Hotel Leela asset sale case: SAT upholds an order passed by Sebi

In April, the board of debt-ridden Hotel Leela had floated an ordinary resolution for sale of its assets to Canadian investment firm Brookfield for Rs 3,950 crore

FMCG major ITC has failed to obtain any relief from the Securities Appellate Tribunal (SAT) in the Hotel Leela asset sale case. The tribunal, on Thursday, upheld an order passed by capital markets regulator Securities and Exchange Board of India (Sebi) in the matter. The SAT also vacated its stay on Hotel Leela declaring the results of a postal ballot. ITC is likely to move the Supreme Court challenging the ruling. 

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