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08 December 2023 | 12:00

Industry >> Hotels, Resorts & Restaurants

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ISIN No INE353K01014 BSE Code / NSE Code 532189 / ITDC Book Value (Rs.) 39.86 Face Value 10.00
Bookclosure 20/09/2023 52Week High 512 EPS 6.90 P/E 63.23
Market Cap. 3740.83 Cr. 52Week Low 276 P/BV / Div Yield (%) 10.94 / 0.50 Market Lot 1.00
Security Type Other


You can view full text of the latest Director's Report for the company.
Year End :2021-03 

Dear Shareholders,

Your Directors have pleasure in presenting the 56th Annual Report together with the audited accounts of the Corporation for the year ended 31st March, 2021.

Your Corporation has achieved a total turnover of '197.42 crore during the financial year 2020-21 as against '366.30 crore in the previous year 2019-20. During the financial year 2020-21, the Corporation has incurred a net loss of '27.20 crore as against profit after tax of '21.95 crore in previous year 2019-20. The poor performance of the Corporation is due to COVID-19 impact on Travel & Tourism Sector and lockdown restrictions.

Private licencee's of Hotel division had made request for waiver of licence fees for the lockdown period. Keeping in mind the business scenario and considering the impact on cash flow, bills were not generated against most of the Private licencee's amounting to '12.93 crores upto April-September 2020 and hence, not considered in the Audited Financials Results. The matter is currently under consideration at the end of Ministry of Tourism.

Performance Highlights

The highlights of the financial results of the Corporation (Standalone) are given below:

(' in crore)









Revenue from Operations (Continuing Operations)




Revenue from Operations (Discontinued Operations)




Other Income (Continuing Operations)




Other Income (Discontinued Operations)




Turnover(1 2 3 4)




Operating Expenses




Operating Profit/Loss (1-6)




Profit / Loss before Depreciation, Finance Cost, Exceptional Items (3 7)








Finance Cost




Profit/Loss before Exceptional Items (8-9-10)




Exceptional Items




Profit / Loss before Tax (11 12)




Provision for Income Tax




Deferred Tax




Provision for Income Tax for earlier years written back




Profit/Loss from continuing operations after tax (13-14-15-16)




Net Profit/ (Loss) from Discontinuing Operation




Tax expense of Discontinued operation




Net Profit/ (Loss) from Discontinued Operation after tax (18-19)




Net Profit/ (Loss) for the period (17 20)




Other Comprehensive Income -

(i) Items that will not be reclassified to Profit or Loss



(ii) Income tax relating to items that will not be Reclassified to Profit or Loss




Other Comprehensive Income for the Period

(i ii)




Total Comprehensive Income for the Period (21 23)



Operating Ratio

The Operating Ratio has increased to 126.46% from 95.20% in the previous financial year. This is due to lower turnover because of COVID-19 impact on Travel & Tourism Sector and Lockdown Restrictions.

Division wise Financial Performance

Performance of Corporation was badly hit during the entire financial year due to COVID-19 impact on Travel & Tourism Sector and Lockdown Restrictions.

The Division wise financial performance of the Corporation is summarized as under:-

i) Hotels Division has achieved turnover of '138.04 crore during the year as against '253.62 crore in the previous year. The Division incurred loss of '24.09 crore as against the Profit before Tax of '42.62 crore in the previous year.

ii) The turnover of Ashok International Trade Division (AITD) was '15.87 crore against '16.47 crore in the previous year. During the year 2020-21, 14 duty free shops were in operation at seaports i.e. Goa, Haldia, Kolkata, Chennai, Mangalore, Vishakhapatnam, Mumbai, Paradip, Kakinada, Cochin, Krishnapatnam,

Tuticorin, Kamarajar and Jawaharlal Nehru Seaport. The AIT division has earned Profit before Tax (PBT) of '1.43 crore as compared to PBT of '1.42 crore in the previous year. This is the only vertical which has earned profit during the financial year 2020-21.

iii) The turnover of ATT Division is '7.73 crore during 2020-21 as against '29.43 crore in the previous year 2019-20.The ATT Division has incurred a loss of '5.80 crore as against the loss of '0.99 crore in the previous year.

iv) The turnover of the Ashok Events Division is '9.18 crore during 2020-21 as against '38.29 crore during previous year 2019-20 and it has incurred a loss of '0.77 crore as against Profit Before Tax (PBT) of '3.93 crore in the previous year.

v) The Engineering Division including SEL Projects achieved a turnover of '4.55 crore during the year 2020-21 as against the turnover of '5.17 crore in the previous year 2019-20. The Division incurred a net loss of '3.25 crore as against net loss of '0.33 crore in the previous financial year.

vi) The Ashok Institute of Hospitality and Tourism Management (AIH&TM) achieved turnover of '2.28 crore during 2020-21 as against a turnover of '4.29 crore in the previous year 2019-20. It has incurred a loss of '0.81 crore as against Profit Before Tax of '0.29 crore in previous year 2019-20.

vii) The Corporate HQ being the administrative office has earned an income of '19.77 crore (previous year '19.03 crore) mainly constituting income from interest on short term deposits with banks from the surplus funds available with it.

Note: Division-wise Turnover and Profit/loss comprises of Turnover and Profit/loss of both Continuing as well as Discontinued Operations. Capital Structure

There is no change in authorized and paid-up share capital of the Corporation. The Authorized Share Capital of the Corporation is '150 crore and the paid-up Share Capital is '85.77 crore as on 31st March, 2021.

Compliance of Clause 38 of SEBI (LODR) Regulations:

ITDC is a Central Public Sector Enterprise (CPSE). Process of dilution of Government equity in CPSEs is undertaken by Department of Investment and Public Assets Management (DIPAM). DIPAM has already appointed SBI Capital Ltd. and IDBI Capital Ltd. jointly as the Merchant Banker and M/s Cyril Amarchand Mangaldas as the legal advisor for dilution of equity of Government of India in ITDC. ITDC is following with the Ministry of Tourism to pursue the matter with DIPAM for compliance of Minimum Public Shareholding norms in ITDC. Dividend

Due to severe impact of COVID-19 on Hospitality and Travel Industry and uncertainty with respect to revival, ITDC is facing a financial crunch as operations of various verticals remained shut most of the time during 2020-21. Hence ITDC Board has not recommended any dividend for the financial year 2020-21.

Corporation’s Dividend Distribution Policy is available at the website link https://itdc.

Transfer to Reserve

No amount has been transferred to the General Reserves.

Rating of ITDC vis-a-vis MoU targets

For the year 2019-20, ITDC has achieved the Net Score of 67.05 under “GOOD” category in terms of the MoU signed with the Government of India.

Management Discussion and Analysis

The report on the Management Discussion and Analysis is placed at Annexure-I. Procurement from MSEs

During the financial year 2020-21, the Corporation has procured 44.33% of total procurement of goods and services from Micro and Small Enterprises (MSMEs) against the prescribed target of 25% as per the procurement policy of Govt. of India. The procurement from MSEs owned by SC/ST entrepreneurs is 0.00742% while procurement from MSEs owned by Women Entrepreneurs is 5.64%. Further all tenders contained a clause for exemption of tender fee and EMD for MSE’s. Tender also contained the clause for due preference to MSEs as per GoI guidelines. Continuous Vendor Registration for MSEs is allowed through our websites and Vendor Development Programmes are conducted at regular intervals for the MSEs.

Implementation of Official Language Policy

Hindi Parv was celebrated from 14th -28th Sept, 2020 in Corporate Hqrs and all the Hotel Units of ITDC. During this period, series of activities including various Hindi competitions, quiz and workshop etc were conducted online for creating an encouraging environment to propagate and promote the use of Hindi language. Online Hindi Sangoshthi was also held during Hindi Parv in the presence of D(C&M), ITDC, who appealed all the officers and employees to do their day-to-day official work in Hindi. Besides, banners, standees and posters were prepared displaying quotations in Hindi. Due to COVID-19 pandemic conditions and in compliance of the guidelines issued by

Department of Official Language, Ministry of Home Affairs, GoI, all the above-mentioned competitions and activities were organised digitally and winners of Corporate Hqrs, The Ashok and Hotel Samrat were felicitated with cash prize, E certificates and Hindi books. Conservation of Energy & Technology Absorption

Commitment towards energy conservation remains in the units at various stages of operations. Commercial considerations, energy conservation policies and practices play a vital role in the endeavors made in this direction.

Since your Company’s operations do not involve technology absorption, the particulars as per Rule 8(3)(B) of the Companies (Accounts) Rules 2014 regarding technology absorption, are not applicable.

Foreign Exchange Earnings & Outgo

The Direct Foreign Exchange Earnings during the year 2020-21 has decreased to '14.71 crore from '16.11 crore in the previous financial year 2019-20.

Subsidiary Companies

As on 31.03.2021, the Corporation has four subsidiary companies viz.

(i) Pondicherry Ashok Hotel Corporation Ltd

(ii) Ranchi Ashok Bihar Hotel Corporation Limited.

(iii) Utkal Ashok Hotel Corporation Ltd

(iv) Punjab Ashok Hotel Company Ltd.

The Hotel Units were set up under the

aforesaid subsidiary companies at Puducherry, Ranchi and Puri respectively. The Hotel project at Anandpur Sahib is incomplete.

The operation of Hotel unit at Puri is closed since March, 2004 and the Hotel has been planned to be leased out. The matter was subjudice till 4th October, 2021 as the

successful bidder has approached the Court after his Lol was cancelled due to non-payment of amount as per Lol. On 4th October, 2021, the Hon'ble Supreme Court had given the decision in favour of ITDC. Accordingly, process for it's disinvestment will be taken up shortly. Regarding incomplete project at Anandpur Sahib, Inter Ministerial Group (IMG) set up by the Ministry of Tourism in its meeting held on 29.11.2018 has approved the transfer of the incomplete project to the Government of Punjab. Terms of Transfer are under finalization. Due to continuous losses, the operations of Hotel Ranchi Ashok have also been closed w.e.f. 29.03.2018. IMG in its meeting held on 13.09.2018 has accorded approval for sale of equity of ITDC in the JV Company to the Government of Jharkhand. Hotel Pondicherry Ashok under Pondicherry Ashok Hotel Corporation Limited is also under disinvestment process. The Hotel has been decided to be leased out under PPP mode. All the subsidiary companies are under disinvestment process, the status of disinvestment is being shown elsewhere in the report.

The Annual Accounts of all the subsidiary companies have been audited and finalized and the Consolidated Annual Accounts have been prepared and presented in this Annual Report. A statement containing the salient features of the subsidiary companies forms part of the Consolidated Annual Accounts 2020-21.

Vigil Mechanism and Whistle Blower Policy

The Corporation has a Whistle Blower Policy which is posted on the website https://itdc. Being a Central Public Sector Enterprise, the Corporation has a Vigilance Department. Chief Vigilance Officer, the Head of the Vigilance Division, is under the direct control of the Central Vigilance Commission (CVC), an independent Govt. Agency.

During the year, Eight Board meetings were held to transact the business of the Company.

The Board presently (on date of this report) comprises of four Directors i.e. CMD, Director (C&M) and two Government Nominee Directors. Post of Director (Finance) and five Independent Directors including one woman Independent Director are vacant :

A) Executive Directors

1. Shri Ganji Kamala Vardhan Rao, has been appointed as Chairman and Managing Director w.e.f. 11.11.2019.

2. Shri Piyush Tiwari, Director (Commercial & Marketing) w.e.f. 28.05.2015.

B) Non-Executive Directors

(a) Part-time Government Nominee Directors:

1. Ms. Rupinder Brar, appointed as Government Nominee Director w.e.f. 11.10.2019.

2. Shri Chetan Prakash Jain, appointed as Government Nominee Director w.e.f. 09.06.2021.

(b) Independent Part time Directors: NIL

During the financial year 2020-21, following directors were appointed/ceased to be appointed:

Executive Directors

1. Sh. Pradip K. Das who was appointed

as Director (Finance) w.e.f. 25.02.2016 and ceased to be the director on 06.05.2020.

Part time Govt. Nominee Directors :

1. Shri Rajesh Kumar Chaturvedi, appointed as Government Nominee

Director w.e.f. 20.05.2019 and ceased as Director on 31.05.2020.

2. Shri Sanjay Pandey, JS & FA, Ministry of Tourism, appointed as Government Nominee Director w.e.f. 14.07.2020 and ceased to be director on 09.06.2021.

As per disclosure received from the Directors, the Directors are not related to one another.

Pursuant to Article 61 of the Article of Association, Shri Piyush Tiwari retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Details of profile etc. as required under Regulation 36(3) of SEBI (LODR) Regulations, 2015 in respect of Director liable to retire by rotation and seeking re-appointment have been given at the end of the Notice of AGM.

Training Policy and the training imparted to the Directors

The Corporation has formulated a training policy for Board Members. As per the policy, ITDC offers training programmes organized by SCOPE and DPE to the Board Members. Further, on induction of non-official Directors, ITDC may also arrange training on the role and responsibilities of Directors from the professional institutes like ICAI, ICSI, ICMAI, IIM, SCOPE etc.

Familiarization programme conducted by ITDC for Non-official directors on 14.02.2019 which was attended by the four Non-official directors. Details are given in the website uploads/2019/07/Details-of-Familiarization-Programme-attended-by-the-Independent-Directors-during-FY-2016-17.pdf

During the financial year 2020-21, no programme/training were attended by the Independent Directors.

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that they meet the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations, 2015.

Board Evaluation

ITDC is a Government Company under the administrative control of Ministry of Tourism. The functional directors including Chairman and Managing Director (CMD) are selected on the recommendations of Public Enterprises Selection Board (PESB) in accordance with the procedure and guidelines laid down by Government of India. The Company enters into Memorandum of Understanding (MoU) with the administrative ministry, i.e., Ministry of Tourism, Government of India every year, containing key performance parameters for the company. (Due to COVID-19 impact on Travel & Tourism Sector, the Corporation has not entered into MoU for the Financial year 2020-21). The performance of the Company is evaluated by Department of Public Enterprise vis-a-vis MoU entered into with the Ministry of Tourism, Government of India. The evaluation of performance of Functional Directors includes self-evaluation by the respective functional directors and subsequent assessment by CMD (on the basis of achievement of MoU targets and MoU rating received), with final evaluation by the Ministry of Tourism (the administrative ministry). The performance evaluation of CMD includes self evaluation and final evaluation by the Ministry of Tourism (based on the MoU rating received). In respect of Government nominee directors, their evaluation is done by the Ministry of Tourism as per the procedure laid down. Since, independent directors are

appointed by the administrative ministry, their evaluation is also done by the Ministry of Tourism and Department of Public Enterprises. Ministry of Corporate Affairs (MCA) vide its circular dated June 5, 2015 had exempted Government Companies from the provisions of section 178(2) of the Companies Act, 2013, which requires performance evaluation of every director by the Nomination & Remuneration Committee. The circular further exempted Govt. Companies from the provisions of Section 134 (3) (p) of Companies Act 2013, which provide about manner of formal evaluation of its own performance by the Board and that of its Committees and Individual Director in Board’s Report, if directors are evaluated by the Ministry which is administratively in-charge of the Company as per its own evaluation methodology. Further, Ministry of Corporate Affairs vide its notification dated 5th July, 2017 has exempted the provisions relating to review of performance of Chairperson and non-independent directors and the Board as a whole and evaluation mechanism, prescribed in Schedule IV of the Companies Act, 2013, for Government Companies.

The evaluation of the Board as a whole and the Independent Directors is conducted on the basis of criteria and framework laid down by the Nomination & Remuneration Committee of the Board. Based on the evaluation criteria laid down by the Committee, the performance evaluation of the Board is measured in six areas. The performance evaluation of the Independent Directors is measured also in six areas based on questionnaire designed on a scale of 1 to 5. Particulars of loans, guarantee or investments During the year under review, ITDC Board approved following loans :

a) Loan to Ranchi Ashok Bihar Hotel Corporation Ltd. of '30,00,000/- in its

meeting held on 23.09.2020 for payment of PF, Building Insurance, Property Tax and other urgent expenditures, loan of '1,47,50,000/- in the meeting held on 11.02.2021 for payment of VRS to the 15 employees of Hotel Ranchi Ashok who have accepted the VRS.

b) Loan of '10,00,000/- to M/s Utkal Ashok Hotel Corporation Ltd., a Joint Venture Subsidiary Company of ITDC for payment of Security Expenses, Legal Expenses and Miscellaneous expenditures.

c) Loan of '12,43,424/- to M/s Pondicherry Ashok Hotel Corporation Ltd. for payment of TDS.

ITDC Board in its meeting held on 31.03.2021 has reduced the rate of interest on loan given/ to be given to all the subsidiaries from 12.5% to 9% per annum cumulative at yearly rest w.e.f. F.Y. 2020-21 Corporate Governance

As per the requirement of Clause C of Schedule V to SEBI (LODR) Regulations, 2015, a detailed report on Corporate Governance together with the following is given in Annexure-II which forms part of this Report.

(i) CEO/CFO Certificate [as per Regulation 17(8) of SEBI (LODR) Regulations, 2015]; and

(ii) Certificate from the Company’s Auditors [Clause E to Schedule V to SEBI (LODR) Regulations, 2015] alongwith the management reply to observations.

Directors’ Responsibility Statement

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, it is hereby confirmed: -

• that in the preparation of the accounts for the financial year ended 31st March, 2021, the applicable accounting standards have

been followed read along with proper explanation relating to departures;

• that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

• that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• that the Directors have prepared the accounts for the financial year ended 31st March 2021 on a ‘going concern’ basis;

• that the Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;

• that 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.

Internal Financial Controls

The Corporation has adequate internal controls system commensurate to its nature of business. Board has laid down adequate policies and procedures such as Licensing Procedure, Purchase Procedures, Engineering & Works Manual, SoP for Cash & Bank Transactions, Delegation of Powers etc. for ensuring the orderly and efficient conduct of business.

Professional services of Chartered Accountant Firms are availed to conduct Internal Audit of all units/verticals of ITDC. A detailed Internal Audit manual duly approved by the Board of Directors has been circulated to all the units.

Internal Auditors monitor and evaluate the efficacy and adequacy of the internal checks & control systems. Quarterly Internal Audit Reports are submitted by Internal Auditors. Corrective actions, wherever required, are taken by the units/verticals. Significant observations, if any, are reported to the Audit Committee.

Related Party Transactions

There are no materially significant related party transactions reportable under Section 188 of the Companies Act, 2013. The Audit Committee and the Board has approved a policy on materiality of the related party transactions, which is posted on the website of the company uploads/2019/03/Revised-RPT-Policy.pdf.

Disclosure as per OM of Ministry of Parliamentary Affairs

In compliance with the OM F.No. 28(1 )/2016-Leg.I dated 24.01.2018 of Ministry of Parliamentary Affairs, Government of India on the recommendations made by the Committee on Papers Laid on the Table (Rajya Sabha), details related to vigilances, Audit Objections and RTI matters etc. are required to be included in the Annual Report of the Company. The relevant details are as under :

Vigilance Cases

Number of Vigilance cases disposed off during the financial year 2020-21 are 9 (Nine) whereas the pending Vigilance/Disciplinary cases are 3 (Three). The gist of the nature of such cases are irregularities in tendering of Sound and Light Show, CBI case of demanding

bribe for releasing payment, delay in payment to suppliers, etc.

Audit Objections

There are total outstanding 128 para pending for resolution with CAG.

RTI Matters

The Corporation is a Public Authority under clause (h) of Section 2 of Right to Information Act, 2005. The Corporation has taken necessary steps for the implementation of the Right to Information Act, 2005. The Corporation is in compliance with the RTI Act, 2005.

Report under Section 22 of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Corporation has constituted necessary Internal Committee under the Sexual Harrasment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013. During 2020-21, one complaint was filed and has been resolved. No complaint is pending at the end of financial year.

Corporate Social Responsibility and Sustainable Development

During the financial year 2020-21, in order to support the Health Professionals, Workers and other needy persons fighting to defeat COVID 19, ITDC provided meals to Government Hospitals like AIIMS, RML, Safdarjung as well as local administration and police during the lockdown period i.e. from 1st April, 2020 to 3rd May, 2020 from the kitchen of Hotel ‘The Ashok’. The cost for this CSR activity, excluding manpower cost as the same is payable despite hotel being non-functional, is '63.27 lakh. Cost of portable ventilator provided at district administration at Damoh is '2.97 lakh. Total CSR spent during 2020-21 is '66.24 lakh. Since total spent on CSR is more than the presecribed CSR expenditure to be spent, ITDC Board in it's 363rd

Board Meeting held on 26.10.2021 has decided to setoff the excess spent on CSR incurred during 2020-21 against the CSR expenditure to be spent during 2021-22.

The Annual Report on CSR Activities and the Report on the Sustainable Development Activities are annexed as Annexure III.

Risk Management Policy and its Implementation

ITDC Board in its meeting held on 11th May, 2010 has laid down the Risk Management Policy laying down a sound process for identification and mitigation of risks. In accordance with the policy, the unit head of all strategic divisions have been nominated as Risk Manager and a committee namely Risk Management Compliance Committee (RMCC) presently headed by VP (Engineering) has been constituted to oversee and ensure compliances with the risk management policy of the Corporation.

During the Financial Year 2020-21, two meetings of the Risk Management Compliance Committee were held on 05.05.2020 and 22.03.2021.

As per clause 21 of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, a Board level Risk Management Committee has been constituted as under :

i) Shri Piyush Tiwari (Director- C&M) -Chairman

ii) Ms. Rupinder Brar - Member

iii) VP (Hotels) - Member

iv) VP (F&A), HOD - Member

Director (Finance) is also the member of

the Committee. w.e.f. 07.05.2020, the seat of Director (Finance) is vacant. As and when the new Director (Finance), Independent Director join, Risk Management Committee will be reconstituted.

The role and responsibilities of the Risk Management Committee defined in Part C of

Schedule II to SEBI (LODR) regulations which is approved by the Board in it's meeting held on 20.07.2021.

During the financial year 2020-21, two meetings of the Board Level Risk Management Committee were held on 26.05.2020 and 23.03.2021.

Company’s specific risks (Level of Risks : Likely/ Almost Certain) :

Economic Risk:

i) Various lockdowns and restrictions due to COVID-19 and its subsequent impact

ii) More Dependence on one segment of clients i.e. Government

iii) Loss of Chain/Group advantage

iv) Change in Government Strategy to invite private entities by following tendering route

Industrial Risk: Low Margin : Airline Ticketing is a low margins, high turnover and capital intensive business.

Management & Operational Risk: Change in Technology/upgradation.

Personnel Risk: Non-availability of adequate executives and skilled staff at key positions. Political Risk: Uncertainty on the continuation of ITDC due to disinvestment of hotels/ properties of ITDC.

Legal Risk: Contractual Risk and Tax risk. Risks arising out of legal cases with Vendors/ Suppliers/Licensees.

Auditors and Auditor’s Report

The Comptroller & Auditor General of India have appointed M/s J.K. Sarawgi & Company, Chartered Accountants as Statutory Auditors of the Company and also various Branch Auditors for the year 2020-21 under Section 134(5) of the Companies Act, 2013.

Secretarial Auditor and Secretarial Audit Report

ITDC Board in its meeting held on 27th May, 2020 has appointed M/s Singh A. & Associates ,

Company Secretaries as the Secretarial Auditors for conducting the Secretarial Audit as required under Section 204 of the Companies Act, 2013 for a period of three years. The Secretarial Audit Report is placed at Annexure-IV and Certificate of Non-Disqualification of Directors given by the Secretarial Auditor is placed at Annexure-V and management replies to the comments and observations of the Secretarial Auditors on the report are given at Annexure VI.

Cost Records

Corporation is not required to maintain cost records in accordance with Section 148 of the Act read with Rule 3 of the Companies (Cost Record and Audit) Rules, 2014 as the service of the Company are not covered under the said rules.

Extract of Annual Return

In accordance with Section 134(3)(a) & Section 92 of the Companies Act, 2013, the annual return is displayed on the website of the company. At uploads/2021 /08/Annual-Return_MGT-7_2019-2020-1.pdf

Significant and Material Orders

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company’s operation in future.

Comments of the Comptroller and Auditor General of India

The Comments of the Comptroller & Auditor General of India, under Section 143(6) of the Companies Act, 2013 on the Accounts (Standalone and Consolidated) of the Company for the financial year ended 31st March, 2021 are set out elsewhere in the Annual Report.

Material changes and commitments affecting the financial position of the Company between the end of the Financial year and the date of the Report

Status of Disinvestment of properties of ITDC and its JV Subsidiaries:

No. of hotels disinvested during 2020-21 (upto the date of Report): NIL

Status of Disinvestment of properties of ITDC and its JV Subsidiaries as on the date is as under


Name of Property

Current Status


Hotel Pondicherry Ashok (Joint Leasing)

• M/s CBRE South Asia Pvt. Ltd. has been appointed as Transaction Advisor (TA).

• TA has submitted the Inception Report and Draft Valuation Report. M/s CBRE also gave an option of selling the vacant land and giving existing hotel on O & M to third party in PPP mode.

• IMG in the meeting held on 04.03.2021 decided to give the existing Hotel along with 8 acres of land for development on O & M basis for 50 years and remaining land of Hotel Pondicherry Ashok will be monetized through DIPAM. IMG directed the ITDC officials for roadshow.

• Roadshow were conducted by ITDC officials along with State Government officials from 15th March, 2021 to 19th March, 2021. Participants in the roadshow gave


Name of Property

Current Status

various suggestions including the option of lease in place of O & M as in case of O & M, additional construction is not allowed. Report of Roadshow was presented to the IMG in the meeting held on 07.09.2021. IMG directed M/s CBRE to do the analysis on various options viz. O&M/ Lease/Licensing including its tenure and place their analysis report along with recommendations in the next IMG meeting.


Hotel Kalinga Ashok (O&M Contract)

• RFP floated third time on 27.03.2019. Total 5 bids have been received. IMG in its meeting held on 06.03.2020 decided to retender with revised selection criteria.

• In the IMG meeting held on 04.03.2021, TA presented the revised selection criteria. IMG decided the Minimum Guarantee Option as the selection criteria with Rs.10 crore as the upfront amount 15% minimum revenue share number and the revenue numbers of each year cannot be increased by more than 5% throughout the period of O &M. The bidding parameter will be the highest NPV of the Minimum Annual Guarantee of 30 years. The O & M period will be 30 years balance period of lease with the condition of First right of refusal. IMG directed the ITDC officials to do the road show with this parameter and apprise the result/inputs within 2 weeks to IMG to take a final call. Like previous tender, the reserve price will be fixed by the constituted committee of Ministry of Tourism in consultation with the IFD.

• Roadshow were conducted from 15th March, 2021 to 19th March, 2021.

• Participants in the roadshow gave various suggestions including the option of lease in place of O & M as in case of O & M, additional construction is not allowed. Report of Roadshow was presented to the IMG in the meeting held on 07.09.2021. IMG decided that a letter may be sent to the State Government seeking permission for sub-leasing of property and for increasing the lease tenure for developing the property on PPP model. Letter accordingly sent by Secretary (Tourism), GoI to the Chief Secretary, Govt. of Odisha on 12.10.2021.

• Regarding owned land, proposal was sent to DIPAM for monetization of land. DIPAM asked to send estimated value of land and circle rate of property. Letters/ Reminders sent to Collector/DM with a copy


Name of Property

Current Status

to Sec.(T), Odisha requesting to inform the circle rate, registry value and estimated market value of land. Reply is awaited.


Hotel Ranchi Ashok

• Operations of the Hotel is closed since 29.04.2018. VRS was offered twice but only 4 persons applied and were given VRS.

• IMG in its meeting on 13-09-2018 had approved the valuation of RABHCL on “as is where is basis” for the purpose of transfer of equity.

• MoU for transfer of 51% equity stake of ITDC in RABHCL to Govt. of Jharkhand signed on 24.11.2020. Consideration against the equity shares and dues of ITDC have been received on 28.12.2020 however the VRS amount and outstanding dues of employees of RABHCL are yet to be received. Letters and reminders sent to Govt. of Jharkhand requesting to remit the amount of outstanding dues of employees to RABHCL, reply is awaited.

• Meanwhile Draft Cabinet Note for taking approval of CCEA in this regard was sent to Ministry of Tourism for taking necessary action for taking approval of CCEA.

• VRS was offered third time and 15 employees out of 24 employees have applied for VRS. Since funds for VRS, salary and other dues of employees have not been received from the Govt. of Jharkhand, ITDC provided funds to RABHCL as loan for payment of VRS only. ITDC may recover the loan amount from Govt. of Jharkhand/ RABHCL


Hotel Nilachal Ashok, Puri (Joint Leasing)

• Property was tendered out for sub-leasing. LoI issued to successful bidder in 2010. The bidder could not fulfill the terms of the LoI. LoI was cancelled. Bidder went to the Court. Hon'ble Supreme Court on 04.10.2021 dismissed the appeal of bidder and pronounced judgement in favour of ITDC. Supreme Court has directed ITDC to refund the amount of Rs.4.11 crore to the appellant and for the balace amount of Rs.4.41 crore, M/s Paulmech has been given liberty to file a civil suit for recovery of Rs.4.41 crores and all contentions of the parties in that regard are left open. Supreme Court in its judgement has also observed that pendency of the Civil Suit that may be filed by M/s Paulmech shall not be an impediment for UAHCL to deal with the property or to re tender the same in any manner.


Name of Property

Current Status


Incomplete Project of Anandpur Sahib (Joint Leasing)

• In the IMG meeting held on 29.11.2018, it was decided to handover the incomplete project to the State Government.

• Proposal from the State Government is received & under examination.


Hotel The Ashok, New Delhi

• M/s Feedback Infra appointed as Transaction Advisor by DIPAM, MoF, GoI on 14.01.2020 for studying lease terms & conditions of land, O & M/Sub-leasing of Hotel Ashok and utilization of vacant land in Hotel Ashok-Hotel Samrat Complex. M/s Feedback submitted the report to DIPAM which was discussed in the IMG on 20.07.2020 held by DIPAM. Consultant recommended dividing the site into 4 land parcels as under :

Parcel 1: Samrat Hotel (4.73 acres) : Samrat Hotel will be retained by ITDC.

Parcel 2: Ashok Hotel (11.5 acres): Consultant has recommended licensing out of Ashok Hotel for (30 30) years on Operation, Management and Development (OMD) model.

Parcel 3: Commercial Development - spare land (1.83 acres)

Parcel 4: Hotel/Serviced apartments development -spare land (6.3 acres)

• The recommendations of the Consultant was discussed in the Inter Ministerial Group (IMG) meetings held on 20.07.2020, 06.01.2021 and Core Group of Disinvestment (CGD) meetings held on 27.10.2020 and 15.03.2021.

• Last CGD meeting was held on 15.03.2021 in which the recommendations of IMG meeting held on 06.01.2021 were upheld.

• DIPAM asked the Ministry of Tourism to take the approval of the Cabinet Committee on Economic Affairs (CCEA) for the recommendations of the CGD and for conducting roadshows. Draft CCEA Note was sent to the Ministry of Tourism for further actions.


Name of Property

Current Status


Hotel Jammu Ashok

• 40 years lease period of the land expired in January 2010. ITDC had first requested for an extension in February 2007. ITDC repeatedly requested State Government for renewal but the renewal of land lease remained pending with the State Government.

• Govt. of J & K vide letter dated 20.03.2020 informed about non-renewal of lease and resumption of land by the State Govt.

• Pursuant to the Board decision, Operation of Hotel closed on 17.06.2020 and employees were offered VRS. Those who did not opt VRS, were adjusted in other units of ITDC.

• Matter was pursued with the State Govt. for taking possession of the Hotel after payment of compensation in accordance with clause 3 (ii) of the lease deed. A Committee has been formed both by ITDC and Govt. of J & K. for determining amount of compensation.

ITDC’s Contribution in fight against COVID-19


• In the wake of the COVID-19 pandemic, The Ashok Hotel, New Delhi provided 2000 packed meals with effect from April 1, 2020 on daily basis till May 3, 2020 for healthcare workers to Government Hospitals like AIIMS, RML and Safdarjung, and to other Government establishments as per relief requirements received from District Magistrate and local police. This activity was taken up as part of CSR activities of ITDC for FY 2020-21. Hon’ble Tourism Minister’s encouraging remarks regarding this contribution to combat the massive challenge posed by the pandemic were reported widely in the media. A total of approximately 63,000 meals were served.

• Hotels Ashok and Samrat hosted Indian and foreigner resident guests stranded due to movement restrictions. Further, ITDC offered 50 rooms as quarantine facility at Hotel Samrat to the Indian Nationals returning from abroad to support Vande Bharat Mission.

• Hotel Kalinga Ashok, Bhubaneswar and Hotel Pondicherry Ashok were nominated for use as self- quarantine hotels by State Governments.

• Hotel Samrat was offered as accommodation facility for doctors of AIIMS and prepared with protocols as guided by the medical team of the hospital.

• The Corporation formed a Health and Safety Advisory Board with leading doctors as mentors and entered into an MOU with AIIMS, New Delhi in this regard.

• ITDC prepared for the restart of business in the ‘New Normal’ by placing health and safety on top priority. Training sessions to manage the new emerging challenges, Food Safety, hygiene and post COVID-19 SOPs were conducted for 1000 workers.

• Hotel The Ashok resumed commercial operations on 24th August 2020 in the New Normal in keeping with order issued by DDMA, permitting hotels to reopen. Hon’ble Union Minister of State for Tourism and Culture, Shri Prahlad Singh Patel visited Hotel Ashok to review the preparedness and arrangements for safe


i. The Board places on record its sincere appreciation towards all the stakeholders of the Company including customers/clients, suppliers/vendors/service providers for the support and confidence reposed by them in the organization and look forward to the continuance of this relationship in future.

ii. The Board also gratefully acknowledges the support and guidance received from various Ministries of the Government of India particularly the Ministry of Tourism, in Company’s operations and developmental plans. The Board also wishes to record its deep gratitude to all the members of ITDC family whose enthusiasm, dedication and co-operation, put the Company on the path of progress.

For and on behalf of Board of Directors


Ganji Kamala Vardhana Rao

Date: 08.11.2021 Chairman & Managing Director

Place: New Delhi DIN 07075723

stay of guests. Hotel Samrat also resumed operations on 24th August 2020, where earlier it was being used only for Vande Bharat evacuees. Both hotels have put in place all necessary protocols pertaining to safeguarding against Covid-19.

• Some of the initiatives / protocols being followed at the hotels are : o To provide safe and sanitized environment to our guests and staff. o To promote Social Distancing in all areas of the hotel.

o To keep abreast with the Health & Safety Guidelines issued by various Authorities.

o To monitor Staff and Guests alike for symptoms

o Personal Protective Equipment (PPE)

were worn by the team members, as prescribed.

o No cluster seating/standing across

the hotel.

o Non-invasive thermal testing conducted at all entry points. o Monitoring of Aarogya Setu app.

o Contactless check in / check out and

contactless menus implemented.

o Sanitisers installed across the

properties for ease / frequent use. o Isolation rooms designated in case some guest develops symptoms o Short film made on protocols being followed to create awareness and build trust among guests and visitors. o Covid testing camps set-up from

time to time as per need.

• In the Unlock scenario, the following activities took place at Ashok Hotel:

a) A brainstorming session was chaired by Shri Prahlad Singh Patel, Hon'ble Minister of Tourism & Culture with influencers and travel media. This was an outdoor event, with all social distancing and COVID protocols, which was well appreciated by everyone attending.

b) The hotel launched al-fresco dining with well-appointed gazebo-style seating adjoining its signature restaurant, The Oudh. Titled “Oudh Goes Outdoor” the launch gained wide publicity, with invitees including Travel Media, Food Bloggers, Ambassadors and Diplomats.