Leela standoff: Securities Appellate Tribunal to hear ITC plea on Aug 29

In April, the board of debt-ridden Leela had floated an ordinary resolution for sale of its assets

FMCG major ITC has challenged the Securities and Exchange Board of India’s (Sebi) order in the matter pertaining to the sale of Hotel Leelaventure’s (Leela) assets to Canadian investment firm Brookfield Asset Management. The Securities Appellate Tribunal (SAT), which hears appeals by those aggrieved by Sebi orders, refused to stay the order dated July 23 on Wednesday, but said it would take up the matter on August 29.

In April, the board of debt-ridden Leela had floated an ordinary resolution for the sale of its assets, which included hotel properties in Delhi, Bengaluru, Udaipur and Chennai, to Brookfield for Rs