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NCLT Refuses To Stall BYJU’s EGM On $200 Mn Rights Issue

NCLT Refuses To Stall BYJU’s EGM On $200 Mn Rights Issue

The National Company Law Tribunal (NCLT) has refused to stay the extraordinary general meeting (EGM) of education technology company BYJU'S, scheduled for March 29. The EGM is being called to increase the company's authorised share capital following a $200m rights issue. Four investors, including Prosus and General Atlantic Singapore, had requested a stay due to alleged oppression and mismanagement. The NCLT said that decisions made at the EGM could be challenged, and the bench confirmed that any EGM can go ahead, although statements from the EGM could be challenged.

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