NCLT in Bengaluru orders Byju's to keep rights issue proceeds separate until oppression and mismanagement plea resolution.
The National Company Law Tribunal (NCLT) in Bengaluru has ordered edtech major Byju's to keep the proceeds of its recent rights issue in a separate account until the resolution of an oppression and mismanagement plea filed by the company's investors. The NCLT has also asked Byju's to consider extending the closure of the rights issue. The investors had sought a stay of the $200 million rights issue, claiming they were forced to participate or risk reduced shareholding.
February 28, 2024
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