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.

In March this year, Hotel Leelaventure had announced sale of its four hotels, including one in the national capital, and a property to Brookfield Asset Management for Rs 3,950 crore.

The share touched its 52-week high of Rs 18.78 and its 52-week low of Rs 5.94 on November 30, 2018 and August 23, 2019 respectively.

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".

The Council approved a cut in tax rates on rooms with a tariff of Rs 7,500 and above to 18 percent and those with tariff below Rs 7,500 to 12 percent. GST on room tariff below Rs 1,000 has been scrapped.

Hotel stocks rallied up to 12 percent intraday on Wednesday after GST rate fitment committee proposed to cut tax from 28 percent to 18 percent on hotel tariff of Rs 7,500 and above.

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.