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🚨 JUST IN NCLT order Byju's asked to keep proceeds of rights issue in escrow, consider extending closure date of rights issue Via @thyagarajan_law
#Byju's $200M Rights Issue closes today amid ongoing legal proceedings. NCLT reserves order on investors' plea seeking to halt fundraising. Key investors unlikely to participate, even as CEO Byju Raveendran claims issue is fully subscribed in a recent letter. @_ritusingh reports…
The National Company Law Tribunal (NCLT) reserved its judgement on the plea filed by a few of Byju’s investors seeking the court’s intervention to declare the firm’s rights issue as void and the founders as unfit to run the company Read more at: https://t.co/d5JPtO7Z3i https://t.co/w5SHxwOQm0
The National Company Law Tribunal (NCLT) Bengaluru has reserved its order on a plea filed by four investors against edtech giant Byju's, concerning allegations of oppression and mismanagement. The plea specifically sought to halt Byju's $200 million rights issue. Despite the ongoing legal proceedings, Byju's rights issue, which CEO Byju Raveendran claims is fully subscribed, closed as scheduled. In a recent development, the NCLT has directed Byju's to place the proceeds from the rights issue in an escrow account and to consider extending the rights issue's closure date. This legal battle has attracted attention due to its potential implications for corporate governance and investor rights within the Indian startup ecosystem.