Headline : India court permits Byju’s key shareholder meeting for $200M rights issue

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Byju’s secured favorable outcomes in two court hearings Thursday, paving the way for the embattled edtech startup to move ahead with the extraordinary general meeting scheduled for Friday.

On Thursday, the National Company Law Tribunal refused to defer Byju’s planned EGM, where the Indian startup seeks to increase the authorized share capital to give effect to the $200 million rights issue. The matter will be heard again on April 4, the company court said. A lawyer representing the estranged four investors of Byju’s pointed out that once the authorized share capital has been increased, it cannot be reversed.

A group of Byju’s investors, including Prosus, Peak XV and Chan Zuckerberg Initiative and Sofina, is legally challenging Byju’s recent fully subscribed rights issue and seeks to remove the founder and chief executive Byju Raveendran from the firm.

The Karnataka High Court separately said Thursday it will only hear the case where the investor group seeks to remove Raveendran after two months.

Read more from the original article on here at techcrunch.com.

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