In an interim order, the two-member Mumbai bench directed that Hotel Leelaventure also serve a copy of its order to the Sebi while granting adjournment until July 8.

In an exchange notice dated March 18, Hotel Leela Venture informed it has entered into a binding agreement with a Brookfield Asset Management (Brookfield) sponsored private real estate fund, to sell by way of slump sale, four owned Leela hotels located at Bengaluru, Chennai, Delhi and Udaipur and the property that it owns in Agra, subject to approval of shareholders, lenders and other regulatory, statutory approvals.

A Postal Ballot Notice seeking shareholder approval to this sale was also issued with voting period ending April 24.

As gleaned from a Sebi letter to Hotel Leelaventure, Sebi had already sought comments from the company on alleged violation of provisions pertaining to related party transactions.

The regulator’s directions came within hours of an ITC petition in NCLT against Hotel Leelaventure, alleging suppression and mismanagementof minority shareholders.

ITC’s petition objected to the Brookfield transaction, alleging it would leave Hotel Leelaventure a mere shell with only liabilities while allowing promoters to benefit while leaving minority shareholders holding worthless shares with no underlying business or assets.