Hotel Leelaventure on Thursday got two months’ time from the NCLT to comply with the latest SEBI directives asking the hospitality company to make additional disclosures to shareholders to proceed with its proposed sale to Brookfield for ₹3,950 crore.
Hotel Leelaventure’s counsel, Ashish Pyasi of Dhir & Dhir Associates, tendered a copy of the new SEBI order and sought two months to comply with the same so that it can proceed with the transaction with Brookfield which has offered ₹3,950 crore for the four properties of the premium hotel chain.
He said eight weeks’ time was required to comply with the new postal ballot notice with additional disclosures as directed by SEBI. Granting eight weeks’ time, the NCLT adjourned the matter to September 27. The Brookfield deal will benefit all the creditors, including JM Financials, which owns 26% in the hotel, Mr. Pyasi said.
SEBI had on Tuesday directed Leelaventure to make additional disclosures to its shareholders on its proposed sale to Brookfield.
Last month, SEBI had asked the promoters to hold the sale process after minority shareholders ITC, which owns 7.6% in the company, and LIC, which has 2% stake in the company, moved the SEBI seeking not to allow the transaction, alleging violations in relation to the postal ballot notice dated March 18.
