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Oyo-Zo Rooms case: Arbitrator says Oyo bound by term sheet with Zo


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Although the Oyo-Zo Rooms deal failed to fructify, the arbitrator said claimant Zo Rooms parent, Zostel Hospitality, was entitled to claim relief in the form of allotment of shares from the respondent, Oyo parent Oravel Stays. The order also said Zo Rooms was entitled to claim costs of its case.
“The claimant cannot be held responsible for the acts and omissions of the respondent and/or its shareholders, by virtue of which some of the obligations could not be fulfilled by the claimant. This tribunal has held that claimant no. 1 is entitled to claim/pray for the relief of allotment of shares from the respondent to claimant nos. 2 to 17,” read the order. ....

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Union Budget 2021: Centre Leaves Startups To Be Atmanirbhar, With Little On Table


Union Budget 2021: Centre leaves startups to be atmanirbhar, with little on table
The extension of capital gains exemption for investment in startups has been applauded by one and all.
February 01, 2021 / 07:29 PM IST
With an aim to incentivise the emerging economy, Finance Minister Nirmala Sitharaman announced a slew of measures for startups and their investors including extension of capital gain tax, tax holidays for startups, easing norms for one person company, among others.
While some of the moves were welcomed, the industry felt some were too little too late.
The move to allow tax holidays for instance received a lot of criticism. Many argue that startups do not start making profits in the first few years of operations. So, the tax incentive will not be applicable to a majority of them and extending it by one year is unlikely to move the needle except for very few firms. ....

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