Polo Hotels gets nod for proposed scheme of amalgamation

Polo Hotels has received an approval for the proposed scheme of amalgamation of ARD Realty with the company. The company has received approval from High Court at Chandigarh on November 18, 2011 with the appointed date as February 25, 2011.

Earlier in March this year, Polo Hotels’ board had approved the scheme of amalgamation of ARD Realty, a closely held group company with the company itself and the valuation report thereof.

ARD Realty holds 4.145 acres of land within the revenue estate of village chowki, sector 32, Panchkula, adjacent to the land measuring 2.636 acres owned by the company. This scheme of amalgamation will consolidate the business and resources of both these entities and facilitate the implementation of Hotel, Hospital and other projects on this joint land holding of 6.781 acres to enhance the competitive strength of the merged entity.

Polo Hotels is engaged in the business of setting up and running hotels and restaurants.