Reserve Bank of India (RBI) has notified that the foreign share holding in CHL by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs) under Portfolio Investment Scheme (PIS) has reached the trigger limit of 8%. Accordingly, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the RBI.
The main objective of CHL was to run the business of a 5-- star Deluxe Hotel in South Delhi, which should have all the facilities/comforts as per the needs of the tourist/corporate bodies. The promoters of CHL are the members of the Malhotra family, having about 71.53% of shareholding.
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