Hotel Leelaventure has said it has received two months time from NCLT to comply with the latest Sebi directives asking the hospitality company to make additional disclosures to shareholders to proceed with its proposed sale to Brookfield for Rs 3,950 crore.
Hotel Leelaventure counsel Ashish Pyasi of Dhir & Dhir Associates tendered a copy of the new Sebi order and sought two months to comply with the same so that it can proceed with the transaction with Brookfield which has offered Rs 3,950 crore for the four properties of the premium hotel chain.
He said eight weeks time is required to comply with new postal ballot notice with additional disclosures as directed by the market regulator Sebi.
Granting eight weeks time, the NCLT adjourned the matter to September 27.
The Brookfield deal will benefit all the creditors, including JM Financials, which owns 26% in the hotel, Pyasi said.
Sebi on Tuesday had directed Leelaventure to make additional disclosures to its shareholders on its proposed sale to Brookfield.