A petition filed on Hotel Leela Venture Ltd. by ITC Ltd. through NCLT. Hotel Leela is accused of “operations and mismanagement.”
Hotel Leela Venture in an exchange filing said, “ITC, through their advocates, today mentioned the matter at 10:30 a.m. before the NCLT, Mumbai Bench. The learned bench of NCLT has placed the said application for hearing tomorrow.”
An application can also be filed over change in the board of directors of a company, leading to its affairs being conducted in a manner prejudicial to its own or its members’ interest. Section 241 of the Companies Act, 2013 allows a member to file an oppression and mismanagement petition on grounds that the affairs of the company are being conducted in a manner prejudicial to the company, any other members or public interest, among other reasons.
To file such an application, the petitioner must have one-tenth of the issued share capital of a company or represent 10 percent of the total number of members.