Sterling Holiday Resorts (I) Ltd. Company History and Annual Growth Details

YEAR EVENTS
1986 - The company was incorporated as a Private Limited Company on 22nd
May and converted into a Public Limited Company on 11th Dec.
1989. The Company has been promoted by Mr. R Subramanian
alongwith N. N. Pai and Shri P. N. Mohan. The main object of the
Company is Developing holiday resorts in hill stations and other
tourist centres.

- The Company has been since 4 years introducing innovative concept
of time shares service to all its customers including ticketing,
travel, transport, conducted tours, sports, etc.

1988 - Sterling inaugurated the country's first Time Share holiday
resort in Kodaikanal on April 15th.

- The resort has a hobby centre, club house, library, amusement
park and an aviary for recreation. It has also a play house
specially designed for children.

- The Company offers holidays to its customers through its holiday
exchange programme at lake resort in Kashmir, Beach resort at Goa
and Hill resort at Lonavala.

- The Company offers holiday to its customers through its holiday
exchange programme at lake resort in Kashmir, Beach resort at Goa
and Hill resort at Lonavala.

- The Company is setting up another resort at Kodaikanal consisting
of 100 apartments.

1993 - The Company was allotted 220 acres of land by the UP Govt. for
developing an 18 hole championship designer golf course at
Greater Noida, design as per Greg Norman Corrsl.

- 5,50,200 shares allotted to promoters, directors, there friends
etc. 34,49,800 No. of equity shares were then issued at par of
which 5,29,700 shares were reserved for allotment on a firm basis
to promoters, directors, their friends etc. Another 4,00,000
shares reserved for allotment on firm basis to Canbank Mutual
Ltd.

- Of the remaining, 1,72,450 shares reserved for allotment on
preferential basis to employees (all were taken up) Balance
18,27,550 shares were issued to the public. Additional 5,17,470
shares were allotted to retain oversubscription. (25,850 shares
to employees, 1,57,470 shares to promoters, 60,000 shares to
Canbank Mutual Ltd. and 2,74,150 shares to public.

- 22,58,735 Right Equity shares (prem. Rs 20 Pref. 1:2) issued in
1993 (15,350 were kept in abeyance. Another 1,12,937 shares
offered to employees at a prem. of Rs 20 per share (only 3,900
shares taken) Unsubscribed portion was allotted to lapse).

1994 - The Company proposed to develop ski lodges and mountain resorts
in Himalayas and Heritage Hotels and beach, resorts all over the
country. It also proposed to develop twenty '3' star hotels
primarily for the international tourists in Agra, Sarnath,
Budhgaya, White field near Bangalore, Chidambaram, Madurai etc.

- It was also proposed to run a luxury train through the temple
town of Tamil Nadu jointly with Tamil Nadu Tourism Development
Corporation Ltd. For this purpose a Company in the name of
Sterling Tamil Nadu Tourism Ltd., was promoted and it was
proposed to participate in the equity capital of the said
Company.

- The Company obtained necessary approval to set up a joint venture
Company in Dubai, for setting up a hotel and beach resort at
Dubai.

- An MOU was entered into with MPAVN Ltd. for setting up a food
processing, tourism, infrastructure related projects in M.P.

- It was also proposed to enter into a joint venture for setting up
'3' star hotel at Coimbatore. In addition, the Company is to
enter into a joint venture with VS Dempo & Co., for setting up a
'5' star hotel at Goa.

- During December, the Company issued 33,82,378 No. of equity
shares of Rs 10 each at a premium of Rs 50 per share on right
basis in proportion 1:2. Till date, 33,54,563 share were taken
up.

- The Company issued 71,000 zero interest unsecured non-convertible
debentures of Rs 100 each with one detachable warrant along with
each NCD to the promoters of Company and associate companies on
29th April. Each warrant is to be converted into 10 No. of
equity shares of Rs 10 each at a premium of Rs 50 per share with
18 months from the date of allotment.

- The promoters exercised their option for conversion and were
allotted 43,47,000 shares. Option for conversion of warrants for
the balance 27,53,000 shares were exercised during 31st March
1995.

- Necessary permissions were obtained to set up a subsidiary at
Baharin in the name of Sterling Middle East WLL, with a capital
of 200 No. of equity shares of 50 Baharin Dinars each.

1995 - The Company launched a new scheme called Heritage India. Two new
divisions viz., Sterling International and Sterling Home Products
were commenced.

- Under the Heritage India Scheme, the customer is entitled to stay
for 3 days/3 nights every year for 33 years at any of the 50
pilgrimage, cultural and historical destinations offered.

- The Company undertook construction of second phase of the resorts
at Mussoorie, Darjeeling, Goa, Puri, Kodaikanal etc.

- With a view to tapping the upmarket segment in time share
industry and providing luxury facilities of international
standard the Company introduced 'Sterling Crown'. These resorts
were launched at Greater Noida near Delhi and Goa. The Sterling
Crown was launched in March 1996 and was well received in the
market.

- The Company was setting up an integrated sports complex project
in a 442 acre site at Greater Noida near New Delhi.

- The Company was awarded two contracts by the Ministry of
Railways. Accordingly agreements were entered into with L&R
Leisure Group, UK to design, build, operate and market the train.

- Agreements were also entered to with Jamer Park Associates & Emc
of UK for technical expertise in the construction and furnishing
of trains.

- The 'Royal Indian (Northern)' and 'The Royal Indian (Southern)'
and were launched in the World Travel Mart held in London.

- The Company proposed to set up the Sterling Healthcare Ltd. for
development of dietary fibre supplenert 'Fibernat' and for
marketing Orthopaedic Support System.

- Sterling Resorts and Hotels (India) Ltd. was to be merged with
the Company for which approvals from High Court of Chennai was
received.

- 10,00,000 No. of equity shares allotted pursuant to scheme of
amalgamation of sterling Resorts & hotels (India) Ltd., with
Sterling Holiday Resorts (India) Ltd. Till date 9,41,025 shares
were allotted 625 shares of the earlier year's rights shares
allotted.

1996 - In January, the Golf course membership was launched by Greg
Norman. EDAW Inc., California and Wimberley Allison Tong & Goo
Inc., of UK were refinanced for provisions of world class
integrated facilities for leisure, sports and business
activities.

- The Company received two contracts from Railways, Govt. of India
to run luxury trains in the Delhi-Agra-Jaipur, circuit and
Bangalore-Chennai-Cochi-Trivandrum circuit.

- A MOU was signed with L&R leisure group of UK to design, build,
furnish operate and market the trains.

- 59,275 No. of equity shares of Rs 10 each allotted to the
shareholders of Sterling Resorts & Hotels (I) Ltd. during the
year, persuant to the Scheme of Amalgamation.

2004

- Delists equity shares Delhi Stock Exchange (DSE) with effect from September 2, 2004

2006

-Sterling Holiday Resorts India has appointed Mr S Sidharth Shankar as an Additional Director (Non-Executive Director) of the Company.

2009

- Sterling Holiday Resorts India Ltd has appointed Mr. Amit Jatia, as Additional Director on the Board of the Company.

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