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Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication

EntrackrEntrackr ยท 2m ago
Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication
Medial

Bombay HC sets aside Rs 170 Cr GST demand against Go Digit, orders fresh adjudication The Bombay High Court has provided major relief to Go Digit General Insurance by setting aside a Rs 170.29 crore GST demand raised by the Chennai South Commissionerate of GST & Central Excise. The order, dated July 4, includes Rs 154.8 crore in alleged tax dues and Rs 15.48 crore in penalties for the period from July 2017 to March 2022. According to Go Digitโ€™s filing accessed from the National Stock Exchange (NSE), the High Court noted that the GST Council had already discussed this industry-wide issue and issued related circulars. Now, the court has asked the tax department to review the case again, keeping those guidelines in mind, and complete the process within three months. This update comes just a few months after Go Digit listed on the stock market. The tax demand was earlier mentioned in its Red Herring Prospectus under โ€œMaterial Tax Proceedings.โ€ The company said it is reviewing legal options and is waiting for the official court order to be delivered. Importantly, the company clarified that the case is part of a broader issue impacting the insurance industry at large and that no financial implications arise at this stage due to the High Court's intervention. The insurance company recorded a 2.2X increase in profits to Rs 116 crore during the last quarter of the previous fiscal year (Q4FY25). Meanwhile, for the full fiscal year (FY25), its profits surged 133% to Rs 425 crore. The company is currently traded at Rs 333.9 as of 11.25 AM with a total market capitalization of Rs 30,828 crore or $3.6 billion.

OYO posts over Rs 200 Cr profit in Q1 FY26; rebrands parent as PRISM Life

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OYO posts over Rs 200 Cr profit in Q1 FY26; rebrands parent as PRISM Life
Medial

OYO posts over Rs 200 Cr profit in Q1 FY26; rebrands parent as PRISM Life As per the companyโ€™s annual report 2024-25, OYO clocked a profit after tax (PAT) of over Rs 200 crore in Q1 FY26, a sharp jump from Rs 87 crore in the same quarter last year. Oravel Stays Limited, which operates OYO, kicked off FY26 on a strong note with profits more than doubling in the first quarter of the ongoing fiscal year. The report further highlighted that the company achieved an EBITDA of Rs 550 crore during the quarter, while revenues surged 47% year-on-year to Rs 2,019 crore. Its gross booking value (GBV) grew 144% YoY to Rs 7,227 crore, reflecting strong recovery and demand momentum across markets. Alongside the financials, the companyโ€™s board has also cleared a 1:1 bonus share issuance for existing shareholders. For the full year FY25, OYO reported a consolidated revenue of Rs 6,252.8 crore, 16% more than the previous fiscal, with an EBITDA of Rs 1,100 crore, and a consolidated PAT of Rs 2,448 crore. Its GBV for the year stood at Rs 16,250 crore, growing 53% year-on-year. In a strategic move to sharpen its identity as a lifestyle and hospitality tech conglomerate, Oravel Stays has introduced a new parent brand PRISM Life (shortened as PRISM). The new identity will act as the corporate umbrella housing OYO and its other premium brands such as Belvilla, Palette, Clubhouse, and Sunday Hotels. The Gurugram-based company has also been pushing premiumisation while expanding globally. In FY25, it deepened its footprint in the US through the acquisition of Motel 6 and Studio 6, and scaled its home business under Belvilla, Dancenter, and CheckMyGuest in Europe. By March 2025, OYOโ€™s portfolio included over 120,000 vacation homes and 21,000 hotels across more than 35 countries. Founder and chairman Ritesh Agarwal said in his letter to shareholders that the long-term goal is to transform the group into one of the worldโ€™s leading lifestyle companies under PRISM, leveraging technology, AI-driven revenue management, and diversified hospitality brands.

OYO wins relief as Delhi HC rejects Zostel stake award

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OYO wins relief as Delhi HC rejects Zostel stake award
Medial

After years of legal back-and-forth, the Delhi High Court has ruled in favour of travel-tech firm OYO, setting aside an arbitral award in its long-standing dispute with Zostel Hospitality, the parent company of ZO Rooms. The court held that OYO did not breach any agreement during the failed acquisition talks with Zostel. The judgment backs OYOโ€™s claim that it never took over any part of Zostelโ€™s business. It also said that the kind of agreement they had โ€” one that could be called off โ€” cannot be legally enforced. The High Court also rejected Zostelโ€™s request to carry out the earlier arbitration order. The dispute started back in November 2015, when OYO signed a non-binding, exploratory term sheet with Zostel to potentially acquire its business. The deal, however, fell through after due diligence failed, and both sides couldn't agree on final terms. Zostel initiated arbitration in September 2018 โ€” nearly three years after the talks โ€” which resulted in a March 2021 arbitral award that OYO promptly challenged. In February 2022, the Delhi High Court had already denied Zostelโ€™s plea for an injunction. The latest ruling firmly closes the chapter, stating that no definitive agreements were signed and no consensus was reached on essential commercial terms. โ€œThis vindicates our long-held position,โ€ an OYO spokesperson said in a statement, reaffirming that there was no binding agreement between the parties. However, earlier this month, the Hospitality firm reportedly postponed its planned October IPO following objections from its major investor SoftBank, which consists of a fresh issue worth Rs 7,000 crore and an Offer for Sale (OFS) of Rs 1,430 crore.

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