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Byju’s to keep proceeds of rights issue in separate account, consider extending closure date: NCLT

Thehindubusinessline · 1y

The Bengaluru bench of National Company Law Tribunal (NCLT) has directed Byju's, the edtech company, to keep the proceeds from its rights issue in a separate account until the oppression and mismanagement plea filed by investors is resolved. The tribunal has also asked Byju's to consider extending the closure of the rights issue. The directive came after four investors filed a suit alleging that they were being forced to participate in the rights issue or face a reduction in their shareholdings. The tribunal has allowed three days for written submissions and scheduled another hearing for April 4, 2024.