Sebi restrains Hotel Leela from selling properties

Cash-strapped Hotel Leelaventure Wednesday said capital markets regulator Sebi has barred it from selling its four hotels and other assets to Canadian investment fund Brookfield Asset Management till further directions. On March 18, Hotel Leelaventure Ltd (HLVL) had announced sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, as well as a property to Canadian investment fund Brookfield for Rs 3,950 crore. It had sought shareholders approval and voting is scheduled to end on April 24. The Securities and Exchange Board of India (Sebi) in its letter to Hotel Leelaventure said it has received representations from ITC, which has also moved the National Company Law Tribunal against Hotel Leelaventure alleging "oppression and mismanagement", and minority shareholder Life Insurance Corporation (LIC). ITC had on Tuesday moved the Mumbai bench of National Company Law Tribunal (NCLT) against Hotel Leelaventure alleging oppression and mismanagement.