Hotel Leelaventure-Brookfield deal: Sebi orders further scrutiny

In April, the board of Leela had floated an ordinary resolution for sale of assets - which included hotel properties in New Delhi, Bengaluru, Udaipur and Chennai - to Brookfield for Rs 3,950 crore

The Securities and Exchange Board of India (Sebi), on Tuesday, directed Hotel Leelaventure (Leela) to provide more details to shareholders, and seek fresh approvals, before proceeding with the sale of assets to Canadian investment fund Brookfield Asset Management.

In April, the board of debt-ridden Leela had floated an ordinary resolution for sale of assets — which included hotel properties in New Delhi, Bengaluru, Udaipur and Chennai — to Brookfield for Rs 3,950 crore.

Two minority shareholders of Leela — ITC and Life Insurance Corporation (LIC) — had opposed the deal, stating that it violated provisions of related party transactions (RPT) and should