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Byju’s investors seek shareholder details before pivotal EGM
The Arc Web
·
1y ago
Medial
Byju Raveendran has won a victory as the National Company Law Tribunal (NCLT) rejected a request to postpone an extraordinary general meeting (EGM) called by Byju's owner, Think & Learn. The EGM, scheduled for March 29, aims to seek approval for a $200 million capital raise at a 99% valuation cut. Byju's major investors, including Prosus and General Atlantic, had requested a delay, alleging a discrepancy in the number of outstanding shares. The EGM will determine whether the capital raise proceeds, and Byju's urgently needs the funds to address financial constraints and revive its business.
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Related News
NCLT Refuses To Stall BYJU’s EGM On $200 Mn Rights Issue
Inc42
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has refused to stay the extraordinary general meeting (EGM) of education technology company BYJU'S, scheduled for March 29. The EGM is being called to increase the company's authorised share capital following a $200m rights issue. Four investors, including Prosus and General Atlantic Singapore, had requested a stay due to alleged oppression and mismanagement. The NCLT said that decisions made at the EGM could be challenged, and the bench confirmed that any EGM can go ahead, although statements from the EGM could be challenged.
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Founder and family of Byju’s to not attend EGM, call it invalid
Livemint
·
1y ago
Medial
The founder family of Think & Learn, the parent company of Byju’s, has called an extraordinary general meeting (EGM) called by investors "procedurally invalid". The EGM, scheduled for 23 February, was called by key shareholders to discuss the liquidity situation and potentially remove CEO Byju Raveendran. Think & Learn has filed a petition in the Karnataka High Court arguing that the EGM is in violation of their Articles of Association and Shareholders' Agreement. However, the court order does not restrict the investors from holding the meeting and passing resolutions.
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NCLT refuses to stay Byju’s EGM over $200-million rights issue
Business Today
·
1y ago
Medial
The National Company Law Tribunal (NCLT) in Bengaluru has denied a stay on Byju's extraordinary general meeting (EGM), which was scheduled for March 29th. This EGM aimed to increase the edtech company's share capital for a $200 million rights issue. Byju's investors, led by Prosus, had sought to block the EGM and the rights issue through the NCLT. The tribunal refused to grant the stay and ordered Byju's to share requested financial information with its investors. The next hearing is scheduled for April 4th. Byju's has faced several setbacks recently, including the resignation of its auditor and legal disputes.
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Byju’s to hold EGM on March 29 for increasing the authorised share capital
Thehindubusinessline
·
1y ago
Medial
Edtech company Byju's has called for an extraordinary general meeting (EGM) on March 29 to increase its authorized share capital. This is in relation to the $200 million rights issue recently agreed upon. However, four investors have filed a petition against the company for alleged oppression and mismanagement, leading to an injunction on the EGM being requested from the National Company Law Tribunal. Byju's has also approached the Karnataka High Court for a stay on the EGM decision. The court has extended an interim order preventing the implementation of any EGM resolutions.
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Battle For BYJU’S: Byju Raveendran & Family To Skip EGM
Inc42
·
1y ago
Medial
BYJU'S founder and CEO, Byju Raveendran, and his family will not attend an extraordinary general meeting (EGM) called by the company's investors on February 23. The investors plan to oust Raveendran and take control of the company's board. BYJU'S stated that the EGM is invalid and in violation of their articles of association and shareholders' agreement, and that it would not have the required quorum to vote on the meeting's agenda. The company's investors are also considering legal action if the resolutions are not successful. BYJU'S has faced various controversies including layoffs and financial difficulties.
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[Live Updates] BYJU’S At War: Everything You Need To Know About Byju Raveendran’s Battle With Investors
Inc42
·
1y ago
Medial
BYJU'S, the edtech giant, is facing a battle with its investors as they call for an extraordinary general meeting (EGM) to reconstitute the board and change the leadership. The EGM, held on February 23, saw most investors voting in favor of removing co-founder and CEO Byju Raveendran from the company. BYJU'S challenged the validity of the resolutions passed at the EGM, claiming the meeting was attended by a select group of shareholders. Amidst this turmoil, BYJU's founder and CEO assured employees that it's business as usual.
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7 Big Questions For BYJU’S Ahead Of The All-Important EGM
Inc42
·
1y ago
Medial
BYJU'S, the edtech giant, is facing an extraordinary general meeting (EGM) where shareholders are seeking changes in leadership and the board. The management, including CEO Byju Raveendran, is facing pressure from investors who have raised concerns about financial mismanagement, value erosion, unpaid dues, and breaches of obligations to shareholders. The EGM will determine if CEO Raveendran will be ousted and if a new board and management team will take over. Regardless of the outcome, this EGM could have significant implications for BYJU'S and the Indian startup ecosystem.
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[Live Updates] BYJU’S At War: Everything You Need To Know About Byju Raveendran’s Battle With Investors
Inc42
·
1y ago
Medial
The management of BYJU'S, an edtech giant, is facing a battle with its investors who are seeking to reconstitute its board and remove founder Byju Raveendran. The investors are calling for an extraordinary general meeting (EGM) to be held on February 23. BYJU's has taken the matter to the Karnataka High Court, but the EGM is expected to proceed. Raveendran has announced that the company's $200 million rights issue has been fully subscribed and has offered to restructure the board and add two non-executive directors. The court has issued an interim order stating that decisions made at the EGM will not be effective until at least March 13.
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NCLT refuses to stay Byju’s EGM over $200 million rights issue
Economic Times
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has not granted a stay on Byju's planned extraordinary general meeting (EGM) on March 29, where they aimed to increase their authorised share capital for a $200 million rights issue. The investors, led by Prosus, who have invested in Byju's parent company Think & Learn, had sought a stay on the EGM and wanted to block the rights issue. The NCLT has directed Byju's to provide all relevant information to the investors regarding the company's financials, including the rights issue. The matter will be heard again on April 4.
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Byju Raveendran Vs Investors: Who Will Emerge Victorious In The Battle Royale At BYJU’S?
Inc42
·
1y ago
Medial
Indian edtech giant BYJU'S is facing uncertainty as key investors, including Prosus and General Atlantic, contemplate legal action and an extraordinary general meeting to challenge the company's CEO and co-founder, Byju Raveendran. Investors have been demanding a third-party audit of the company's financials for the past two years, citing issues such as opacity in operations and delays in sharing financial statements. The EGM, scheduled for 25 February, could determine the future of BYJU'S, which recently received a $300m commitment in an ongoing rights issue. Prosus is reportedly demanding Raveendran's removal before deciding to participate in the rights issue.
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