SAT rejects ITC’s plea against sale of Hotel Leelaventure's key assets to Brookfield
Date: 27-09-2019The Securities Appellate Tribunal (SAT) has rejected ITC’s plea against sale of Hotel Leelaventure's key assets to Canadian PE major Brookfield for Rs 3,950 crore.
ITC had moved SAT after SEBI rejected its contention that sale of Leela's assets to Brookfield Asset Management should not be allowed because of related-party transactions and also because the deal would leave the hotel company with no operating or revenue earning assets barring one property.
ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.