[Zostel v. OYO] Term Sheet promising transfer of 7 percent OYO shareholding to ZO Rooms is binding: Arbitral Tribunal

The order was pronounced by the Arbitral Tribunal on March 6, 2021.
[Zostel v. OYO] Term Sheet promising transfer of 7 percent OYO shareholding to ZO Rooms is binding: Arbitral Tribunal
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An Arbitral Tribunal recently ruled that Oravels Stays Pvt. Ltd (parent company of OYO) acted in breach of a binding agreement after its acquisition of rival Zostel Hospitality (which owns ZO Rooms), whereby it had agreed to transfer 7 percent of OYO to ZO Rooms' shareholders.

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