INSUBCONTINENT EXCLUSIVE:
Venture, the Securities Appellate Tribunal (SAT) on Thursday rejected ITC's appeal challenging the sale of the hotel's
assets.Cigarette-to-hospitality conglomerate ITC, which holds 7.92 per cent stake in Hotel Leela Venture, had moved the SAT after the
Securities and Exchange Board of India (SEBI) rejected its plea that the sale of Hotel Leela Venture's assets to Brookfield Asset
Reconstruction Company, which owns 26 per cent in Leela, to vote on the deal.The SAT also vacated an earlier stay order whereby it had
to suspend the tribunal's order for two weeks to allow the conglomerate to appeal before the Supreme Court.Hotel Leela Venture had in
March announced that it was selling four of its hotel properties along with a land parcel to Brookfield for Rs 3,950 crore
The deal, however, hit a hurdle after the ITC and the Life Insurance Corporation of India, minority stakeholders in Hotel Leela Ventures,
approached the SEBI alleging that JM Financial Asset Reconstruction Company was a related party and could not vote on the board resolution
approving the deal.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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