ITC Moves NCLT Against Hotel Leelaventure

New Delhi, Apr 23 (PTI) Diversified group ITC has moved the National Company Law Tribunal against Hotel Leelaventure alleging "oppression and mismanagement".

ITC's current plea was mentioned before the Mumbai bench of the NCLT, which has posted the matter for hearing tomorrow, 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, it added.

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

However, the Kolkata-headquartered group did not share the reason for which it has moved NCLT against Hotel Leelaventures.

When contacted, a company spokesperson said: "The matter is sub-judice and therefore we would not like to comment (on it)."

On March 18, Hotel Leelaventure had announced sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, and a property to Canadian investment fund Brookfield for Rs 3,950 crore.

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

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