OYO Rooms has announced today that the company will put some of its workforce on unpaid leave for four months from May 4.

OYO Rooms is facing tough times and the company recently announced that it would reduce its staff count in India and in other markets.

OYO has witnessed a strong growth over the last few years and the startup received major support from big investor SoftBank.

Hotel Leelaventure, one of the leading players in the Indian hospitality industry, has bought back nearly 50 million dollars foreign currency convertible bonds (FCCBs) at discount price from the international markets.

The company stated in a release, that till March 31, 2009, the company has bought back and cancelled FCCBs worth $33 million, constituting 33 per cent of its $100 million bonds due in April 2012.

Similarly, the company has also bought back FCCBs worth Euro 12.20 million (about $16.53 million), which constitutes 23.7 per cent of the Euro 51.40 million bonds due in September 2010.

Parsvnath Hotels Ltd. a subsidiary of Parsvnath Developers Limited (PDL), India's leading real estate and Infrastructure Company, has received 5 star category project approval from Ministry of Tourism, Government of India for its hotel project, situated at Hyderabad.

The project spread over an area of approximately 11063.68 sq. meters area would offer a judicious blend of Shopping Mall, Office Complexes and a Five Star category Hotel.