13 August 2019: While declaring its results for the quarter ended June, Hotel Leelaventure said it was seeking fresh approval of the shareholders by postal ballot for its sale of assets to Brookfield. Leelaventure said voting will begin on August… Read More ›
ITC
MC: SEBI directs Hotel Leela to make additional disclosures to shareholders on asset sale
23 July 2019: Markets regulator Sebi on July 23 directed Hotel Leela Venture Ltd to make additional disclosures to its shareholders on sale of assets. Besides, the watchdog would initiate adjudication proceedings against JM Financial Asset Reconstruction Company (JMF ARC) for failing… Read More ›
FE: Leela-Brookfield deal: Conclude probe in two weeks, NCLT directs Sebi
9 July 2019: The National Company Law Tribunal (NCLT) on Monday directed the Securities and Exchange Board of India (Sebi) to wrap up its investigations into the proposed sale of Hotel Leelaventure’s various undertakings to Brookfield in about two weeks,… Read More ›
ET: ITC trying to scuttle deal with Brookfield, claim Leelaventure promoters
25 June 2019: Promoters for Hotel Leelaventure on Monday told the National Company Law Tribunal that minority shareholder ITC was trying to scuttle their deal with Brookfield, because the Canadian asset manager could pose it challenges in the hotels industry… Read More ›
FE: ITC plea on mismanagement of minority shareholders ‘abuse of process’: JM Fin ARC
20 June 2019: ITC’s petition alleging oppression and mismanagement of minority shareholders against Hotel Leelaventure is an ‘abuse of process’, senior advocate Janak Dwarkadas representing JM Financial Asset Reconstruction Company told the National Company Law Tribunal (NCLT) on Wednesday, adding… Read More ›
CG: Pay 70 bln rupees to take over Hotel Leela, JM Fincl ARC tells ITC
19 June 2019: JM Financial Asset Reconstruction Co Ltd today told ITC Ltd to clear the 70-bln-rupee debt owed by Hotel Leelaventure Ltd if it is interested in saving the debt-ridden hotelier. The comments came as part of the asset reconstruction… Read More ›
FE: Leela Hotels sale: ITC argues for waiver of minimum shareholding norm
19 June 2019: ITC, a minority shareholder in Hotel Leelaventure, on Tuesday sought to argue on its application for waiver of the minimum shareholding requirement. This comes as its petition alleging oppression and mismanagement of minority shareholders effectively remains on… Read More ›
ET: ITC had also challenged the transaction in NCLT, claiming mismanagement and oppression of minority shareholders by the way the deal was structured
11 June 2019: ITC has said it has not made any offer to acquire the assets of Hotel Leela venture, putting to rest speculation that it is keen to acquire the assets at a lower cost being a competitor, and… Read More ›
ET: Of Leelaventure’s total debt of Rs 7,500 crore, HDFC had advanced about Rs 826 crore.
8 June 2019: Stakeholders in debt-laden Hotel Leelaventure are apprehensive that a deal to sell company assets to Brookfield may go the way of Jet Airways after the market regulator stalled the transaction. The Securities and Exchange Board of India,… Read More ›
ET: NCLT accepts Hotel Leelaventure’s request to hear petition after 6 weeks
29 May 2019: The bankruptcy court has given Hotel Leelaventure six weeks before it would take up an insolvency petition against the hotel chain, and asked the markets regulator to complete its examination of the company’s asset-sale deal with Brookfield… Read More ›
