Latest news with #OravelStays
Time of India
11-07-2025
- Business
- Time of India
Delhi HC stays Rs 1,140 crore tax demand against Oyo
Academy Empower your mind, elevate your skills In a big relief to OYO Hotels & Homes , the Delhi High Court has stayed the recovery of tax demand of Rs 1,140 crore raised under provisions of the so-called angel tax for the assessment year 2021-22 (Apr-Mar).The demand was raised under Section 56(2)(viib) of the Income Tax Act on account of the addition to the income after the assessee had issued compulsorily convertible preference shares to its holding company Oravel Stays . This investment by Oravel, according to the department, into its Indian subsidiary was an income, thus Oyo's stand is that the funds injected by Oravel into its subsidiary were capital in nature, not income, and thus should not attract tax under the angel tax provisions.A Division Bench comprising Vibhu Bakhru and Tejas Karia stayed the recovery of the tax demand after OYO challenged the "inaction" of the department in extending the stay on recovery of demand amounting to Rs. 1139,93,05,320 pursuant to a high-pitched told the court that as per the December 2022 assessment order, the National Faceless Assessment Centre had assessed income of Oyo at around Rs 3142 crore as against the returned loss of over Rs 859 crore after making disallowances/additions of over Rs 4001 crore which had resulted into a huge and illegal tax demand of around Rs 1140 crore as against nil tax liability and tax refund claim of little over Rs three crore as per return of counsel Ajay Vohra and counsel Manuj Sabharwal, appearing for OYO, argued that the Principal Commissioner of Income-tax had itself in February last year granted the stay of the entire demand and the same was extended from time to time. Since the date of grant of stay of demand, no unfavourable event had occurred till date to occasion the vacation of stay or for further denial or withholding of extension of stay of demand, they contended."...denial in granting stay on recovery of demand is completely contrary to CBDT Instruction No. 95 of August 21, 1969 on high pitched assessments. In the instant case, the assessment is unreasonably high pitched and excessive as income of the petitioner (Oyo) has been assessed at Rs 3,142 crores (approx.) leading to a tax demand of Rs 1,140 crores (approx.) as against returned loss of Rs. 859 crore," Sabharwal stated in the petition filed on behalf of National Company Law Tribunal had approved a scheme of demerger between Oravel Stays and Oyo Hotels in 2019. Amit Maheshwari , Tax Partner, AKM Global, a tax and consulting firm said that 'While the Finance Act, 2024 has completely abolished the angel tax provision under Section 56(2)(viib), legacy cases continue to be litigated at various forums. The quantum of tax demand in such cases is often substantial, placing considerable financial strain on companies asked to pay upfront or secure stay orders. This stay order is thus a significant relief for OYO, and also sends a broader message on the judicial sensitivity toward the hardships faced by startups and growth-stage companies as a result of aggressive valuation-related tax interpretations.'
Mint
09-06-2025
- Business
- Mint
Ritesh Agarwal invites people to carve out ‘new identity' for OYO, announces ₹3 lakh for winner
Entries for suggesting names for Oravel Stays, a parent firm of Ritesh Agarwal led OYO, have begun and will close soon, the founder shared on Instagram, stating the winner will receive ₹ 3 lakh. This comes amid the global travel tech platform getting ready to launch its Initial Public Offering (IPO). Ritesh mentioned that the ideal name should be bold and one-word, global in appeal, not rooted in any single culture or language. It should feel tech-forward, sharp, yet human and memorable. The name must be broad enough to evolve beyond hospitality, and ideally, the .com domain should be available. He's offering a prize of ₹ 3 lakh to the winner, along with an opportunity to meet him. "We're renaming the corporate brand behind it all. Not the hotel chain, not a consumer product — but the parent company powering a global ecosystem of urban innovation and modern living. We believe it's time the world had a new kind of global brand — born in India, but built for the world," Ritesh had said. 'There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that OYO has been working to launch in the near future,' PTI quoted the people familiar with the development as saying.
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Business Standard
30-05-2025
- Business
- Business Standard
IPO-bound Oyo seeks to rename parent firm to pursue premiumisation
Oyo Founder Ritesh Agarwal has invited name suggestions for its parent firm Oravel Stays, in a strategic move as the global travel tech platform prepares to launch its IPO and looks to have more premium segment offerings. There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that Oyo has been working to launch in the near future, people familiar with the strategy told PTI. Agarwal took to social media platforms to seek name suggestions to help craft a "new identity". "We're renaming the corporate brand behind it all. Not the hotel chain, not a consumer product -- but the parent company powering a global ecosystem of urban innovation and modern living. We believe it's time the world had a new kind of global brand -- born in India, but built for the world," the Oyo founder said in the post on Thursday. Agarwal shared that it should be a bold, one-word corporate name, global in feel, not tied to one culture or language, tech-forward, sharp, but also human and memorable, and broad enough to grow beyond hospitality, preferably with a .com domain available. He offered a prize of Rs 3 lakh to the winner along with a chance to meet him. PTI had reported that Oyo has arranged for five investment banks to give a crucial presentation to its key shareholder SoftBank in June at the latter's London office on Grosvenor Street, that could determine the company's path to public listing, as it eyes launching an IPO in the last quarter of the current fiscal. "Oyo is actively exploring launching a separate app for its premium hotels and mid-market to premium company-serviced hotels as the segment has seen exponential growth across India as well as its global markets. There is a very high possibility that the name being selected may end up being the name of the premium hotels app that Oyo has been working to launch in near future," said people familiar with the matter.
The Hindu
30-05-2025
- Business
- The Hindu
OYO founder Ritesh Agarwal invites name suggestions for its parent firm Oravel Stays
OYO founder Ritesh Agarwal has invited name suggestions for its parent firm Oravel Stays, in a strategic move as the global travel tech platform prepares to launch its Initial Public Offering (IPO) and looks to have more premium segment offerings. 'There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that OYO has been working to launch in the near future,' people familiar with the strategy told PTI. Mr. Agarwal took to social media platforms to seek name suggestions to help craft a "new identity". "We're renaming the corporate brand behind it all. Not the hotel chain, not a consumer product — but the parent company powering a global ecosystem of urban innovation and modern living. We believe it's time the world had a new kind of global brand — born in India, but built for the world," the OYO founder said in the post on Thursday (May 29, 2025). How often does a global company ask the world to name it? That's exactly what we're doing. OYO started over a decade ago with a simple idea of upgrading quality living space across and drive standardisation. Since then, we've grown from a single room in India to a network of… — Ritesh Agarwal (@riteshagar) May 29, 2025 Mr. Agarwal shared that it should be a bold, one-word corporate name, global in feel, not tied to one culture or language, tech-forward, sharp, but also human and memorable, and broad enough to grow beyond hospitality, preferably with a .com domain available. He offered a prize of ₹3 lakh to the winner along with a chance to meet him. PTI had reported that OYO has arranged for five investment banks to give a crucial presentation to its key shareholder SoftBank in June at the latter's London office on Grosvenor Street, that could determine the company's path to public listing, as it eyes launching an IPO in the last quarter of the current fiscal. "OYO is actively exploring launching a separate app for its premium hotels and mid-market to premium company-serviced hotels as the segment has seen exponential growth across India as well as its global markets. There is a very high possibility that the name being selected may end up being the name of the premium hotels app that OYO has been working to launch in near future," said people familiar with the matter.
Time of India
30-05-2025
- Business
- Time of India
IPO-bound Oyo seeks to rename parent firm to pursue premiumisation
New Delhi, Oyo Founder Ritesh Agarwal has invited name suggestions for its parent firm Oravel Stays, in a strategic move as the global travel tech platform prepares to launch its IPO and looks to have more premium segment offerings. There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that Oyo has been working to launch in the near future, people familiar with the strategy told PTI. Agarwal took to social media platforms to seek name suggestions to help craft a "new identity". "We're renaming the corporate brand behind it all. Not the hotel chain, not a consumer product -- but the parent company powering a global ecosystem of urban innovation and modern living. We believe it's time the world had a new kind of global brand -- born in India, but built for the world," the Oyo founder said in the post on Thursday. Agarwal shared that it should be a bold, one-word corporate name, global in feel, not tied to one culture or language, tech-forward, sharp, but also human and memorable, and broad enough to grow beyond hospitality, preferably with a .com domain available. Live Events He offered a prize of Rs 3 lakh to the winner along with a chance to meet him. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories PTI had reported that Oyo has arranged for five investment banks to give a crucial presentation to its key shareholder SoftBank in June at the latter's London office on Grosvenor Street, that could determine the company's path to public listing, as it eyes launching an IPO in the last quarter of the current fiscal. "Oyo is actively exploring launching a separate app for its premium hotels and mid-market to premium company-serviced hotels as the segment has seen exponential growth across India as well as its global markets. There is a very high possibility that the name being selected may end up being the name of the premium hotels app that Oyo has been working to launch in near future," said people familiar with the matter.
