Oyo denies all charges by Zostel about failed buyout deal in letter

Says both parties mutually agreed to terminate the deal

Oravel Stays, parent of Oyo has written to the market regulator refuting all the allegations made by Zostel Hospitality. Zostel had written to the Securities and Exchange Board of India (Sebi) to reject Oyo’s draft red herring proposal.

In a letter to Zostel that Business Standard has viewed, Oyo said: “We deny in toto all the allegations levelled by you against us in the Complaint. The Complaint is replete with patently false statements and self-serving half-truths, and is a deplorable attempt to adversely impact the proposed Offer and coerce the Company into granting Zostel's shareholders an entitlement to shareholding in the