In a statement to the Bombay Stock Exchange, IHCL stated it has a received a requisition from Tata Sons to convene an Extraordinary General Meeting.
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Luxury market woke up to hard reality when shops largely remained empty and many store managers predicted a sharp fall in their sales in the days to come.
The two denominations of currency notes will continue to be accepted in some places until November 11.
The case is linked to payment of the amount for 11,000 square metres of land leased by the airport operator to the hotel chain near Mumbai airport.
“This is certainly going to impact the near and midterm plans of inbound travellers coming to the country,” said Sharat Dhall, president of travel portal Yatra.com.
The IHCL board is meeting on Friday to consider the September quarter results and Cyrus Mistry will chair the meeting.
All that the council has come up with are different tax slabs and it is a bit premature to comment on the impact on the luxury sector.
The company's net sales during the period under review stood at Rs 272.56 crore compared to Rs 299.10 crore in the same period last year, a decline of 8.87%.
According to estimates shared by research firm Euromonitor with ET, overall retail value sales of luxury goods in India dropped to 21.7% in 2016 from 24.5% in 2015.
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