NCLT asks Sebi to conclude probe into ITC, LIC allegations against Leela

The National Company Law Tribunal (NCLT) Tuesday directed market regulator Sebi to conclude its probe into allegations against Hotel Leelaventure by the company's two minority shareholders ITC and LIC.

The NCLT's Mumbai bench comprising V P Singh and Ravikumar Duraisamy said the regulator should conclude its examination on the matter before the next date of hearing, on July 8.

Earlier in April, ITC had sought a waiver of the 10 per cent minimum shareholding requirement to file a petition alleging oppression and mismanagement against the hotel management and its lender JM Financial ARC and also to prevent the premium hotel chain from going ahead with the ongoing sale to Canadian fund house Brookfield for Rs 3,950 crore that was announced in March.

"We were suppressed of our rights as a shareholder. The postal ballot notice has not addressed many issues. It is a classic case of majority acting against minority shareholders using oppressive means, as they own 73 per cent.

"We want ...