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<ul><li><keyword id="2825269" type="General" weightage="20" keywordseo="zo-rooms" source="Orion">Zo Rooms</keyword> has moved a petition to restrain <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> from modifying its shareholding pattern.</li><li>OYO was in talks for a merger with Zo Rooms in 2015, but the talks fell through.</li><li>Zo Room’s legal counsel adds that any issuer should not be eligible to make an IPO if there are any outstanding convertible securities.</li><li>OYO has condemned Zo Rooms for misrepresentation of facts and moving to multiple forums.</li></ul>Update: The article has been updated to include the Delhi high court's verdict issued on September 29. Hotel and hospitality firm OYO is reportedly all set to hit its next milestone this week, by filing the<a href="https://www.businessinsider.in/business/startups/news/oyo-may-file-for-1-billion-ipo-next-week/articleshow/86448073.cms"> preliminary paperwork</a> for its upcoming initial public offering (IPO). However, it has found itself in the middle of another legal battle before it takes a step ahead. Hotel rooms aggregator Zo Rooms, which is managed by <keyword id="2232457" type="General" weightage="20" keywordseo="zostel" source="Orion">Zostel</keyword> Hospitality, has moved a new petition to the Delhi High Court in order to restrain OYO from modifying its shareholding pattern. This petition has been filed to restrict the hotel and hospitality giant from raising any more capital and eventually put a stop on its public issue. "An issuer shall not be eligible to make an initial public offer if there are any outstanding convertible securities or any other right, which would entitle any person with any option to receive equity shares of the issuer...,” Zo Rooms’ legal counsel TMT Law Practice said, in a <a href="https://economictimes.indiatimes.com/tech/startups/zostels-petition-in-delhi-hc-adds-a-legal-twist-to-oyos-ipo-saga/articleshow/86589984.cms">conversation</a> with The Economic Times. They added that OYO should not be allowed to file draft red herring prospectus (DRHP) till this matter is resolved. OYO may postpone its DRHP by a week, as per The Economic Times report. Court adjourns matter until next month The Delhi high court on September 29 (Wednesday) adjourned the hearing in the OYO-Zo Rooms case to October 7. It has asked ZO Rooms to submit a rejoinder on the record. Amit Sibal who was appearing on behalf of Zo Rooms, requested that their shares should be preserved till next hearing date. Sibal added that Zo Rooms intention was not to stop OYO's IPO. "Now if they go ahead and conduct the initial public offering then these shares will be no longer available for allotment to me in that eventuality. Therefore I was seeking that there be protection that if I succeed and they do not succeed in their objections to the award then at least my ability to have those shares is preserved," said Sibal. The court categorically denied this, saying that this couldn't be done without hearing the "contested matter". OYO condemns Zostel for ‘misrepresenting’ facts An OYO spokesperson told Business Insider, “OYO deplores Zostel’s repeated attempts at misrepresenting case facts and threats of forum hunting. OYO condemns Zostel’s self-serving misrepresentation of case facts to the media and it is an attempt to overreach Delhi HC [Delhi High Court] proceedings.” The hotel and hospitality giant further added that Zostel’s claims are “baseless” and termed it “forum hunting”. The term “forum hunting” or “bench hunting” is usually used when a particular petitioner goes to a specific judge or court in the hope of a favourable verdict. Meanwhile OYO’s legal counsel added that the petition filed by Zostel seeks relief “beyond the scope of award”. The award does not provide any relief that entitles them to “freeze” OYO’s shareholding pattern, the counsel said, while adding that the case does not merit. Business Insider has reached out to Zostel and the story will be updated with responses, if any. The ongoing battle The Delhi high heard the petition on September 29. The court also took up a plea by OYO to grant stay on an earlier order from the Supreme Court of India appointed arbitrator in breach of its <a href="https://timesofindia.indiatimes.com/business/india-business/oyo-in-breach-of-binding-agreement-with-zo-rooms-arbitrator/articleshow/81380041.cms">agreement</a> with Zo Rooms. OYO was in talks for a merger with Zo Rooms in 2015, but the talks fell through. This eventually led to arbitration between the two companies. Zo, citing the arbitrator's order, previously noted it is eligible for a 7% stake in OYO’s parent company Oravel Stays. In that case, Zo Rooms may be eligible for a stake worth $672 million in OYO, which is now worth $9.6 billion. OYO, however, has reiterated that the entire process of acquisition was merely at the <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">stage of exploratory discussions</a> and no definitive agreements were finalised between the two parties. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-hdfc-amc-future-group-and-other-top-stocks-to-watch-out-for-on-september-29/slidelist/86600892.cms">IndiGo, SpiceJet, HDFC AMC, Future Group and other top stocks to watch out for on September 29</a> <a href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-opens-today-and-analysts-bullish-on-the-growing-mutual-fund-industry/articleshow/86590770.cms">Aditya Birla Sun Life AMC IPO opens today, analysts bet high on the growing mutual fund industry</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-tightens-focus-on-grocery-delivery-as-zomato-steps-out/articleshow/86582683.cms">Swiggy tightens focus on grocery delivery, as Zomato steps out</a>

OYO blames Zo Rooms for ‘forum hunting’ after Zostel’s latest plea to stop its IPO

<ul><li>OYO and <keyword id="2825269" type="PERSON" weightage="20" keywordseo="Zo-Rooms">Zo Rooms</keyword> have been in a legal tussle for over three years now.</li><li>The dispute was over the merger between OYO and Zo Hostels, where the latter said it was denied its 7% shareholding in Oravel Stays, the parent company of OYO.</li><li>The tribunal said that Zo Rooms’ parent <keyword id="2232457" type="PERSON" weightage="20" keywordseo="Zostel">Zostel</keyword> Hospitality was entitled to claim relief and costs in the case, but acknowledged that definitive agreements weren’t executed.</li></ul>After a three-year long battle, the legal verdict on OYO Hotels and Homes and Zo Hostels is out, but both companies continue to sing their own tunes. The dispute was over the merger between OYO and Zo Hostels, where the latter said it was denied its 7% shareholding in Oravel Stays Pvt. Ltd, the parent company of the Ritesh Agarwal-led OYO. The Arbitral Tribunal comprising former Chief Justice of India AM Ahmadi said that Zo Rooms’ parent Zostel Hospitality Pvt. Ltd was entitled to claim relief and costs in the case, but acknowledged that definitive agreements of the deal weren’t executed. Two sides of the same coin Zo Rooms, which was a hotel aggregator founded by Zostel founders, claimed victory in the case saying that the agreement between OYO and Zo was binding. “We welcome the judgement by the hon'ble tribunal. Beyond the monetary compensation, it was a fight for our rights and reputation. We are extremely relieved with the judgement that the arbitral tribunal has pronounced after diligently evaluating the merits and evidence produced by us over the last 3 years,” said Paavan Nanda, co-founder of Zostel, who led the process, in a statement. Nanda is also the co-founder of gaming platform WinZO. As per Zo, OYO now has to compensate the stakeholders of Zo for their 7% shares. “If the order from the arbitrator is to be given effect, allotment of 7% to ZO Rooms’ shareholders will make this outcome the biggest exit in the Indian startup ecosystem, surpassing the Snapdeal-Freecharge Deal of $400 Million back in 2015,” said Zo in a statement. However, OYO refuted the claims and is currently evaluating legal remedies to challenge the award. The hospitality firm, valued at $9 billion, said that even with the legal battle, Zo ‘continues to misrepresent and latch on to OYO’. OYO said that the arbitration hasn’t given any direction for issuance of shares as the definitive agreement was neither agreed upon nor consummated and therefore closing conditions were far from being achieved. “The Tribunal has ruled and categorically acknowledged that the definitive agreements, which are extremely important documents for any M&amp;A transaction, were neither finalised nor agreed upon,” read OYO’s statement. Here’s a look at the timeline of events 2015: OYO’s lead investor SoftBank in its annual report claims that the Ritesh Agarwal-led startup had acquired its rival Zo Rooms. September, 2016: Merger talks between the two companies fall through. 2017: OYO <a href="https://techcrunch.com/2017/10/26/oyo-zo-rooms-deal/">confirms</a> that it has ended all discussions in the matter and says, “we tried to identify potential value in their business but could not reach an outcome”. 2018: Zo Rooms takes OYO to court claiming ‘data theft’ while doing the due diligence during the acquisition talks. February, 2018: Gurugram court hands the ruling in favour of OYO. Zo Rooms <a href="https://www.techcircle.in/2018/02/26/court-quashes-zo-rooms-plea-against-oyo/">says</a> it doesn’t have the financial bandwidth to ‘incur prolonged legal costs’. However, soon after Zo approached the Supreme Court. October, 2018: Supreme Court appoints a three-judge bench to evaluate the matter. January, 2020: Zo Rooms once again files a plea over OYO’s restructuring of its board, says that the restructuring will hamper Zo’s claims of 7% stake in OYO. March, 2021: The tribunal said that Zo Rooms parent Zostel Hospitality was entitled to claim relief and costs in the case, however acknowledged that definitive agreements weren’t executed. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/bootstrapped-online-travel-aggregator-easemytrip-makes-its-way-to-the-public-markets/articleshow/81326200.cms">INTERVIEW: Bootstrapped online travel aggregator EaseMyTrip makes its way to the public markets</a>

OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win

The Delhi High Court on Monday nixed a plea filed by hostel chain <keyword id="2232457" type="General" weightage="20" keywordseo="zostel" source="Orion">Zostel</keyword> (Zo Rooms) seeking to restrain OYO Hotels and Homes from proceeding with its initial public offering (IPO) process, claiming that the former has seven per cent shareholding in the tech hospitality major. Justice C. Hari Shankar dismissed the plea of Zostel, seeking an interim order to restrain or injunct OYO from modifying its shareholding structure or cap table including by way of an Initial Public Offering (IPO). The dispute between OYO and Zostel dates back to 2015 when they had begun negotiations for a merger but the talks fell through. This eventually led to the arbitration. The two companies were at loggerheads over the arbitration award. OYO's contention that the Arbitration Tribunal adjudicating the dispute between the two entities has granted no specific relief to Zostel in terms of receiving ownership in the hospitality major. This was a result of OYO calling off its acquisition of Zostel Rooms citing the inability to reach an outcome to identify potential value in the latter's business after due diligence. Zostel had said that its shareholders are entitled to seven per cent mirror-image shareholding in the OHHPL (Oyo Hotels and Homes Private Ltd) as per the terms of the scheme of demerger of OYO's (Oravel Stays Private Ltd) "Indian Business" into the OHHPL, approved by the NCLT Ahmedabad. So, any market offer should only follow the implementation of this scheme. Oyo also sought in the High Court a stay on an earlier order from a Supreme Court-appointed arbitrator who had said that Oyo was in breach of its agreement with smaller rival Zostel over the proposed acquisition. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-stock-market-is-bummed-out-for-at-least-three-reasons-and-none-of-them-are-going-away-in-a-hurry/articleshow/89561390.cms">The market in India is bummed out for at least three reasons and none of them are going away in a hurry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

Road to IPO for OYO Rooms is clear as Delhi HC rejects Zostel's plea that restrained the IPO

Budget hotel aggregator <keyword id="2550719" type="UNKNOWN" weightage="100" keywordseo="OYO-Rooms">OYO Rooms</keyword> <a href="http://www.businessinsider.in/Oyo-Rooms-may-buy-its-smaller-rival-Zo-Rooms/articleshow/50024196.cms">was all set to acquire rival Zo rooms</a>, but certain complications could cause a delay in the deal. One of its early investors has come up with some fresh demands, which has stalled the acquisition process. 
 As per sources, <keyword id="1679438" type="UNKNOWN" weightage="100" keywordseo="VentureNursery">VentureNursery</keyword>, a Mumbai-based accelerator which was the first investor in OYO, has said that it should be given access to information that large investors typically receive from a company along with the right to exit from the combined entity and that too at a pre-determined valuation. 
 
Also read: Exclusive: <a href="http://www.businessinsider.in/Exclusive-OYO-Rooms-CEO-says-soon-staying-at-OYO-hotels-will-be-like-staying-at-luxurious-homes-Easy-walk-in-easy-walk-out/articleshow/49416395.cms">OYO Rooms’ CEO says soon staying at OYO hotels will be like staying at luxurious homes! Easy walk-in, easy walk-out</a> 
 
"VentureNursery is demanding right to information and exit at $700-million valuation, both terms which are unacceptable to OYO's larger shareholders," a person directly familiar with the development told ET. 
 
Experts and investors opine that even though VentureNursery does not have enough shares to block the proposed merger, its demands should be addressed as it can otherwise create hurdles in the works for <a href="http://www.businessinsider.in/OYO-Rooms-knows-the-way-to-the-customers-heartis-through-his-stomach/articleshow/49800486.cms">OYO</a>, which is looking to raise <a href="http://www.businessinsider.in/OYO-Rooms-ties-up-with-PayPal-to-make-its-global-expansion-more-efficient/articleshow/51312289.cms">fresh capital</a>. 
 The reason behind these sudden demands could be the disagreement within OYO, as some managers are not convinced about the terms of <keyword id="2825269" type="UNKNOWN" weightage="100" keywordseo="Zo-Rooms">Zo Rooms</keyword> negotiation, giving it a 7% stake in the company.

OYO's Zo acquisition could be delayed because of its first investor

<ul><li>Misrepresentation of facts is a common acquisition faced by <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> by both these entities.</li><li><keyword id="974036" type="General" weightage="20" keywordseo="fhrai" source="Orion">FHRAI</keyword> has also accused OYO of indulging in anti-competitive business practices.</li><li><keyword id="2232457" type="General" weightage="20" keywordseo="zostel" source="Orion">Zostel</keyword> and OYO’s altercation arises out of a failed deal five years ago.</li></ul>The Federation of Hotel and Restaurants of India (FHRAI) — which claims to have over 55,000 hotels and 500,000 restaurants under its umbrella — has reached out to the Securities and Exchange Board of India (SEBI), seeking suspension of OYO’s $1.2 billion initial public offering (IPO). This is a second entity to reach out to SEBI with such demand. This is in addition to the<a href="https://www.businessinsider.in/business/startups/news/its-not-just-zostel-oyo-has-20-other-lawsuits-to-fight/articleshow/86959438.cms"> 21 legal battles OYO is fighting</a>. Earlier this month, Zostel had approached the market regulator seeking cancellation of OYO’s IPO. Both these entities have completely different reasons behind this demand, however misrepresentation of facts is a common acquisition faced by OYO by both these entities. OYO claims that they have made adequate disclosures in its DRHP. The company had condemned both Zostel and FHRAI previously for their allegations. FHRAI — in an eight-page-long letter to SEBI — highlighted that OYO is engaged in “unfair, anti-competitive and fraudulent dealings and business practices.” FHRAI’s complaint The industry body also mentioned that they had approached the Competition Commission of India (CCI) as well, highlighting the anti-competitive practices of OYO. The antitrust watchdog had also initiated an investigation into OYO’s business and it is known to be in advanced stages, FHRAI added. Even though OYO has disclosed the implications of CCI’s final judgement on its business in its draft red herring prospectus (DRHP), it has not highlighted that the antitrust watchdog has the power to direct behavioural changes to be undertaken. This may completely upset the anti-competitive business practices engaged by Oravel, the association said. Similarly, OYO has “failed to disclose” the nature and consequences of litigations pending against it and its subsidiaries” that have the potential to disrupt the business, '' FHRAI added. “That apart from the aforesaid non-disclosures/mis-disclosures, it is pertinent to point out that there has been not a single case to our knowledge that where a company being investigated for anti-competitive practices by the Director General of the CCI has been permitted to initiate an IPO by the SEBI. In view of the same, Oravel’s proposed IPO is premature and ought to be rejected/ deferred at this stage while a major investigation by the CCI remains pending,” FHRAI noted in the letter accessed by Business Insider India. OYO had earlier said, "We strongly condemn the ill informed, manufactured and baseless lies and allegations about inadequate disclosures in our DRHP. FHRAI member hotels must demand accuracy and accountability from their office bearers about the falsehoods they are propagating." "FHRAI has assumed that no one will verify the accuracy of their claims by cross checking existing disclosure in the DRHP. OYO has been very transparent in disclosing all material cases and disputes we are facing in absolute adherence with the regulations. 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. This eventually led to arbitration between the two companies. 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. This 7% stake would be worth $672 million, as OYO is now worth $9.6 billion. OYO challenged the award before the Delhi High Court earlier this year. The case is currently ongoing at the Delhi High Court. Zostel had also <a href="https://www.businessinsider.in/business/startups/news/oyo-blames-zo-rooms-for-forum-hunting-after-zostels-latest-plea-to-stop-its-ipo/articleshow/86605631.cms">moved a fresh petition </a>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. "After multiple attempts in the courts and arbitration tribunal, Zostel’s communication shows unnecessary and repetitive efforts to create a wrong perception," an OYO spokesperson had told Business Insider. The company has reiterated that the talks between Zo Rooms and OYO were in exploratory discussions and “no definitive agreements” were finalised. It added that the award of the Supreme Court appointed arbitrator did not direct OYO to issue any shareholdings to Zostel. OYO had previously accused Zostel of forum hunting. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-subscribers-for-the-first-time-in-10-quarters-but-theres-good-news-for-mukesh-ambani-in-this-too/articleshow/87251614.cms" data-type="tilCustomLink">Reliance Jio lost subscribers for the first time in 10 quarters but there's good news for Mukesh Ambani in this too</a> <a href="https://www.businessinsider.in/stock-market/news/berger-asian-shalimar-and-indigo-paints-share-price-down-from-last-five-days/articleshow/87254637.cms" data-type="tilCustomLink">Paint makers stress over high raw material costs and fewer tinting machines even as festive demand picks up</a> <a href="https://www.businessinsider.in/business/startups/news/loss-making-groww-is-now-the-most-valued-investment-platform-even-though-some-of-its-peers-make-profits/articleshow/87249142.cms" data-type="tilCustomLink">Loss-making Groww is now the most-valued investment platform even though some of its peers make profits</a>

OYO IPO now faces a hurdle from a hotels lobby with 55,000 members, aside from Zostel

<keyword id="2550719" type="UNKNOWN" weightage="100" keywordseo="OYO-Rooms">OYO rooms</keyword>, the budget hotels brand based in Gurgaon, is all set to raise a fresh round of funding worth Rs 413 crore, which would be done through a proposed right issue of shares to the existing shareholders. The above has been reported as per the documents filed with the Registrar of Companies. 
 
After this new round of funding, the post-money valuation of Ritesh Agarwal-led company will be at Rs 3129 crore or about $460 million, says the filing. 
 
It was in August last year that <a href="http://www.businessinsider.in/OYO-Rooms-ties-up-with-PayPal-to-make-its-global-expansion-more-efficient/articleshow/51312289.cms">OYO</a>, started in 2013, had raised its previous round of funding of $100 million; the round was led by <a href="http://www.businessinsider.in/SoftBanks-India-investments-might-jump-the-10-billion-mark-in-the-coming-decade/articleshow/52500995.cms">Softbank Corp</a>, the telecom and internet major based in Japan. After that round, the company was valued at $400 million. 
 
Also read: <a href="http://www.businessinsider.in/Now-you-can-book-OYO-Rooms-on-your-next-trip-to-Darjeeling-and-Gangtok/articleshow/52296199.cms">Now you can book OYO Rooms on your next trip to Darjeeling and Gangtok</a> 
 
It was also <a href="http://www.businessinsider.in/OYOs-Zo-acquisition-delayed/articleshow/51807022.cms">reported earlier</a> that VentureNursery, the Mumbai-based start-up accelerator which was the first investor in <keyword id="2808667" type="UNKNOWN" weightage="100" keywordseo="OYO">OYO</keyword>, had raised some issues while Oyo was <a href="http://www.businessinsider.in/Oyo-Rooms-to-buy-Zo-Rooms/articleshow/50024196.cms">planning to acquire</a> the smaller rival Zo Rooms, but as Oyo plans to raise a fresh funding round with <a href="http://www.businessinsider.in/SoftBank-says-moshi-moshi-to-Oyo-Rooms/articleshow/47327975.cms">Softbank’s support</a>, it looks like the period of uncertainty is over. 
 
<a href="https://assets.entrepreneur.com/content/3x2/1300/20150805130406-Ritesh-Agarwal-CEO-OYO-Rooms1600px.jpeg">Image source</a>

OYO eyes Rs 413 crore funding, to be valued at Rs 3129 crores

<ul><li>The <keyword id="30334" type="ORGANIZATION" weightage="20" keywordseo="acquisition">acquisition</keyword> talks come as Tata is set to be working on its own Super App for which it has reportedly signed a deal with grocery retail platform BigBasket for a 68% stake.</li><li>The news of the possible acquisition drove JD’s stocks to ₹943, up by 7%.</li><li>In October 2020, JD had said that it was set to launch its own B2B (business to business) marketplace called JD Mart.</li></ul>The salt-to-aviation conglomerate <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> is in talks with <keyword id="6436290" type="UNKNOWN" weightage="20" keywordseo="just-dial">Just Dial</keyword>, the 24-year old local discovery platform, as a part of its digital push, reported <a href="https://economictimes.indiatimes.com/tech/technology/tata-digital-in-initial-talks-with-just-dial-for-e-commerce-play/articleshow/81383870.cms">ET</a>. The report said that the group is in early talks with Just Dial regarding its latest e-commerce bet – JD Mart. The acquisition talks come as Tata is set to be working on its own Super App, for which it has already <a href="https://www.timesnownews.com/business-economy/companies/article/tata-group-to-buy-68-stake-in-e-grocer-bigbasket/721028">reportedly</a> signed a deal with grocery retail platform BigBasket for a 68% stake. Similarly, it could enter into a strategic alliance with Just Dial as well. The news of the possible acquisition drove Just Dial Ltd’s stocks to ₹943, up by 7.38% at 1.50 pm on Monday. In October 2020, Just Dial had said that it was set to launch its own B2B (business to business) marketplace called JD Mart. The potential and excitement for Just Dial’s new platform comes with the fact that the company already has a strong foothold in the market and a loyal user base. According to a report by financial services firm UBS, the company will be able to leverage its already existing 140 million quarterly unique users and 100,000 paid B2B subscribers to sell JD Mart. “We think Just Dial has developed a superior platform on the backdrop of an interactive user interface along with robust depth and breadth of B2B product offerings. JD's core strength is its large sales force (9,000), which should aid monetizing the new platform,” said the UBS report from October, 2020. JD Mart finds competition from the country’s oldest e-commerce platform IndiaMart, which has had an unchallenged run for 24 years. Interestingly, Tata was <a href="https://www.livemint.com/companies/start-ups/tatas-in-talks-to-buy-stake-in-indiamart-report-11602742923779.html">reportedly</a> in talks with IndiaMart as well earlier. However, in an exchange filing IndiaMart had categorically denied that it had not had any discussions with Tata Group. Meanwhile, JD Mart is making space for itself. The company, which had set aside ₹110 crore for marketing and advertising of JD Mart, has signed up to be a ‘Co-Presenting Sponsor’ of the Indian Premier League-14 (IPL 2021), which will be held in the months of April and May. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a> <a href="https://www.businessinsider.in/stock-market/news/the-510-crore-ipo-of-easemytrip-is-now-open-for-public-subscription-/articleshow/81387576.cms">Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip</a> <a href="https://www.businessinsider.in/india/news/google-ceo-sundar-pichai-announces-a-series-of-initiatives-on-womens-day/articleshow/81388483.cms">Google announces a series of initiatives on Women’s day – a $25 million fund, support for one million female entrepreneurs in India and a new feature on Google Maps</a>

Tata dials up another acquisition talk – with India’s discovery platform Just Dial, whose  stock is up by 7%

<ul><li>According to news reports, <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>’s divestment advisors have rejected other bids, and only the Tatas and India’s largest cargo operator Spicejet remain in the fray for buying the cash-strapped flag carrier.</li><li>A group of 209 employees of Air India had also put in a bid. And while confirming the news, Air India’s Commercial Director Meenakshi Malik told Moneycontrol that the consortium hadn't made it to the next round of divestment.</li><li>Media reports further indicated that Essar, Pawan Ruia of Dunlop and Falcon Tyres had also put in bids for Air India — however, the bids have been rejected.</li></ul>After the consortium of Air India employees backed by NRI businessman Laxmi Prasad and his New York-based Interups Fund was disqualified — only the Tata Group and India’s largest cargo operator Spicejet remain in the fray for buying the cash-strapped Air India, according to news reports. According to an IANS report, the bids have been rejected after the evaluation of the expressions of interest (EoI), where multiple bids were received. The advisors were in touch with the interested bidders regarding several queries. The qualified bidders will be intimated only after the government is satisfied with the bidders' responses. A group of 209 employees of Air India had also put in a bid. Media reports further indicated that Essar, Pavan Ruia of Dunlop and Falcon Tyres had also put in bids for Air India — however, the bids have been rejected. A<a href="https://www.moneycontrol.com/news/business/companies/exclusive-air-india-sale-employee-consortium-out-of-the-privatisation-race-6618601.html"> MoneyControl report</a> quoting Air India’s commercial director Meenakshi Malik highlighted that the expression of interest for the privatisation by the Air India employee consortium hadn't made it to the next round of divestment. "As of late last night, I have seen an email from the transaction advisor to the Government of India (Ernst &amp; Young LLP), informing the employees of Air India that we have been unsuccessful in qualifying to the next phase of the ‘Disinvestment Acquisition process," Malik, who was leading the employee consortium told <a href="https://www.moneycontrol.com/news/business/companies/exclusive-air-india-sale-employee-consortium-out-of-the-privatisation-race-6618601.html">MoneyControl</a>. In a letter to Air India employees on March 8, the advisors said, “The EOI and the supporting documents submitted by you have been duly evaluated and have been found to not fulfil the eligibility requirements set out in the Preliminary Information Memorandum (as amended) (PIM) issued in respect of the strategic disinvestment of Air India Limited (AI) and is liable for disqualification.” The divestment process of the national carrier has been divided into two stages. In stage one, the interested bidders have submitted expressions of interest, and they were shortlisted based on the eligibility criteria and other terms mentioned in the Preliminary Information Memorandum (PIM). In stage two, the shortlisted interested bidders will be provided with a request for proposal (RFP), and thereafter there will be a transparent bidding process. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a><a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms"></a> <a href="https://www.businessinsider.in/stock-market/news/sensex-up-300-points-nifty-crosses-15000-banks-oil-stocks-lead/articleshow/81386563.cms">Sensex up 300 points, Nifty crosses 15,000 — banks, oil stocks lead</a><a href="https://www.businessinsider.in/stock-market/news/sensex-up-300-points-nifty-crosses-15000-banks-oil-stocks-lead/articleshow/81386563.cms"></a> <a href="https://www.businessinsider.in/india/news/international-womens-day-take-a-look-at-some-of-the-finest-achievements-by-indian-women/slidelist/81385710.cms">International Women’s Day: Take a look at some of the finest achievements by Indian women</a>

You Searched For "oyo zo acquisition" and got 8 results

OYO blames Zo Rooms for ‘forum hunting’ after Zostel’s latest plea to stop its IPO

Kritti Bhalla

OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win

Sanchita Dash

Road to IPO for OYO Rooms is clear as Delhi HC rejects Zostel's plea that restrained the IPO

IANS

OYO's Zo acquisition could be delayed because of its first investor

BI India Bureau

OYO IPO now faces a hurdle from a hotels lobby with 55,000 members, aside from Zostel

Kritti Bhalla

OYO eyes Rs 413 crore funding, to be valued at Rs 3129 crores

BI India Bureau

Tata dials up another acquisition talk – with India’s discovery platform Just Dial, whose stock is up by 7%

Sanchita Dash

Tata Sons, Spicejet in the race for Air India, after employees’ consortium was disqualified

BI India Bureau

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