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SAT dismisses ITC’s appeal challenging sale of ‘Leela hotels’ to ‘Brookfield Asset Management Inc.’

September 28, 2019[2019] 109 taxmann.com 503 (SAT - Mumbai)
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COMPANY LAW/SEBI : Securities Appellate Tribunal (SAT) dismissed appeal by ITC Ltd challenging sale of Hotel Leelaventure Ltd's assets to Brookfield Asset Management Inc. on ground of related party transaction

• While SEBI as a regulator define related party transaction as a transaction 'between a listed entity (Company) and a related party' the Parliament define the term as per section 188 of the Companies Act, 2013 as 'a transaction of a Company with a related party'. None of the provisions leave any scope for interpretation of the same. Through the interpretation, the scope of the definition cannot be widened to bring in it's scope any transaction in which directors etc would have some real or perceived interest.

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