Independent Directors of Hyatt Regency resign

Raj Kumar Bhargava and Lalit Bhasin resigned as independent directors of the Asian Hotels West which is the owner of Hyatt Hotels Corporation, days after the global hospitality firm suspended operations at Hyatt Regency hotel in Mumbai, according to a report today. When asked to convene a board meeting to discuss financial problems of the firm, both the directors cited the refusal of the chairperson and resigned, as per a report by CNBC-TV18.

Raj Kumar Bhargava mentioned seeing no future in the company since there were no funds coming from promoters, the news channel further reported. While Lalit Bhasin said that the company was in default of not only bank loans but also statutory dues, apart from this he also flagged an atmosphere of hostility among the promoters, the report added.

Due to the non-payment of staff salaries, Hyatt Regency, one of Mumbai’s popular five-star hotels near the airport had to shut its operations on 7th June, besides its owners had defaulted on bank loan repayments including a car loan EMI.

The principal and interest of around ₹4.32 crore was failed to be repaid by the Asian Hotels (West) taken from Yes Bank as term loans including a car loan Every Month Instalment (EMI) of ₹4,00,000 and a total amount of ₹262.54 crores was the debt of Asian Hotels as per the filings made to the stock exchanges.

Hyatt Regency is a stone’s throw away from ITC Maratha and the Hilton Mumbai International Airport, the hotel is located on the Sahara Airport road.

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