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| Exchange Disseminated Time | Hotel Leelaventure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 05, 2014, has considered and approved the following:
1. Transfer of the entire investment / shareholding of the Company in Leela Realty Limited, a non-material and non-operative subsidiary, to promoters / affiliate / related parties at its net worth value of about Rs. 8.58 Lacs as consideration. On consummation of the transaction, Leela Realty Limited will cease to be a subsidiary of the Company.
2. Transfer of Leela Palaces and Resorts Limited, a non-operative subsidiary, owning a land parcel in Agra for an enterprise valuation of Rs. 90 crores to a prospective buyer, subject to approval of the shareholders through a Postal Ballot. Under the revised Clause 49 of the Listing Agreement, the said subsidiary will be treated as a “material” subsidiary since the investment of the Company in the said subsidiary exceeds 20% of HLVL’s consolidated net worth as at March 31, 2014. On consummation of the transaction, Leela Palaces and Resorts Limited will cease to be a subsidiary of the Company.
3. Notice of Postal Ballot
The Board has also approved the draft notice of the Postal Ballot for the following items (in addition to Amendments to Memorandum of Association and Alteration of Articles of Association already approved by the Board on August 11, 2014) to be sent to the shareholders:
a. Enabling Resolution under Sectionl86 of the Companies Act, 2013 for making investment in the shares of other bodies corporate / subsidiaries and to provide loans / guarantees upto Rs. 500 crores, over and above the paid up capital of the Company and its free reserves; and
b. Transfer of the entire investment / shareholding of the Company in Leela Palaces and Resorts Limited, a non-operative subsidiary. |
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