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Startups, Venture

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.

Max Chen
March 28, 2024
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Media & Entertainment

Judge Allows Lawsuit Against Snap for Fentanyl Deaths to Move Forward

A lawsuit blaming Snapchat for a series of drug overdoses among young people can proceed, a Los Angeles judge ruled this week. A group of family members related to children and teens who overdosed on fentanyl sued Snapchat maker Snap last year, accusing the social media company of facilitating illicit drug deals involving fentanyl, a synthetic opioid many times deadlier than heroin. In the ruling on Tuesday, Los Angeles Superior Court Judge Lawrence Riff rejected Snap’s effort to get the case dismissed. Riff did dismiss four counts against Snap but overruled the company’s efforts to throw out more than 10 others, including negligence and wrongful death. The depth of disagreement is revealed by the parties’ inability jointly to label Snap’s social media presence and activities: “service,” “app,” “product”, “tool,” “interactive course of conduct,” “platform,” “website,” “software” or something else.