A group of investors has filed a motion for an injunction over the EGM with the NCLT Bengaluru bench; a hearing is set for March 28. The parent company of edtech Byju's, Think and Learn, has informed its shareholders that there will be an extraordinary general meeting (EGM) on March 29.
The business must call a meeting to authorize raising the authorized capital in order to complete the sale of shares from the most recent $200 million rights offering. However, a few investors filed a lawsuit to halt the gathering. On March 28, the court will make a decision.
Prosus, GA, Sofina, and Peak XV are among the four investors who have accused the company of having subpar management and corporate governance. Until the matter is resolved, the court has ordered Byju's to keep the money from the rights problem segregated.
In February, at a meeting, the shareholders decided to remove Byju Raveendran from his position. Additionally, Byju's has requested that the Karnataka High Court haltm the decisions made during the meeting. The court has put a temporary stop to the enforcement of any resolutions.
