“Byju’s Accused of Breaching NCLT Orders Regarding Rights Issue; Firm Denies Allegations”
Byju’s, the edtech giant, finds itself embroiled in controversy as foreign investors accuse the company of breaching National Company Law Tribunal (NCLT) orders regarding a recent rights issue. Amidst these allegations, the case has been postponed to June 6, awaiting further legal developments.
Byju’s, the edtech giant, finds itself embroiled in controversy as foreign investors accuse the company of breaching National Company Law Tribunal (NCLT) orders regarding a recent rights issue. Amidst these allegations, the case has been postponed to June 6, awaiting further legal developments.
Four major investors in Byju’s – Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative, and Prosus – have raised concerns regarding the utilization of funds from the rights issue, contrary to NCLT directives. They allege that Byju’s failed to deposit the proceeds into the escrow account as required by the order, and also violated shareholding status quo rules by allotting shares to participants in the rights issue.
Byju’s has staunchly defended its actions, asserting compliance with legal protocols and denying the accusations leveled against it. The NCLT is now awaiting formal applications or affidavits from the investors to proceed with the case and record their allegations officially. Byju’s is set to respond within the stipulated timeframe, addressing the legal complexities surrounding the rights issue controversy.
The $200 million raised through the rights issue has come under scrutiny, with investors expressing apprehensions about potential shifts in the company’s shareholding structure. This development adds layers of complexity to Byju’s financial and governance landscape, with implications for stakeholders and market dynamics.
In addition to the rights issue dispute, Byju’s has encountered challenges in meeting salary obligations. Reports indicate partial salary credits for March, with CEO Byju Raveendran resorting to personal debt to fulfill payroll commitments. The varying payout percentages, ranging from 50% to 100%, reflect the company’s efforts to navigate financial constraints while prioritizing employee welfare.
Byju’s confrontation with investor allegations and salary issues underscores the intricacies of corporate governance and financial management in the fast-paced edtech sector. As legal proceedings unfold and Byju’s addresses these challenges, the outcomes will shape perceptions and strategies within the industry, impacting stakeholders and market dynamics.
Sources By Agencies
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