ITC trying to take over Leela for a song, say promoters, JM Fin ARC

Sebi asked Leela and JM Financial ARC to put the deal, announced on March 18, on hold.

The promoters of Hotel Leelaventure and JM Financial ARC, which holds 26 percent in the bankrupt hotel group, Wednesday told NCLT that ITC's bid to stall their deal with Brookfield is an attempt to wrest the control of the premium hotel chain through the back door.

The counsel for JM Financial ARC said that even after knowing the financial health of Leela, ITC Hotels has been picking up stake in the company between 2008 and 2013, acquiring 13 percent.

"Through this petition they want to drag the matter so that the Rs 3,950-crore Brookfield deal falls through and to take