Suman Motels Ltd. Company History and Annual Growth Details

Suman Motels Limited, incorporated in 1984 in Maharashtra, is a public company formerly focused on developing a chain of highway motels and, more recently, operating hotels and holiday resorts, with a registered office in Mumbai. The company has faced significant legal and financial scrutiny regarding investment schemes and regulatory compliance.

1984 - The Company was incorporated on 4th May. It was promoted by
Sheikh Mukhtar Hussain in association with Khandhar group. The
main object of the Company is to set up a chain of motels on
National Highways. It was converted into a public Ltd., company
on 16th June, 1989.

- The Company with a view to setting up a chain of motels on the
major national highways of the country.

- A motel Connotes a highway-side hotel concentrating primarily on
providing a wide range of services which highway side commuter
craves for like retiring lounge, fast food center providing
hygienic and quality food at reasonable prices, covered parking
site, ambulances, wireless facility and many more.

- In addition, tent houses for adventurous were to be provided
treckkers, conference halls etc. apart from restaurants for more
relaxed tourists along with deluxe hotel for overnight shoppers,
tourists etc.

1990 - 1,50,000 shares of Rs.10 each issued to promoters, directors,
etc. 30,00,000 No. of equity shares of Rs.10 each were then
issued at par of which 7,50,000 shares were reserved for
allotment on a firm basis to promoters, Indian resident,
directors etc. Of the remaining the following were reserved for
allotment on a preferential basis:

- (i) 1,50,000 shares to employees,

- (ii) 9,00,000 shares to NRIs,

- (iii) 2,00,000 shares to SBI Mutual Fund Balance 10,00,000 shares
were issued to the public.

1993 - 31,50,000 Rights equity shares issued in prop. 1:1.

1994 - The Company undertook to construct a 3 star hotel in the existing
complex consisting of 40 double bed deluxe rooms. Apart from
this, it is to set up motel-2 at Alibaug with facilities as
provided in motel 1 along with 3 star hotel consisting of 40
double bed deluxe rooms.

- In additional it is to set up a new motel-3 at Apte Phata near
Karnala in Panvel on Mumbai-Goa highway with a 3 star hotel
consisting of 20 double deluxe room. Land admeasuring 6 acres
was acquired at Panvel.

- 12,60,000 Bonus equity shares issued in the prop. 1:5.

1995 - During the accounting year 1992-93, the Company has taken over a new
company Motel Pali Hill Pvt. Ltd.

- The company is expanding its room capacity by creating new units at Hadapsar,
Kakaighar (Aibaug) & Panchgani.

- CRISIL has granted FA rating to the Fixed Deposit Scheme of the company, indicating
adequate safety both with regard to payment of interest and repayment of principal.
During the year the Company has accepted the Fixed Deposit from Public.

1996 - The Board has co-opted Shri Javed Akhtar and Shri Vijay Kumar as Additional
Directors of the Company with effect from 10th January.

1997 - During the year the trading operations of the Company have been reduced due
to economic reasons.

1998 - The Company has introduced new concepts like a public relations cell to
redress grievances of the members and investors, booking facilities
after office hours and on holidays.

- The Company has opened marketing offices at 12 new locations during the
year and negotiations with other resorts at many locations are going on for
tie-ups and mutual marketing arrangements.

- The Company is developing an agro-park near Mangaon and development
work is going on as per schedule.

- The Company started developing a 100 room-capacity resort near Mangaon.

1999 - Mumbai-based Suman Motels is consolidating operations of its six unlisted
group companies by merging them into itself. The six group companies are Highway
Users Centres India, Suman Resorts, Tej Gaurav Industries, Tej Gaurav Farms, Tej
Gaurav Finance and Motel Pali Hill.

2000 - The Company has decided to diversify into the information technology sector through
its wholly owned subsidiary Suman Infotech, which will be set up in the near future.

- The Company is setting up an infotech project at Vashi, Navi
Mumbai, which will have specialised kids' entertainment cum
learning centres across the country.

- Suman Motels has launched a 15-year `Lazy Days' vacation ownership
scheme across its chain of resorts in the country.

2001

- The Company has informed that its Managing Director has been detained by the
economic offences wing of the city policy.