Zostel is seeking an injunction to restrain Oyo from altering the capital structure of their shareholding, said its legal counsel Abhishek Malhotra.
“Now that they (Oyo) have issued the draft red herring prospectus (DRHP), that will also be taken into consideration by the court when it hears the matter on Thursday. Based on the outcomes of the hearing, we will decide as to when to approach the Securities and Exchange Board of India regarding our objection to the DRHP,” said Malhotra.
- Vedanta Outlook for the Week (April 29, 2024 – May 03, 2024)
- Tata Steel Outlook for the Week (April 29, 2024 – May 03, 2024)
- PFC Outlook for the Week (April 29, 2024 – May 03, 2024)
- Piramal Enterprises Outlook for the Week (April 29, 2024 – May 03, 2024)
- MANAPPURAM Outlook for the Week (April 29, 2024 – May 03, 2024)
In 2015, Oyo Hotels & Homes signed for Oyo’s acquisition of Zostel. The deal fell through, but Zostel argues in court that it still deserves about 7 per cent in Oyo parent Oravel Stays.