- Zostel’s demand OYO was in talks for a merger with Zo Rooms, a subsidiary of Zostel Hospitality, back in 2015, but the talks fell through.
- A Supreme Court-appointed arbitrator found OYO to be in breach of the agreement, which made Zostel eligible for a 7% stake in the Gurugram-based hostel and hospitality giant.
- Zostel had also moved a fresh petition last month to the high court in order to restrain OYO from modifying its shareholding pattern, which would prevent the company from raising any more capital and even halt its IPO. OYO had condemned Zostel’s plea SEBI, saying that the company is attempting to overreach the ongoing Delhi high court proceedings.
[Via]
