Hospitality industry body urges Sebi again to suspend OYO's IPO process
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Hospitality industry body FHRAI on Thursday again requested market regulator Sebi to suspend OYO's IPO process, citing non-disclosure of an investigation against the hotel chain for tax evasion, an allegation which the company has strongly denied. In a letteHospitality industry body urges Sebi again to suspend OYO's IPO process
Hospitality industry body FHRAI on Thursday again requested market regulator Sebi to suspend OYO's IPO process, citing non-disclosure of an investigation against the hotel chain for tax evasion, an allegation which the company has strongly denied. In a letter to the chairman of Securities and Exchange Board of India, Federation of Hotel & Restaurant Associations of India (FHRAI) Secretary-General Jaison Chacko said, «Oyo has failed to meet such threshold of disclosure to merit an approval from Sebi for an initial public offering (IPO)». Earlier in October, FHRAI had urged Sebi to suspend OYO's IPO process, drawing attention to irregularities, such as being engaged in anti-competitive business practice and inadequate disclosures of critical court cases, among others, in its draft red herring prospectus (DRHP). OYO had, however, strongly refuted it, terming FHRAI's allegations as «ill-informed, manufactured and baseless lies». In its latest letter to Sebi, FHRAI claimed that the ... Read more