Country Club India has informed that M/s Zen Garden Hotel, a Company registered under the Companies Act, 1956 which is belonging to the promoter group of the Company has not exercised its 3,00,00,000 (Three Crores) warrants allotted on July 13, 2010 at the rate of Rs 25 per warrant.
These warrants were due for conversion on January 12, 2012. Hence, the said warrants were expired and the Company has forfeited the 25% upfront amount collected in advance for the allotment of said warrants.
The above information is part of the company’s filing submitted to the BSE.