INSUBCONTINENT EXCLUSIVE:
Exchange Board of India (Sebi) came down forcefully against Hotel Leelaventure, barring it from selling its four high-profile hotels and
other assets to Canadian investment fund Brookfield Asset Management.In the ongoing saga, the dramatic development came after ITC moved the
Brookfield was against the company's and shareholders' interests
Sebi has received representations from ITC on the matter and mentioned this in its letter to Leela.ITC's plea was mentioned before the
Mumbai bench of the NCLT, which posted the matter for hearing on Wednesday, Hotel Leelaventure said in a regulatory filing on
Tuesday."Representations/allegations against HLVL, as received by Sebi in relation to the issue, concerns the interest of the investors in
the security market While representations are being examined by Sebi, in 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 are acted upon till
further directions from Sebi," Hotel Leelaventure said in the filing.In conjunction with the petition to NCLT, ITC also filed two
applications seeking a waiver of the requirement of the minimum threshold of 10 per cent shareholding, it added
ITC holds 7.92 per cent stake in Hotel Leelaventure.The embattled hospitality group owned by the Nairs on March 18 had announced the sale of
its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, and a land parcel in Agra to Canadian investment fund Brookfield for Rs
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