The South Asian Times

12 November 2019 04:37 AM

ITC bungs in monkey wrench in Leela deal (IANS Special)


New Delhi, April 23: In the ongoing hot button Hotel Leela Venture takeover drama, shareholder ITC has moved National Company Law Tribunal against the company alleging "oppression and mismanagement".

ITC's current plea was mentioned before the Mumbai bench of the NCLT, which has posted the matter for hearing on April 24, Hotel Leelaventure said in a regulatory filing.

ITC, along with the petition has also filed two applications seeking waiver of the requirement of minimum threshold of 10 per cent shareholding.

As per the latest information available on bourses, ITC holds a total of 7.92 per cent share stake in Hotel Leelaventure.

Shares of Hotel Leelaventure Ltd were trading at Rs 10.46 on the BSE during afternoon trade, down 0.38 per cent from its previous close.


Update: 01 May, 2019