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

September 28, 2019[2019] 109 503 (SAT - Mumbai)

COMPANY LAW/SEBI : Appeal challenging sale of Company's assets to Brookfield on ground of related party transaction was to be dismissed as there were no transactions 'between related party and listed entities' or 'of Company with a related party'

COMPANY LAW/SEBI : Where respondent acquirer acquired 26 per cent shares in Company undergoing corporate debt restructuring and had made disclosures in terms of Takeover Regulations of 2011, it could not be said that acquisition was a technical breach of Takeover Regulations and accordingly, no direction could have been given to respondent to desist from voting in disputed resolution process

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