*Check-In Without Checkout—Kamat Hotels Grabs Keys to Ilex Command

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Kamat Hotels (India) Ltd. (KHIL) has officially acquired operational and strategic control of Ilex Developers & Resorts Ltd. (ILEX) through a Shareholders Arrangement Agreement (SAA), as disclosed in a regulatory filing under SEBI’s LODR Regulation 30.

This acquisition is unique in the sense that it does not involve a cash or share-based transaction. Instead, control has been passed on by means of internal understanding among promoter group companies so that KHIL has acquired control of ILEX's strategic, administrative, and operational decision-making.

Important Points:

Nature of Transaction: There is no cash or equity involved; control has been passed through an understanding amongst promoter group shareholders.
Governance Change: KHIL has acquired the right to appoint/remove directors and material managerial personnel of ILEX, and to exercise casting of voting rights on behalf of major shareholders.
Strategic Intent: The move aims to bring about consolidation of operations, improve management efficiency, and leverage the leadership of Dr. Vithal Venkatesh Kamat, the Executive Chairman of KHIL, as also ILEX's board member.

Financial Overview of ILEX:

FY25 Revenue: ₹18.63 crore
FY25 Net Profit: ₹88.94 lakh
Paid-up Capital: ₹80.95 lakh

Regulatory Note: Though not a related-party transaction based on arm's length principles, the deal involves promoter group companies and has implications for transparency in corporate governance.

This strategic merger strengthens KHIL's grip on the hospitality sector and is part of its long-term expansion and integration plan.

Sources: Financesaathi, Rediff MoneyWiz, Economic Times