Hotel Leela Venture declines 1% on reports of Sebi’s order
ITC had challenged the Leela Venture-Brookfield transaction on Tuesday complaining of oppression and mismanagement.
Apr 25, 2019 12:04 IST India Infoline News Service

As per media reports, the market regulator took this decision after the National Companies Law Tribunal in Mumbai declined to admit rival ITC’s petition opposing the deal.
Reports further stated that, ITC did not get any relief with the NCLT refusing the tobacco-to-hotels conglomerate’s plea citing its apparent ineligibility under Section 244 of the Companies Act, which requires that only a person or entity owning at least 10% of the issued share capital can move a petition of this nature.
ITC had challenged the Leela Venture-Brookefield transaction on Tuesday complaining of oppression and mismanagement. All parties including JM Financial have been given time to reply and the next hearing will be held on June 18.