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Zostel Hospitality has asked the Securities and Exchange Board of India to suspend the IPO of Oravel Stays, which runs OYO.

Continuing its fight against OYO, Zostel Hospitality has written to the SEBI seeking suspension of the proposed IPO of Oravel Stays

On April 30, 2021, the Delaware Chancery Court (the “Court”) issued a decision in Snow Phipps Group, LLC v. KCake Acquisition, Inc., ordering an affiliate of private equity buyer Kohlberg & Co. (“Kohlberg”) to acquire cake decoration supplier, DecoPac Holdings Inc. (“DecoPac”), for $550 million. In the opinion, newly sworn-in Chancellor Kathaleen McCormick affirmed prior case law on several common contractual provisions that bear on deal certainty in the time of COVID-19 (including material adverse effect, or “MAE,” conditions; interim operating covenants; and the reasonable ...

Zostel will take the judgement to Oyo to fulfil the obligations under the term sheet and transfer the shares.

Oravel Stays Pvt Ltd, which runs OYO hotel chain, has said it will 'vehemently oppose' any move to make it execute the definitive agreement for its disputed acquisition of Zostel Hospitality. The statement has come after an arbitration panel allowed Zostal Hospitality to initiate 'appropriate proceedings' to claim 7 per cent stake in Oravel Stays Pvt Ltd for its shareholders under the term sheet of a merger agreement. Zostel Hospitality (ZO Rooms) had taken OYO to the court claiming that it completed its obligation under a merger agreement signed in November 2015 and transferred its busine...