Gandhinagar Hotels - Outcome Of Board Meeting

Gandhinagar Hotels Ltd has informed that the Board of Directors of the Company at its meeting held on January 21, 2008, inter alia, has transacted the following business:

1. To allot 5,25,000 Equity Shares against Convertible Warrants issued to the Promoters / Other Persons on November 26, 2007 was done as follows:

i. Pragnaben V Joshi: 3,00,000 No of Equity Shares

ii. Thakor J Desai: 25,000 No of Equity Shares

iii. Manish R Patel: 25,000 No of Equity Shares

iv. Manubhai R Pujara: 25,000 No of Equity Shares

v. Anil C Patel: 25,000 No of Equity Shares

vi. Mukundbhai C Patel: 25,000 No of Equity Shares

vii. Sunilkumar V Patel: 25,000 No of Equity Shares

viii. Pritesh H Patel: 25,000 No of Equity Shares

ix. Dilip Patel: 25,000 No of Equity Shares

x. Amit J Shah: 25,000 No of Equity Shares

2. While reviewing the progress of Commercial building project adjacent to Hotel Haveli, Chairman & Managing Director Major (Retd.) Vinodchandra P Joshi informed the members followings:

a. Banquate Hall with sitting Capacity of 1000 persons on 2nd floor of the building had become functional and response received from user public was very encouraging.

b. Following areas were given on 9 years lease rental basis with increase of lease rent by 15% after every 3 years to renowned public limited Companies.