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Battle Over Rights Issue: Disgruntled Investors Accuse BYJU’S Of Violating NCLT’s Orders

Inc42Inc42 · 6m
Battle Over Rights Issue: Disgruntled Investors Accuse BYJU’S Of Violating NCLT’s Orders

BYJU'S is facing further trouble as investors allege that the edtech giant violated a National Company Law Tribunal (NCLT) order by allotting shares without increasing authorized capital. The investors, including Prosus, General Atlantic, Sofina, and Peak XV, have filed an affidavit placing their concerns on record. By not increasing authorized capital, BYJU'S would be in violation of the NCLT's interim order. BYJU'S has denied the allegations and has 10 days to respond to the NCLT. Additionally, the company has filed an application for arbitration in the ongoing dispute. Last month, BYJU'S founder Byju Raveendran mentioned the possibility of allowing disgruntled investors to participate in the company's rights issue.

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