2 directors quit co that owns Hyatt in Mumbai

Mumbai: Two independent directors have resigned from (West), deepening the crisis at the company, which owns the Hyatt Regency Mumbai and the JW Marriott Delhi Aerocity. The two members Raj Kumar Bhargava and Lalit Bhasin cited, among other reasons for their resignations, the chairperson’s refusal to convene a board meeting to discuss the company’s financial problems.

Bhargava said he doesn’t see any future in the company as no funds were coming from the promoters, while Bhasin said that there is an atmosphere of hostility among the promoters and that he did not wish to remain a part of this environment. The company informed the stock exchanges about the two independent directors’ resignations on Wednesday. Property manager Hyatt suspended the operations of the Mumbai hotel as Asian Hotels (West) had stopped supporting the business. JW Marriott Delhi Aerocity, on the other hand, remains operational.

Bhasin, an advocate, further said in his resignation letter Asian Hotels (West) was not only in default of bank loans but also of statutory dues. “No remedial steps have been taken to meet the financial disaster,” he said. Asian Hotels (West) has outstanding borrowings of Rs 263 crore.
The company had said that the default was because of Covid impact.