This action was taken due to OYO not providing updated financial disclosures for the September quarter of FY23 in its DRHP filing with the SEBI.
According to Inc42’s source, SEBI has also instructed OYO to share updated information about risk factors, KPIs, outstanding litigations and valuations along with other material information
The development comes almost a month after Inc42 reported OYO sacking 600 employees working in product and engineering departments
Hospitality chain OYO is likely to delay its IPO (initial public offering) plans by another three months as the stock exchange regulatory body SEBI has asked the startup to update its draft red herring prospectus (DRHP).
This action was taken due to OYO not providing updated financial disclosures for the September quarter of FY23 in its DRHP filing with the SEBI.