The National Company Law Appellate Tribunal (NCLAT) effectively stayed the INR 168.88 Cr penalty imposed by the Competition Commission of India (CCI) on hospitality major OYO on Tuesday (November 22).
While hearing OYO’s interim application for an immediate stay of the penalty, the NCLAT also ordered the hospitality giant to pay a deposit of 10% of the penalty before hearing the appeal. The FHRAI, the industry body, applauded the decision, calling it “yet another positive step.” OYO was fined INR 168.88 Cr by the CCI in October for anti-competitive practises.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
The National Company Law Appellate Tribunal (NCLAT) effectively stayed the INR 168.88 Cr penalty imposed by the Competition Commission of India (CCI) on hospitality major OYO on Tuesday (November 22).
While hearing OYO’s interim application for an immediate stay of the penalty, the NCLAT also ordered the hospitality giant to pay a deposit of 10% of the penalty before hearing the appeal. The FHRAI, the industry body, applauded the decision, calling it “yet another positive step.” OYO was fined INR 168.88 Cr by the CCI in October for anti-competitive practises.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
