Orbit Private Holdings I Ltd ( OPHI ), a wholly owned subsidiary of Orbit Private Investments, L.P. ( OPI ) (the ultimate parent undertaking of Bidco and a Cayman Islands exempted limited partnership), entered into that certain Agreement and Plan of Merger (the Merger Agreement ), dated as of July 4, 2021, by and among OPI, Asteroid Private Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of OPHI ( Merger Sub ), Armor Holdco, Inc., a Delaware corporation ( AHI ) and the ultimate parent company of American Stock Transfer & Trust Company, LLC, Armor Acquisition LLC, a Delaware limited liability company, and Armor Investment Holdings L.P., a Cayman Islands exempted limited partnership, the limited partners of which will be the stockholders of AHI immediately prior to the closing of the Merger (as later defined) ( Armor Investment ).
Share This -
x
An award by an arbitral tribunal in a tussle between Oravel Stays Pvt Ltd (Oyo) and start-up Zostel Hospitality Pvt Ltd (Zostel), holding that Zo Rooms is entitled to allotment of 7% shareholding in Oyo, could open the doors to what Zostel is touting as the biggest exit in the Indian startup eco-system .
The award was passed in a 3-year old arbitration dispute between the two hospitality giants, following a merger agreement based on a Term Sheet in 2015. Zostel and Oyo had entered into what Zostel claimed to be a binding agreement, and Oyo claimed to be a non-binding agreement of exploratory nature in November 2015, under which Zostel claimed to have completed its obligations and transferred the business to Oyo.
Hostel startup Zostel claims victory in 3-year battle, but OYO denies claim
Hostel startup Zostel says it has won against OYO, but the hospitality unicorn has refuted these claims categorically, stating that the Arbitration Tribunal has granted no specific relief to Zostel in terms of receiving ownership in OYO.
0 claps
Share on
Backpacker hostel startup Zostel Hospitality, which was embroiled in a legal battle with OYO for the last three years after merger talks broke down, on Sunday claimed that it had won against Oravel Stays, which owns and operates hotel chain OYO, and was entitled to get a cost from the hospitality unicorn.
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 business to OYO but the latter failed to transfer 7 per cent stake to its shareholders.
Zostel claims win in 3-year legal battle against OYO - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.