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NCLT declines to stay EGM called by troubled Byju's over $200 million rights issue

IndianStartupNews

IndianStartupNews · 1y ago

NCLT declines to stay EGM called by troubled Byju's over $200 million rights issue

The National Company Law Tribunal (NCLT) has rejected a plea to halt BYJU'S upcoming extraordinary general meeting (EGM) scheduled for March 29. The EGM is important for BYJU'S as it aims to increase its authorized share capital for a $200 million rights issue. The decision comes amidst ongoing legal battles and allegations of oppression and mismanagement from some of the company's investors. The NCLT stated that decisions made at the EGM can be challenged, but not stopped beforehand, and directed BYJU'S to keep the proceeds from the rights issue in a separate escrow account.

Related News

NCLT refuses to stay Byju’s EGM over $200 million rights issue

Economic Times

Economic Times · 1y ago

NCLT refuses to stay Byju’s EGM over $200 million rights issue

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.

NCLT refuses to stay Byju’s EGM over $200-million rights issue

Business Today

Business Today · 1y ago

NCLT refuses to stay Byju’s EGM over $200-million rights issue

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.

BYJU'S calls EGM on March 29 to increase authorised share capital

Internet

Internet · 1y ago

BYJU'S calls EGM on March 29 to increase authorised share capital

BYJU'S has notified its shareholders about holding an extraordinary general meeting (EGM) on March 29, as per media reports. The meeting has been called to increase the edtech startup's authorised share capital following the recent $200-million rights issue. Some investors of BYJU'S moved NCLT against the EGM but failed to get immediate relief, PTI reported.

NCLT Refuses To Stall BYJU’s EGM On $200 Mn Rights Issue

Inc42 · 1y ago

NCLT Refuses To Stall BYJU’s EGM On $200 Mn Rights Issue

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 secures over 50% votes to increase authorized share capital

Livemint

Livemint · 1y ago

Byju's secures over 50% votes to increase authorized share capital

Byju's plans to offer renounced shares to shareholders who did not participate in its rights issue in order to prevent further dilution of their shareholding. The move comes after the company gained majority votes to increase its authorized share capital. Byju Raveendran, CEO of Byju's, expressed goodwill towards shareholders despite legal actions taken against the company. Byju's aims to raise $200 million through a rights issue, while facing scrutiny and legal battles over its valuation. The National Company Law Tribunal (NCLT) refused to stay Byju's extraordinary general meeting (EGM) to augment share capital, providing temporary relief. However, challenges from investors questioning the legality of the rights issue still persist.

Byju's may get out of cash crunch as NCLT refuses to defer March 29 EGM

Livemint

Livemint · 1y ago

Byju's may get out of cash crunch as NCLT refuses to defer March 29 EGM

Byju's is inching closer to addressing its liquidity issues as the National Company Law Tribunal (NCLT) has allowed the embattled edtech giant to proceed with its extraordinary general meeting (EGM) on March 29. The EGM aims to increase Byju's authorized share capital, enabling a crucial $200 million rights issue. While the NCLT will hear the case on April 4, the decision to proceed with the EGM provides Byju's an opportunity to raise funds and alleviate their cash crunch. Investors have raised objections alleging that the EGM is an attempt to circumvent a previous NCLT order.

Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding

Economic Times

Economic Times · 1y ago

Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding

Byju Raveendran, CEO of Byju's, has offered estranged investors the opportunity to invest in the rights issue to prevent dilution of their shareholding. In a letter to shareholders, Raveendran mentioned that the company has secured more than 50% of votes to increase the authorized share capital for the $200 million rights issue. Despite legal actions taken by some investors, Byju's continues to prioritize existing shareholders and aims to involve them in the company's turnaround. The National Company Law Tribunal (NCLT) recently refused to stay Byju's extraordinary general meeting (EGM) to increase authorized share capital for the rights issue.

Byju’s to hold EGM on March 29 for increasing the authorised share capital

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s to hold EGM on March 29 for increasing the authorised share capital

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.

NCLT refuses to stay Byju's EGM to increase its authorised share capital

Livemint

Livemint · 1y ago

NCLT refuses to stay Byju's EGM to increase its authorised share capital

The National Company Law Tribunal has denied a stay on Byju's extraordinary general meeting (EGM) scheduled for today. The EGM aims to increase the authorized share capital of Byju's by $200 million through a rights issue. Existing investors, led by Prosus, had filed a petition to halt the EGM, expressing concerns over the potential loss of their investments. The matter has been scheduled for a final hearing on April 4. Meanwhile, the Karnataka High Court has extended the interim stay on the decision to remove Byju Raveendran as CEO, with the case adjourned until May 28.

Karnataka HC extends interim stay on Byju's EGM till March 28

Economic Times

Economic Times · 1y ago

Karnataka HC extends interim stay on Byju's EGM till March 28

The Karnataka High Court has extended the interim stay on Byju's plea challenging the validity of the extraordinary general meeting held last month. Byju's, an educational tech company, sought to remove its founder, Byju Raveendran, as the chief executive officer. The stay order, which deems the decisions of the EGM as non-enforceable, has been extended until March 28th. Byju's claimed that the EGM was invalid as none of the founders attended the meeting. Think and Learn, Byju's parent entity, has filed a case against investors who supported the EGM. Separately, four investors challenged a $200 million rights issue in the National Company Law Tribunal.

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