NCLAT dismisses appeal by investors against Byju’s
National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by a group of foreign investors of Byju’s seeking intervention in the ongoing case between the two parties in the National Company Law Tribunal (NCLT), the edtech company said in a statement.
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These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.
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Offering CollegeCourseWebsiteIndian School of BusinessProfessional Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitThe NCLAT judges refused to intervene in a matter that is still pending with the NCLT, as per the statement from Byju’s.
On April 23, a group of investors led by Dutch investor Prosus claimed in the NCLT that Byju's had violated the tribunal's order by using proceeds from a rights issue and issuing shares to subscribers without increasing its authorised share capital.
The investors were seeking to block the $200-million rights issue and oust Byju’s founder Byju Raveendran as its chief executive. The Bengaluru bench of the NCLT refused to pass an order against the edtech company. This was appealed by investors in NCLAT Chennai bench, which dismissed the investors’ plea on June 3.
The counsel for the investors had claimed that
