Shares fell on Tuesday, dragged by high-weightage financials and information technology stocks and as consolidation continued in the holiday-truncated last week of the financial year.
EIH profit up 80 per cent at ₹186.9 crore in third quarter thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Ahead of the courts order, the Himachal Pradesh government had argued that since EIH had failed to comply with the direction of the arbitral award of July 23, 2005, the state government had decided to resume the ‘Wild Flower Hall property and take its possession in terms of the award. In 1995, the Oberoi Group converted the property spread over 77,000 square meters into a five-star hotel after signing an agreement with the Himachal Pradesh government through a joint venture called Mashobra Resort Ltd (MRL).
The Himachal Pradesh High Court granted EIH Ltd, the flagship company of the Oberoi Group, time to file its rejoinder to the reply filed by the state government in a dispute over the historic Wildflower Hall luxury hotel in Shimla.
In 1995, The Oberoi Group converted the property spread over 77,000 square meters into a five-star hotel after signing an agreement with the Himachal Pradesh state government through a joint venture called Mashobra Resort (MRL). Under the arrangement, the state government got shares that translated into a stake in the venture. As per its annual 2022-2023 report, EIH holds 78.79% shares in MRL, and the ownership interest held by non-controlling interests is listed as 21.21%.