Corporate governance battle unfolds between Hotel Leela Venture and ITC in complex hospitality industry transition. (2024)

Last Updated -- April 18th, 2024

The contention between Hotel Leela Venture and ITC over allegations of shareholder oppression has taken a legal turn. This development highlights the complexities surrounding corporate governance and shareholder rights within the hospitality industry. ITC, a diverse conglomerate, took a significant stake in Hotel Leela Venture, leading to claims of shareholder oppression from the latter.

Hotel Leela Venture has now resorted to legal action, indicating a potential escalation of the conflict between the two parties. In the competitive hospitality sector, companies often engage in strategic alliances and acquisitions to secure their market position. However, such transactions can give rise to corporate governance issues, including concerns about shareholder rights and minority protection. Disputes are not uncommon when stakeholders perceive a compromise in their interests.

By challenging ITC’s allegations, Hotel Leela Venture demonstrates its dedication to protecting its shareholders’ interests and preserving its corporate autonomy. The outcome of the legal proceedings will have substantial implications for both companies and could significantly influence the trajectory of their relationship moving forward. As the hospitality industry continues to evolve, regulatory agencies will likely intensify their scrutiny, and investor activism may rise steadily.

This heightened focus on transparency and accountability in corporate dealings places greater significance on resolving disputes like the one between Hotel Leela Venture and ITC. To do so, thorough deliberation and adherence to legal principles governing corporate governance and shareholder rights will be necessary.

Aayush KukrejaApart from being a literature student and a theatre practitioner, Aayush is a daydreamer! He loves poetry and just as a poet should be, he’s witty, opinionated and completely clueless about life. Reach out to him anytime for some good old sher-o-shayari. Here, he writes about the quirkiest and the most interesting of things. To the rhythm of life and words, cheers!

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selected.text() : ""; this.input = $( "" ) .appendTo( this.wrapper ) .val( value ) .attr( "title", "" ) .addClass( "custom-combobox-input ui-widget ui-widget-content ui-state-default ui-corner-left dev_inputelement" ) .autocomplete({ delay: 0, minLength: 0, source: $.proxy( this, "_source" ), appendTo: $("#" + formid + " #" + containerid), }) .tooltip({ classes: { "ui-tooltip": "ui-state-highlight" } }); this._on( this.input, { autocompleteselect: function( event, ui ) { ui.item.option.selected = true; this._trigger( "select", event, { item: ui.item.option }); $("#" + formid + " #dev_inputelement").attr("placeholder",$("#" + formid + " #" + elementid).val()); }, autocompletechange: "_removeIfInvalid" }); $("#" + formid + " #" + containerid).find("ul").addClass("drop-downcity"); }, _createShowAllButton: function() { var input = this.input, wasOpen = false; $( "" ) .attr( "tabIndex", -1 ) /* .attr( "title", "Show All Items" ) .tooltip() */ .appendTo( this.wrapper ) .button({ icons: { primary: "ui-icon-triangle-1-s" }, text: false }) .removeClass( "ui-corner-all" ) .addClass( "custom-combobox-toggle ui-corner-right" ) .on( "mousedown", function() { wasOpen = input.autocomplete( "widget" ).is( ":visible" ); }) .on( "click", function() { input.trigger( "focus" ); // Close if already visible if ( wasOpen ) { return; } // Pass empty string as value to search for, displaying all results input.autocomplete( "search", "" ); }); }, _source: function( request, response ) { var matcher = new RegExp( $.ui.autocomplete.escapeRegex(request.term), "i" ); var textarr = []; response( this.element.children( "option" ).map(function() { var text = $( this ).text(); if(textarr.indexOf(text) == -1){ textarr.push(text); if ( this.value && ( !request.term || matcher.test(text) ) ) return { label: text, value: text, option: this }; } }) ); }, _removeIfInvalid: function( event, ui ) { // Selected an item, nothing to do if ( ui.item ) { return; } // Search for a match (case-insensitive) var value = this.input.val(), valueLowerCase = value.toLowerCase(), valid = false; this.element.children( "option" ).each(function() { if ( $( this ).text().toLowerCase() === valueLowerCase ) { this.selected = valid = true; return false; } }); // Found a match, nothing to do if ( valid ) { return; } // Remove invalid value this.input .val( "" ) // .attr( "title", value + " didn't match any item" ) // .tooltip( "open" ); this.element.val( "" ); /* this._delay(function() { this.input.tooltip( "close" ).attr( "title", "" ); }, 2500 ); */ this.input.autocomplete( "instance" ).term = ""; }, _destroy: function() { this.wrapper.remove(); this.element.show(); } }); $("#" + formid + " #" + elementid).combobox(); } function initializeLazyLoad(){ var imageObserver = new IntersectionObserver((entries, imgObserver) => { entries.forEach((entry) => { if (entry.isIntersecting) { var lazyImage = entry.target; if(lazyImage.src.replace(baseUrl,'') != encodeURI(lazyImage.dataset.src ? lazyImage.dataset.src.replace(baseUrl,'') : '')){ lazyImage.src = lazyImage.dataset.src; } } }) }); var arr = document.querySelectorAll('img.lazy') arr.forEach((v) => { imageObserver.observe(v); }); } function homePageContactFormBtnClick(selectedtabval){$.post("https://www.squareyards.com/home/homepageleadformoverlay", function(data){$("#dev_contact_form_v1").html(data); $('.homePageLeadFormOverLay').addClass('active'); var selectedtab = $(".homePageLeadFormOverLay .homeFormBox .propTab.fixedTab").attr("tabval"); if(selectedtabval){ selectedtab = selectedtabval; $(".homePageLeadFormOverLay .homeFormBox .propTabBox").hide(); }else{ $('.homePageLeadFormOverLay .homeFormBox .propTabBox').show(); } var formdata = {"selectedtab":selectedtab}; opencontacthomeformv1(formdata);}); /* $.ajax({ async: true, dataType: "html", contentType: "application/json", success: function(data, textStatus) { $("#dev_contact_form_v1").html(data); $('.homePageLeadFormOverLay').addClass('active'); var selectedtab = $(".homePageLeadFormOverLay .homeFormBox .propTab.fixedTab").attr("tabval"); var formdata = {"selectedtab":selectedtab}; opencontacthomeformv1(formdata); }, error:function(error){ console.log(error); }, type: "POST", url: "https://www.squareyards.com/home/homepageleadformoverlay" }); */ } function homePageContactFormBtnClickForSingle(){$.post("https://www.squareyards.com/home/homepageleadformoverlay", function(data){$("#dev_contact_form_v1").html(data);$("#dev_home_propertytabbox").remove();$('.homePageLeadFormOverLay').addClass("homePageLeadFormSingle");$('.homePageLeadFormOverLay').removeClass('homePageLeadFormOverLay'); var selectedtab = "newproject"; if(window.location.href.endsWith("-decart") == true || window.location.href.endsWith("-decart/") == true){ selectedtab = "homeinterior"; } var formdata = {"selectedtab":selectedtab}; opencontacthomeformv1(formdata);}); /* $.ajax({ async: true, dataType: "html", contentType: "application/json", success: function(data, textStatus) { $("#dev_contact_form_v1").html(data); $('.homePageLeadFormOverLay').addClass('active'); var selectedtab = $(".homePageLeadFormOverLay .homeFormBox .propTab.fixedTab").attr("tabval"); var formdata = {"selectedtab":selectedtab}; opencontacthomeformv1(formdata); }, error:function(error){ console.log(error); }, type: "POST", url: "https://www.squareyards.com/home/homepageleadformoverlay" }); */ } function homeFormBoxCloseBtnClick(){ $('.homePageLeadFormOverLay').removeClass('active'); } function propertyTabClick(tabval){ var propertytabdata = [{"name":"Buy","tabval":"newproject","icon":"hti-icon1"},{"name":"Rent","tabval":"rental","icon":"hti-icon2"},{"name":"Home Loan","tabval":"homeloan","icon":"hti-icon4"},{"name":"Home Interior","tabval":"homeinterior","icon":"hti-icon5"}]; var selectedtabdata_arr = propertytabdata.filter(function(e){return e.tabval == tabval}); var othertabdata_arr = propertytabdata.filter(function(e){return e.tabval != tabval}); var propertytabboxhtml = ""; if(selectedtabdata_arr.length > 0){ var selectedtabdata = selectedtabdata_arr[0]; propertytabboxhtml = propertytabboxhtml + '

' + selectedtabdata["name"] + '