Kamat Hotels has announced a board meeting to review the financial results for the quarter and half-year.

The Bombay High Court directed the release of Rs. 15.67 Cr deposited earlier, conditional on the company depositing Rs. 5 Cr with the Directorate of Enforcement (ED). Kamat Hotels complied by submitting the Rs. 5 Cr.

The matter relates to a 2013 property deal where Rs. 3 Cr earnest money was forfeited due to default by the buyer.

No material operational impact is expected aside from the Rs. 5 Cr deposit and an additional Rs. 2 Cr provision in the books.