification have been made by the Auditors. The share holding of the core promoters shall be Rs. 180.00 lacs which comprise 25.35% of the total paid up capital. The core promoters hold 100% of the equity in group companies. The main objects of the Company as contained in Memorandum of Association are as under: 1. To carry on the business of hotels, rest houses, guest houses, holiday resorts, restaurants, coffee houses, recreation rooms, bars taverns, lodging-house keeping, inn owners, boathouses, shikara, holiday-hut business and game room owners. 2. To carry on business of professional caterers, bakers, confectioners, cooks, wine and beer merchants, ice cream vendors, pastry shop owners, spirit merchants, distillers, brewers, importers and manufacturers of aerated minerals and artificial waters and such other drinks, of all types purveyors and licensed victuallers. 3. To purchase, take on lease, hire, erect of otherwise acquire, establish and equip and to act as technicians of any other such hotels, motels, holiday camps, restaurants, canteens, cafes, pubs, bars, refreshment rooms, and casinos in India or in any other part of the world. 4. To act as agents of any hotel company or as buying or selling agents of any hotel company, and to do and perform all duties, services, and offices which the agents of any hotel company usually do and perform and undertake and to become bound by conditions of any agreement entered into for any of the purposes aforesaid. 5. To promote, organise and operate all tourist activities such as independent and conducted tours, adventures, expeditions, safaris, conferences, meetings and such other group movements both in India and outside India by road, rail, air, sea or otherwise.d SUBSIDIARIES The company has no subsidiaries. 2007 - Company has created a new email id exclusively for grievances redressal. cs@howardhotelslimited.com. 2010 -Registered Office of the Company has been shifted From 20, Maurya Complex, B-28, Subhash Chowk, Laxmi Nagar, New Delhi-110092 To 805, New Delhi House, 27, Barakhamba Road, New Delhi- 110001. 2011 -Registered Office of the Company has been shifted From 805, New Delhi House, 27, Barakhamba Road, New Delhi-110001 To 20, Maurya Complex, B-28 Subhash Chowk, Laxmi Nagar, New Delhi-110092. 2012 - The name of the Corporate Office of the Company has been changed from "HOWARD SAROVAR PORTICO" to "HOWARD PLAZA" w.e.f. June 15, 2012.