Hotel Leelaventure gets shareholders' approval on resolution for asset sale

The shareholders also gave their nod to the sale of the company's hotel operations undertaking

Hotel Leelaventure on Friday said that its shareholders had approved resolutions to sell its four hotels, hotel operations, and its shares in the company's arm Leela Palaces and Resorts Ltd by a postal ballot.

The company, however, said it will abide by the directions of the Securities and Exchange Board of India that none of the transactions proposed in its postal ballot notice will be acted upon till further directions from the markets regulator.

On Wednesday, Sebi asked Leelaventure not to proceed with the Brookfield Asset Management deal, following letters of objection from foods-to-tobacco major ITC and state-owned insurance giant