Cash-strapped Hotel Leelaventure today said capital markets regulator SEBI has barred it from selling its four hotels and other assets to Canadian investment fund Brookfield Asset Management till further directions.

On March 18, Hotel Leelaventure Ltd had announced sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, as well as a property to Canadian investment fund Brookfield for Rs 3,950 crore. It had sought shareholders approval.

The SEBI in its letter to Hotel Leelaventure said it has received representations from ITC, which has also moved the National Company Law Tribunal against Hotel Leelaventure alleging “oppression and mismanagement”, and minority shareholder Life Insurance Corporation .

Diversified group ITC has made certain alllegations against HLVL, its promoters and JM Finanacial Asset Reconstruction Company Ltd with respect to postal ballot notice seeking shareholders nod for the sale, the letter said.ITC had on Tuesday moved the Mumbai Bench of National Company Law Tribunal  against Hotel Leelaventure alleging oppression and mismanagement.