The board has also approved the resignations of Rajiv Kaul as President and Rajan Shah, its Chief Financial Officer as they wanted to move to Brookfield.
A three-bench SAT led by presiding officer Tarun Agarwala and CKG Nair and MT Joshi in a 44-page order posted on its website dismissed the main contention that "the transaction is related-party in nature".
Hotel Leela Venture's total expenses were 0.4 per cent lower at Rs 38.97 crore in the quarter under review as against Rs 39.13 crore a year ago.
The Company Act provisions recongnise only those with 10 percent or more non-promoters as minority shareholders.
The NCLT's Mumbai bench comprising V P Singh and Ravikumar Duraisamy said the regulator should conclude its examination on the matter before the next date of hearing, on July 8.
The company's standalone income from operations stood at Rs 43.06 crore for the quarter under consideration. It was at Rs 41.54 crore for the same period year ago.
Hotel Leela Venture rallied 107 percent in four consecutive sessions, though the company said it had still been evaluating various offers and not reached to any conclusion.
In the past one year, Minor has aggressively bid for marquee properties across the globe, and its proposed acquisition of Leela will reportedly be funded by a mix of equity and debt.
The company had posted a net loss of Rs 24.44 crore for the corresponding period of the previous fiscal.
Hotel Leela Venture said its operating cash flows are not sufficient to service its term loans and NCDs and the funds of the company are escrowed with its lenders and are also monitored by the lenders.
Hotel Leelaventure said the total interest outstanding as on date is Rs 12.14 crore and principal redemption amount outstanding as on date is Rs 45 crore.
Total interest outstanding as on date is Rs 12.14 crore, and principal redemption amount outstanding as on date is Rs 45 crore, Hotel Leela said.
The hospitality chain currently has a debt of Rs 3,662 crore.
Operating profit fell 1.8 percent year-on-year to Rs 65.1 crore and margin contracted 190 basis points to 32 percent for quarter ended December 2017.
A bench comprising Justices R F Nariman and Navin Sinha junked the appeal filed by Hotel Leela challenging an order of the division bench of the Delhi High Court.
The 28 percent GST tax slab is hurting the tourism sector, he said Vivek Nair, CMD, Hotel Leela Ventures.
Hotel stocks like Advani Hotels, Hotel Leela Venture, Jindal Hotels, Kamat Hotels and Mahindra Holidays will get astrological support, says Satish Gupta of astrostocktips.
Hotel Leelaventure today refuted the Airports Authority of India's (AAI's) stand on the land lease agreement, saying it has taken all legal steps to contest the AAI notices on eviction process on its property near the Mumbai international airport.
Following the eviction notice served by Airport Authority of India (AAI) against The Leela Mumbai last week, Hotel Leela Venture has said that it is taking legal recourse over the notices issued against the iconic property.
The latest exit makes it fifth in a row for the company in less than one year. Three independent directors and an executive director have quit the Leela board since February last year.
The Leela, one of the first luxury airport hotels in Mumbai, will have to shut down as the Airport Authority of India (AAI) has commenced eviction proceedings against the property which rests on the land leased by the airport operator.
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