CLB stays Aruna Hotels' Chennai property development.

The Company Law Board has granted an interim stay on the proposed joint development of Aruna Hotels' property in the heart of Chennai, after a stakeholder challenged the plan.

In the interim order on April 9, the CLB advised the respondents, including M Shivaram, Chairman and Managing Director of Aruna Hotels; Kartick Shivaram, Executive Director; and the Directors S Kalyanam, CL Ravichandran, and Kamal Babbar, to refrain from selling or creating any third party interest in the property.

The nearly 1.2-acre property, estimated at over Rs. 200 crore, is located in Nungambakkam, a prime location in the heart of Chennai.

HBL