New Delhi: OYO’s parent firm Orawell Stages has denied all the “allegations” leveled by Zostel Hospitality, which had requested markets regulator SEBI to reject the draft red herring prospectus filed by Oyo for its initial public offering. .
In a letter to the Securities and Exchange Board of India dated October 11, 2021, Zostel stated that “the IPO is non-maintainable as the capital structure of Orawell is not final” and accordingly “the draft of Orawell’s DRHP (Draft Red Herring Prospectus)”. The circumstances in the filing are illegal…”
DRHP is replete with material omissions and blatant misstatements intended to mislead the public into investing in Orawell shares, without an appreciation of the risks involved, it added.
In a letter to Zostel accessed by PTI, Oyo said, “…we deny all the allegations leveled by you against us in the complaint. The complaint clearly contained false statements and self-serving half-truths.” and is a reprehensible attempt to prejudicially affect the proposed offer and compel the Company to grant to the shareholders of Zostel the right of shareholding in the Company which they may seek in arbitration proceedings between Zostel, its founders and shareholders and the Company and have failed to receive in the arbitral award of March 6, 2021, issued by the sole arbitrator, Justice A.M. Ahmadi (Retd.)”.
The company has made sufficient disclosures required under applicable law in the DRHP filed with SEBI. It states that no reason or ground, as the case may be, has been made out by you for considering the rejection of DRHP or suspension of the proposed proposal.
“The capital structure of the company is firm and is accurately reflected in the DRHP. As of today, there are no shares due to be issued to the shareholders of Zostel as the award does not direct the issuance of shares of the company to the shareholders of Zostel. is,” said the letter.
In respect of outstanding litigations involving the Company, its subsidiaries, its promoters and its directors, all outstanding litigations required to be disclosed in accordance with the ICDR Regulations and materiality policy adopted by the Board of Directors of the Company are disclosed in DRHP, added this.
In addition, the matter is disclosed in the DRHP’s “Outstanding Litigation and Material Development – Lawsuits involving our Company – Material Litigation against our Company” section. OYO said a risk factor has also been disclosed in connection with the case in DRHP.
“… DRHP includes adequate disclosures of all pending litigation in compliance with disclosure obligations under the ICDR Regulations,” it added.
DRHP or the proposed offer does not violate or violate the terms of the award or any judicial or quasi-judicial declarations. OYO said that the potential investors have been provided with sufficient information and disclosures in the DRHP to make an informed decision regarding investment in equity shares and the proposed offer.
Comments could not be obtained from Zostel Hospitality Pvt Ltd at the time of filing of the story. Read also: Sapphire Foods IPO: KFC, Pizza Hut operator to open offer on November 9
There is a legal battle going on between Zostel and OYO over the deal between the two companies in 2015. Read also: The combined index of eight major industries stood at 126.7 in September 2021
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