In Bombay High Court, ITC has filed a petition asking to be heard first, and Hotel Leelaventure should approach it for relief in the case related to the deal that’s in the National Company Law Tribunal (NCLT) with Brookfield Asset Management.
The minority shareholder in Leelaventure, ITC Group filed a caveat request through its law firm Bharucha & Partners, in court on April 25, people in to the matter told. Leelaventure said, the market regulator disqualified it from selling its four hotels and other assets to Canadian investment fund Brookfield until further directions as a result a caveat petition was filed thereafter by ITC.
Another lawyer said, “the caveat petition has been filed to avoid any ex parte order in case Leelaventure approaches the Bombay High Court.”
The NCLT hearing in the case has been posted for June 18. ITC currently holds a 7.92% stake in Leelaventure, short of the 10% needed to file a petition alleging oppression and mismanagement, and needs to prove its eligibility to be heard.
Read EquityPandit’s ITC Outlook Of The Week