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Mumbai hotel-owner calls for EoW audit of Oyo; FHRAI to also raise issues

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A Mumbai-based hotel owner has sought a forensic audit of Oyo by the Economic Offences Wing ahead of the company's IPO, and has said that Oyo's upcoming IPO will affect 'gullible investors'.

Mumbai hotel-owner calls for EoW audit of Oyo; FHRAI to also raise issues
Right after hotel aggregator Oyo has filed its draft red herring prospectus (DRHP) for Rs 8,430 crore IPO, several hotels and partners have come forward to raise issues over pending dues.
A Mumbai-based hotel owner has sought a forensic audit of Oyo by the Economic Offences Wing ahead of the company's IPO, and has said that Oyo's upcoming IPO will affect 'gullible investors'.
Also, the Federation of Hotel & Restaurant Association of India (FHRAI) is set to approach the Economic Offences Wing as well as other agencies with issues of hotel owners against Oyo, as per sources, just as the company prepares to go public. FHRAI did not give an official comment.
Also Read:
Mumbai-based owner of Samrat Hotels has approached the Mumbai Police against Oyo and has sought a forensic audit of the company by the Economic Offences Wing.
The hotel owner claims cheating of Rs 70 lakh from Oyo and additional pending dues and has alleged misappropriation of funds, fraud and cheating by Oyo. Oyo did not respond to CNBC-TV18 queries.
As per Oyo's DRHP, it is facing multiple materials and criminal litigations, including three criminal litigations against subsidiaries, and 14 against promoter Ritesh Agarwal.
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