Zostel seeking an injunction to restrain OYO, hearing tomorrow

In 2015, Oyo Hotels & Homes signed for Oyo's acquisition of Zostel. The deal fell through, but Zostel is arguing that it still deserves about 7 per cent in Oyo parent

OYO Hotels & Homes
Photo: OYO Hotels & Homes
BS Reporter
1 min read Last Updated : Oct 07 2021 | 1:08 AM IST
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 take a decision as to when to approach the Securities and Exchange Board of India regarding our objection to the DRHP,” said Malhotra. 
 
In 2015, Oyo Hotels & Homes signed for Oyo’s acquisition of Zostel. The deal fell through, but Zostel is arguing in court that it still deserves about 7 per cent in Oyo parent Oravel Stays.       


Topics :OyoOYO Hotels & HomesDelhi High Court

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