Suspend Oyo IPO due to gross irregularities and fraudulent dealings: FHRAI

Objecting to gross misstatements and inadequate disclosures contained in the Draft Red Herring Prospectus (DRHP) issued by Oravel Stays (Oyo), FHRAI has made an official submission to SEBI to suspend its IPO process. Gurbaxish Singh Kohli, Vice President, FHRAI, says, “The investigation by the Competition Commission of India is a serious one. To our understanding, there has not been a single instance where a company being investigated for anti-competitive practices by the Director General of the CCI has been permitted to initiate an IPO.”