Kotawala India to change name as Suave Hotels Ltd

Kotawala India Ltd has announced that the Board of Directors of the Company at its meeting held on December 18, 2006, inter alia, has transacted the following:

1. Decided that subject to the approval of the shareholders, Central Government and other statutory bodies, the name of the Company be changed from "KOTAWALA INDIA LTD" to "SUAVE HOTELS LTD", so as to reflect the main activity of the Company.

2. To issue FCCB, ADR, GDR or any equity linked instrument to an extent of USD 25 million for funding the future expansion and acquisition plans of the Company.

3. The Company has decided to open a chain of restaurants in India and abroad. It has further decided to float a company as a subsidiary for managing this business.

4. The activities of the Company are based in Goa, to facilitate smoother operation of the Company and its day to day management it has been decided to shift the registered office of the Company from Mumbai to Goa.

5. The Board decided to allot 20,00,000 fully convertible warrants to the promoters and persons other than promoters.

6. Decided to call the Extraordinary General Meeting of the Company on January 18, 2007 to give effect to the above stated decisions of the Board of Directors.

Source : Equity Bulls

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