Sebi directs Hotel Leela to share details of asset sale deal
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Mumbai: Securities market regulator Sebi on Tuesday directed Hotel Leela Venture (HLVL) to provide information via "additional disclosures in the postal ballot notice" of the asset sale transaction with Brookfield.
"All relevant details of each of the sale transactions including 'asset sale transaction' and 'additional IP transaction' with specific information identifying the transactions between the company and Brookfield and the promoters and Brookfield including the amounts involved therein under separate tables with the split consideration amounts for each head," Sebi said in an order.
"Details of valuation of both the asset sale transaction and additional IP transaction including the methods adopted by the company," the order further stated.
Further, the order said that "Sebi may initiate adjudication proceedings under the Sebi Act against JMF ARC for its failure to ensure compliance with the applicable provisions of the takeover regulations, as deemed fit and appropriate."
The order came after the Securities and Exchange Board of India (Sebi) received complaints from the minority shareholders of HLVL in April 2019, alleging violations by the company, its promoters and JM Financial Asset Reconstruction Company of the provisions of the Companies Act, 2013 and the securities law administered by the regulator "inter alia in relation to HLVL's postal ballot notice dated 18 March 2019."
As per the notice, HLVL had sought shareholders' approval for special resolutions inter alia regarding the proposed sale of assets of the company to "BSREP III India Ballet Pte. Ltd or its affiliates (Brookfield)".
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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