© news18.comSebi bars cash-strapped Hotel Leelaventure from asset sale to Brookfield
The Securities and Exchange Board of India (Sebi) on Wednesday ordered cash-strapped Hotel Leelaventure to not proceed with the Brookfield Asset Management deal, following letters of objection from foods-to-tobacco major ITC and state-owned insurance giant Life Insurance Corporation (LIC).
Meanwhile, the National Company Law Tribunal (NCLT), which heard the matter following two applications moved by ITC against Hotel Leelaventure (Leela), seeking urgent hearing and the waiver of the requirement of minimum threshold of 10 per cent shareholding for filing a petition under Section 241 of the Companies Act, posted the case for further hearing to June 18. ITC’s petition is on the grounds of oppression and mismanagement.
“While these representations are being examined by Sebi, in view of the paucity of time involved and in the interest of investors in securities, you are advised to ensure that none of the transactions proposed in the postal ballot notice dated March 18, 2019, is acted upon till further directions from Sebi,” said the market regulator in a letter to Leela.