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

EntrackrEntrackr · 8d 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 Digit’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 “Material Tax Proceedings.” 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 wins relief as Delhi HC rejects Zostel stake award

EntrackrEntrackr · 2m ago
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 OYO’s claim that it never took over any part of Zostel’s business. It also said that the kind of agreement they had — one that could be called off — cannot be legally enforced. The High Court also rejected Zostel’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 — nearly three years after the talks — which resulted in a March 2021 arbitral award that OYO promptly challenged. In February 2022, the Delhi High Court had already denied Zostel’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. “This vindicates our long-held position,” 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.

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation

EntrackrEntrackr · 6m ago
Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation
Medial

Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation Hospitality major Oyo has raised Rs 550 crore (approximately $65 million) from Redsprig Innovation Partners, an affiliate entity of the company’s founder Ritesh Agarwal. The board at Oyo has passed a special resolution to issue 12,91,07,982 equity shares at an issue price of Rs 42.6 each to raise Rs 550 crore or $65 million, its regulatory filing accessed from the Registrar of Companies shows. After the recent funding injection, the company's valuation rose to $3.79 billion, reflecting a 59.2% increase from Oyo's previous Series G round, when the firm was valued at $2.38 billion. As per the filings, the company plans to use these funds for growth, supporting global expansion (including acquisitions), strengthening business strategies, and other corporate initiatives. The funding will also result in a 1.728% dilution of the company's total stake. This is the second major capital infusion by Agarwal in Oyo. In August 2024, he led a $175 million round through his Singapore-based fund, Patient Capital. Last month, a CNBC TV18 report suggested that Nuvama Wealth & Investment Limited (formerly Edelweiss Securities) purchased shares worth Rs 100 crore in Oyo’s parent Oravel Stays Limited. During FY24, IPO-bound Oyo posted a flat scale which stood at Rs 5,389 crore, as compared to Rs 5,464 crore in FY23. Despite the stagnant revenue, the company managed to control its expenditure by 16% which resulted in Oyo posting a net profit after tax (PAT) of Rs 230 crore in the last fiscal (FY24). In May, the Gurugram-based company withdrew its draft papers (DRHP) for the second time due to unfavorable conditions. The firm also said that it will refile the IPO papers after concluding a large funding round, which is about to close after the latest fundraises.

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