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‘Irregularities, fraud and huge losses’: FHRAI urges SEBI to axe OYO IPO

Posted : 12 May 2022 09:29:36 | By TWO Bureau | GNN Bureau

‘Irregularities, fraud and huge losses’: FHRAI urges SEBI to axe OYO IPO

The Federation of Hotel & Restaurant Associations of India (FHRAI) has once again strongly urged the Securities and Exchange Board of India (SEBI) to call off OYO’s Initial Public Offering (IPO) citing the massive losses suffered by the hotel rooms aggregator in recent years.

As per reports, OYO incurred losses of Rs 3943.84 crore in FY20-21, translating to loss of over Rs 76,077 every minute. Since its inception in 2013, OYO has been running in losses and its total turnover fell a drastic 69 per cent from Rs 13,413 crore in 2020 to Rs 4,157 crore in 2021. FHRAI has cautioned that OYO’s IPO will “only wipe out public wealth while enriching its founders and key management”.

FHRAI had previously objected to “misstatements and inadequate disclosures” contained in the Draft Red Herring Prospectus filed by OYO.

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Tags : #oyoipo, oyo, fraudandhuge, fhrai, sebi,

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