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Relief for BYJU’S As NCLT Reserves Verdict On Investors’ Plea
Inc42 · 1y ago
Medial
The National Company Law Tribunal (NCLT) has reserved its judgement on a petition filed by investors, including Prosus and General Atlantic, against BYJU'S CEO and other promoters. The investors are seeking status quo on BYJU'S ongoing $200 million rights issue, claiming it will erode their stakes in the company. The NCLT directed BYJU'S to increase its authorized share capital and park the money raised from the rights issue in a separate bank account. BYJU'S plans to go ahead with the rights issue, stating its importance for the company's survival and employment of 12,000 staff.
Karnataka HC Sets Aside NCLT’s Stay On BYJU’S Second Rights Issue
Inc42 · 1y ago
Medial
The Karnataka High Court has sent the matter between BYJU'S and the National Company Law Tribunal (NCLT) back to the Tribunal for fresh consideration. Last month, the NCLT had restrained BYJU'S from proceeding with its second rights issue. BYJU'S investors claimed that the startup was violating the NCLT's order by going ahead with the second rights issue.
Hostile investors likely to skip Byju’s $200-mn rights issue
Livemint · 1y ago
Medial
Investors in Think and Learn Pvt. Ltd, the parent company of Byju’s, are likely to skip participating in the $200-million rights issue, as they have filed a petition against it, citing oppression and mismanagement. The National Company Law Tribunal has deferred its verdict on the case until next week, allowing Byju's to proceed with the rights issue, which is set to conclude on Wednesday night. Byju's has already secured commitments for the rights issue, but the investors are hoping for a court instruction that the company's founders must seek approval from the existing investor base to expand the share capital.
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.
Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20
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IndianStartupNews · 1y ago
Medial
The National Company Law Tribunal (NCLT) in Bengaluru will soon decide on the insolvency plea filed by the BCCI against BYJU'S, the edtech giant. The dispute revolves around alleged outstanding dues of around Rs 160 crore from BYJU'S jersey sponsorship deal with the Indian cricket team. BYJU'S argued that the claim should go to arbitration and that the dispute is related to the period after the contract ended. The NCLT is expected to deliver its verdict on March 20. BYJU'S is facing financial challenges, including a dispute with investors over a rights issue and delayed salary payments.
Byju’s challenges NCLT order restricting fund use in Karnataka High Court
Economic Times · 1y ago
Medial
Edtech firm Byju's has filed a petition challenging the National Company Law Tribunal (NCLT) order that prevents the company from proceeding with its second rights issue. The NCLT had directed Byju's to maintain status quo and halt its second rights issue, as well as put funds from the first rights issue into an escrow account. Byju's is also requested to provide information about recipients of shares issued during the first rights issue. The $200 million rights issue has faced protests from investors, and some lenders have filed a petition in a US court for bankruptcy proceedings against Byju's subsidiaries.
BYJU’S Rights Issue: NCLT Asks Edtech Giant To Maintain Status Quo On Shareholding
Inc42 · 1y ago
Medial
The National Company Law Tribunal (NCLT) has ordered BYJU'S to maintain the current status quo regarding shareholders and their shareholdings. This comes as a result of a plea filed by General Atlantic Singapore and Sofina S.A., accusing BYJU'S of launching a second rights issue without permission. The NCLT has also halted BYJU'S from proceeding with the second rights issue until the petition against the first rights issue is resolved.
NCLT directs Byju’s to maintain status quo, halting $200 million rights issue
Economic Times · 1y ago
Medial
The National Company Law Tribunal (NCLT) has ordered Byju's to maintain status quo in its shareholding, pausing its controversial rights issue. Byju's $200 million rights issue is being conducted at a 99% discount, sparking protests from investors. NCLT has asked Byju's to pause its second rights issue and keep cash from the first rights issue in an escrow account. The tribunal also requested details of share allotment and escrow bank accounts within 10 days. The matter will be heard again on July 4. In addition, lenders have petitioned a US court to initiate bankruptcy proceedings against Byju's subsidiaries.
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.
Byju’s investors file caveats in SC
Thehindubusinessline · 1y ago
Medial
Investors of Byju's, the edtech company, have filed a plea with the Supreme Court to be heard before the court decides on a potential plea against a National Company Law Tribunal (NCLT) order. The investors, including General Atlantic and Sofina, have lodged separate caveats at the top court. This comes after the NCLT directed Byju's to hold the proceeds from a rights issue in a separate account until the disposal of an oppression and mismanagement plea by investors. Byju's has faced several legal challenges recently, including insolvency petitions from US lenders and the Board of Control for Cricket in India.
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