Zostel Withdraws Fresh Plea Against OYO, Next Hearing In August

Budget hostel chain Zostel has withdrawn an urgent application it had filed with the Delhi High Court seeking protection for a 7% stake it has claimed in IPO-bound PRISM, the parent company of hospitality chain OYO. Zostel had argued that 7% of OYO’s total share capital be escrowed or it be provided equivalent security until the time the dispute between both parties is over as its appeal would be rendered meaningless once PRISM dilutes its shareholding and lists on the bourses.