Shillong, April 23: The Bengaluru Bench of the National Company Law Tribunal (NCLT) on Tuesday deferred the hearing of the ongoing matter between embattled edtech company Byju’s and some of its key investors to June 6.
Byju’s Senior Counsel, KG Raghavan, assured judges that the company has fully complied with the court’s order dated February 27, sources told IANS.
The allegations made by the counsels of four foreign investors regarding violation of the court order were refuted by Raghavan.
The Bench noted the petitioners’ failure to substantiate their claims of non-compliance effectively, said sources.
The matter has been listed for next hearing on June 6, providing ample opportunity for Byju’s to further reinforce its diligent adherence to the NCLT’s directives.
In an earlier hearing, the NCLT had refused to stay the Extraordinary General Meeting (EGM) called by the Byju’s Board of Directors to raise capital via the rights issue.
Last week, the edtech firm said that its shareholders have approved the rights issue, paving the way for its parent company Think & Learn Private Limited to issue fresh shares and conclude the rights issue to tackle a severe cash crunch.
The approval cleared the hurdle for the company to address the liquidity crunch, including unpaid salaries, regulatory dues and vendor payments.
Meanwhile, Arjun Mohan, who was elevated as the embattled edtech firm’s CEO some seven months ago, has moved on to pursue other opportunities.
Mohan will be part of the edtech firm in an “external advisory role.”
Byju’s Co-founder and CEO Raveendran has taken a more hands-on approach in spearheading the daily operations of the company. (IANS)