Oyo IPO: Delhi HC rejects Zostel's petition for stake in firm

The root of the dispute between IPO bound Oyo and Zostel lies in a failed buyout deal 6 years ago, which Zostel claims was binding on Oyo.

Oyo IPO: In a breather to IPO-bound Oyo, the Delhi High Court rejected Zostel's plea claiming 7 per cent shareholding in Oyo.

The Softbank-backed Oyo has been in a legal tussle with Zo Rooms after the latter filed a case in the Delhi HC last year to restrain Oyo from going for a listing. The root of the dispute between the two parties lies in a failed buyout deal 6 years ago, which Zostel claims was binding on Oyo.

Other than transfering 7 per cent shareholding to an escrow account, the HC also rejected the plea seeking Oyo altering shareholding