Velan Hotels' Board has approved its financial results for the quarter.

Auditors highlighted that operations remain suspended since March 2020, significantly impacting the company's ability to continue.

Debt repayment is contingent on asset sales, and asset impairment tests tied to borrowings are pending.

Statutory dues are also delayed; however, 0.28 Cr for Provident Fund/Sales Tax/TDS and 0.22 Cr for GST have been settled.

Mr. M.R. Gautham was re-appointed as Executive Director for one year without managerial remuneration, following a proposal from the Nomination & Remuneration Committee.