Byju’s granted permission to proceed with crucial EGM by India’s tribunal court

Byju’s secured favorable outcomes in two court hearings Thursday, paving the way for the embattled edtech startup to move ahead with the extraordinary general meeting scheduled for Friday. The National Company Law Tribunal refused to stay on Thursday Byju’s planned EGM to increase the authorized share capital for the $200 million rights issue. The matter will be heard again on April 4, but as the lawyer representing the estranged four investors of Byju’s warned, once the authorized share capital has been increased, it cannot be reversed. Separately, the Karnataka High Court said Thursday it will only hear the case where the investor group seeks to remove Byju’s founder and chief executive Byju Raveendran from the firm after two months. The rights issue is crucial for Byju’s, once India’s most valuable startup, as it seeks to tap the $200 million it has already received from a set of investors, including Raveendran.

Byju’s secured favorable outcomes in two court hearings Thursday, paving the way for the embattled edtech startup to move ahead with the extraordinary general meeting scheduled for Friday.

The National Company Law Tribunal refused to stay on Thursday Byju’s planned EGM to increase the authorized share capital for the $200 million rights issue.

The matter will be heard again on April 4, but as the lawyer representing the estranged four investors of Byju’s warned, once the authorized share capital has been increased, it cannot be reversed.

Separately, the Karnataka High Court said Thursday it will only hear the case where the investor group seeks to remove Byju’s founder and chief executive Byju Raveendran from the firm after two months.

The rights issue is crucial for Byju’s, once India’s most valuable startup, as it seeks to tap the $200 million it has already received from a set of investors, including Raveendran.

This new development clears the way for Byju’s to proceed with its plans for expansion and growth, after facing legal hurdles raised by a group of investors.

The company’s founder and CEO, Byju Raveendran, has been at the center of the controversy surrounding the embattled edtech startup.

This is a developing story. More updates to follow.

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Max Chen

Max Chen is an AI expert and journalist with a focus on the ethical and societal implications of emerging technologies. He has a background in computer science and is known for his clear and concise writing on complex technical topics. He has also written extensively on the potential risks and benefits of AI, and is a frequent speaker on the subject at industry conferences and events.

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