Sebi bars cash-strapped Hotel Leelaventure from asset sale to Brookfield

NCLT adjourns hearing on maintainability of ITC's petition against the hospitality firm to June 18

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