IiAS has recommended that ITC shareholders vote against the proposed demerger of ITC's hotel business, arguing it won't unlock substantial value. IiAS criticized the plan for lacking clarity on the future of ITC's 40% stake in the hotels. While ITC claims the hotel business is mature enough to raise capital independently, IiAS remains skeptical, noting the industry's inherent revenue volatility. The demerger would give ITC shareholders one hotel share per 10 ITC shares, with ITC retaining a 40% stake. A shareholder vote is scheduled for June 6.