Byju's investors file SC caveats on rights issue
Byju's have filed their caveats in the Supreme Court, requesting to be heard before any order is passed on any petition likely to be filed against a National Company Law Tribunal order that allowed edtech firm to go ahead with its $200 million rights issue.
Prosus, Sofina SA, Peak XV Partners Investments, and General Atlantic Singapore TL Pte Ltd have filed separate caveats in the SC on Monday.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitThe Bengaluru bench of the tribunal had also on February 27 asked cash-strapped Byju’s to keep the proceeds from the rights issue in an escrow account and to consider extending its last date to protect rights of investors. However, the NCLT is yet to decide on whether the rights issue could be stayed.
The NCLT order had come on the petitions filed by a group of investors, who cumulatively hold a third of Byju's and are pushing to remove founder and CEO Byju Raveendran and his family over alleged mismanagement. These investors are seeking a stay on the rights issues and maintaining a status quo on encumbering and transferring of any assets of Byju’s and its subsidiary, besides a complete disclosure of information by the company.
The investors led by Dutch investment firm Prosus claimed that the edtech
