Today(on 28th March), The NCLT in Bengaluru rejected a request to halt Byju’s EGM on March 29, where an increased authorized share capital will be discussed post a USD 200M rights issue. Investors are suing to remove CEO Byju Raveendran and the founders, unveiling internal divisions. The dispute impacts the company’s operations and governance, with major shareholders involved.
On Wednesday(13th March), The Karnataka High Court has extended its interim order until March 28, preventing Byju’s shareholders from implementing decisions made at a recent EGM, delaying resolution of a dispute involving CEO Byju Raveendran. Esteemed investors sought Raveendran’s removal, but a court order is impeding this effort. Additionally, the NCLT has intervened in Byju’s rights issue.