ITC Moves Tribunal Against Hotel Leela Venture

Hotel Leela Venture on Tuesday said the diversified conglomerate ITC has filed a petition against it before the Mumbai bench of the National Company Law Tribunal (NCLT) for alleged "oppression and mismanagement".

"This is to inform you that ITC has on April 22, 2019 filed against the company, a petition for oppression and mismanagement along with two applications for urgent hearing and for waiver of the requirement of minimum threshold of 10 per cent shareholding," the company said in a regulatory filing.

The NCLT bench has placed the application for hearing on Wednesday.

According to its latest annual report, ITC holds 7.92 per cent of total shares of Hotel Leela Venture by the end of the 2018-19 financial year.