Graviss Hospitality Limited has issued a Postal Ballot Notice to seek shareholder approval for two resolutions through remote e-voting pursuant to Sections 108 and 110 of the Companies Act, 2013 read with relevant rules and SEBI LODR Regulations.
Resolution 1: Re-appointment of Mr. Romil Ratra as Whole-Time Director
- The company proposes to re-appoint Mr. Romil Ratra (DIN: 06948396) as Whole-Time Director designated as "CEO & Wholetime Director" for a further period of five years effective from March 01, 2026
- Approval of remuneration is sought for a period of three years at ₹243.5 lakhs per annum, consisting of:
- Basic Salary: ₹126.00 lakhs
- HRA: ₹27.00 lakhs
- SPC Allowance: ₹27.00 lakhs
- Ex Gratia: ₹10.50 lakhs
- Variable Pay: ₹53.00 lakhs (based on Revenue and GOP targets)
- Mr. Ratra has been with the company since 2020 and has contributed to revenue growth from approximately ₹39 crores to ₹62 crores as of March 2026
- He holds no equity shares in the company and is not related to any other directors
- The resolution is proposed as a Special Resolution
Resolution 2: Expansion of The Mansion House (TMH), Alibaug with Related Party Transactions
- The company proposes to sell agricultural land (Gat 342) measuring 2760 square meters in Sasawane, Alibaug owned by its wholly-owned subsidiary Graviss Hotels and Resorts Limited (GHRL) to Hotel Kanakeshwar LLP (HKLLP) for ₹1,80,00,000
- The land has a book value of ₹1,76,57,000 (as of March 31, 2025) and a market value of ₹1,16,02,560 as per independent valuation by M/s. Anmay Infra Projects
- The company also proposes to enter into a Management Agreement with HKLLP on terms similar to the existing agreement dated January 01, 2019 for managing the expanded facility
- The transaction is considered a Related Party Transaction as HKLLP is owned by Mr. Gaurav Ghai, promoter of the company
- The expansion aims to add up to 100 rooms to the existing 25-room facility to qualify for Maharashtra Tourism Policy 2024 incentives
- The resolution is proposed as an Ordinary Resolution
Voting Process Details
- Remote e-voting period: June 05, 2026 (9:00 AM IST) to July 04, 2026 (5:00 PM IST)
- Scrutinizer: Mr. Martinho Ferrao, Practicing Company Secretary
- E-voting service provider: MUFG India India Private Limited
- Results announcement: On or before July 07, 2026
- Cut-off date for determining shareholders eligible to vote: May 29, 2026
Financial Context
- The company reported inadequate profits primarily due to shutdown of some rooms for façade work and increased depreciation expense of approximately ₹140 lakhs
- Corrective measures include stricter cost controls, new F&B concepts, and optimized distribution channels
- Expected revenue growth of 20% over two years and operating margin improvement of 2-3%