Board consideration and approval of quarterly financial results (Standalone and Consolidated) for quarter ended 30062026.

REGISTERED OFFICE: 6TH FLOOR, ARIA TOWERS, J.W.MARRIOTT, NEW DELHI AEROCITY, ASSET AREA 4, HOSPITALITY DISTRICT, NEAR IGI AIRPORT NEW DELHI 110037 TEL.:011 46101210 FAX: 011 41597321 CIN NO. L55101DL2007PLC157518 WEBSITE: www.asianhotelswest.com EMAIL: cs@asianhotels(west).com ASIAN HOTELS (WEST) LIMITED Date: 14th August, 2026 The Manager, National Stock Exchange of India Listing Department Limited Exchange, BSE Limited Plaza, 5th Floor, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 001 Mumbai 400 051 Scrip code 533221 Scrip Code AHLWEST Sub: Outcome of Board Meeting Dated August 14, 2026 as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam, Pursuant to Regulation 30 read with Schedule III, Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (Listing Regulations), as amended from time to time, we would like to inform the Stock Exchanges that in meeting of the Board of Directors of the Company at its meeting held today i.e. August 14, 2026, at 11:30AM has considered and approved Un-Audited Quarterly Financial Results of the Company (Standalone and Consolidated) for Quarter ended 30th June, 2026 together with Limited Review Report thereon. Signed financial results with Limited Review Report thereon are attached herewith. The Board meeting concluded at 03:15PM (IST). This is for your information and dissemination. Thanking you, Yours faithfully, For Asian Hotels (West) Limited Name: Nidhi Khandelwal Designation: Company Secretary & Compliance Officer Encl.: as above J. C. BHALLA & CO. CHARTERED ACCOUNTANTS BRANCH OFFICE : B-5, SECTOR-6, NOIDA - 201 301 (U.P.) TEL. : 491 - 120 - 4241000, FAX : +91-120-4241007 E-MAIL : taxaid@jcbhalla.com Independent Auditor’s Review Report on Unaudited Standalone Financial Results of Asian Hotels (West) Limited for the quarter end and year-to-date pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Asian Hotels (West) Limited 1. We have reviewed the accompanying Standalone Financial Results of Asian Hotels (West) Limited (‘the Company') for the quarter ended June 30, 2026 (‘the Statement' or ‘standalone financial results’), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement which is the responsibility of the Company's Management and approved by the Board of Directors, is required to be prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting” ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, “Review of Interim Financial Information performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of the Company’s personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Basis for Adverse Conclusion 1) We draw attention to Note 4 to the standalone financial results: a. As per clause (v) of Schedule 2 to the Framework Agreement, Saraf Group shall have the option to buy the Hyatt Regency, Mumbai (the principal asset of the Company) from the Company any time after the successful withdrawal of CIRP and revocation of the Trading suspension. Moreover, in case of exercise of such option by Saraf Group, neither the Company nor Saraf Group shall be liable to pay any other amount to each other. Though the Company is not a party to the said Framework Agreement, the subsequent actions of the Board of Directors of the Company, in seeking and obtaining the approval of the shareholders of the Company to secure the amounts received from Saraf Group to create charge/lien over Hyatt Regency Mumbai indicates that the Board of Directors of the Company have taken cognizance of the Framework Agreement. We also note that in the audited financial statements of Novak Hotels Private Limited, the party who has been identified by Saraf Group as the person who has funded the said amount of HEAD OFFICE : B-17, Maharani Bagh, New Delhi - 110065 Rs. 39,000 lakhs has stated these amounts as advances for acquiring Hyatt Regency, Mumbai. In this regard, the following matters are noted and hereby reported: i. Considering the provisions of the Framework Agreement providing an option to Saraf Group to acquire Hyatt Regency, Mumbai and manner of presentation of such amounts by the Group Company of Saraf Group, we are unable to state if the classification of amounts received is in the nature of a borrowing or an advance for sale of assets and the presentation of such amounts as non-current. ii. Section 180(1)(a) of the Act restricts the power of the Board of Directors from sale, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company without the prior approval of the members of the Company. In the instant case, the approval of the members of the Company was obtained only for creating security on the assets and the information regarding the exercise option granted to Saraf Group was not informed to the members. iii. ~ Though the members of the Company approved creation of a charge / security on Hyatt Regency, Mumbai, the Company is yet to file the necessary forms with the Ministry of Corporate Affairs and therefore is not in compliance with the requirements of the Act. iv. If the intention is to sell Hyatt Regency, Mumbai in return of the fund infusion by Saraf Group, these financial results should have been prepared considering the requirement of Ind AS 105 “Non-current assets held for sale and discontinued operations. Also refer our reporting on Going Concern assumption in paragraph 3 below. b. The Company has not recognized interest expense of Rs. 8,616.43 lakhs and certain expenses of Rs. 1,783.24 lakhs towards reimbursement as claimed by the entity who has advanced the amounts to the Company. In the absence of agreed terms and conditions in respect of the amounts received, we are unable to comment on the amount of interest that should have been accrued by the Company in these standalone financial results. Notwithstanding the above, if the amounts received are in the nature of borrowings as considered by the Company, as per section 186(7) of the Companies Act, 2013, such borrowings shall have a minimum interest rate that is not lower than the prevailing yield of one year, three year, five year or ten year government security closest to the tenor of the loan. However, even considering the minimum rate of interest as stipulated in Section 186(7) of the Act, such interest amount that has not been recognised in these standalone financial results is expected to be material and will represent a substantial proportion of the standalone financial results. c. Further, there is an unreconciled balance of Rs. 242.64 lakhs in the amounts stated as borrowings in the standalone financial statement for the year en [Showing first 8,000 characters — download PDF for full document]