Federation of Hotel & Restaurant Associations of India on Tuesday said it has written to Sebi to stop OYO from launching its IPO in the wake of a penalty imposed by the Competition Commission of India on the hospitality and travel-tech firm for unfair business practices.
OYO, however, said the Federation of Hotel & Restaurant Associations of India (FHRAI) is misrepresenting the CCI order and the letter to Securities and Exchange Board of India (Sebi) is to distract attention from the executive committee meeting of FHRAI being held as null and void by the NCLT, which has also ordered a court-monitored AGM of the hospitality industry body.
In October this year, the Competition Commission of India (CCI) slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality services provider OYO for indulging in unfair business practices.
“Now that OYO has been found guilty of indulging in anti-competitive and unfair business practices …
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