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Key Investors Move NCLT Against Byju’s Rights Issue

Key Investors Move NCLT Against Byju’s Rights Issue

Karishma Asoodani
Karishma Asoodani
  • New Delhi ,
  • Feb 23, 2024,
  • Updated Feb 23, 2024, 8:56 PM IST

 

A group of four investors in BYJU'S is learnt to have moved the Bengaluru Bench of the National Company Law Tribunal on Friday with a petition alleging oppression and mismanagement of the company by the current management. The petition, news reports claimed, has been signed by four investors, Prosus, GA, Sofina and Peak XV. This came after the extraordinary general meeting called by investor shareholders was initially disrupted with hundreds trying to join the meeting via Zoom, with names like "Sir Michael Knight" and "Natalia Cruz," and unknown individuals impersonating investors. Despite phishing attacks and cancellation notifications, the meeting commenced on schedule. From 170 attempted attendees, only 37 were verified, including 8 Byju's employee-shareholders, 5 legal representatives, and 24 investors. Watch Business Today Television's special report on what unravelled during the EGM.

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