At the end of June, JMF ARC owned 26 per cent stake in Hotel Leela.
The regulator had received ITC and LIC -- minority shareholders in Hotel Leela -- alleging violations by promoters and JMF ARC in respect of asset sale transaction mentioned in the postal ballot notice.
In its order, Sebi said Hotel Leela should provide various additional disclosures in the postal ballot notice, including all relevant details of each of the sale transactions.
Details of valuation of both asset sale transaction and additional IP transaction, including the methods adopted by the company, should also be disclosed.
During the course of the postal ballot, the valuation reports shall be kept for inspection by the shareholders of Hotel Leela, it added.
"Sebi may initiate adjudication proceedings under the Sebi Act against JMF ARC for its failure to ensure compliance with the applicable provisions of the Takeover Regulations, as deemed fit and appropriate," the order said.