New Delhi, March 29 (IANS) Embattled edtech company Byju’s on Friday held its extraordinary general meeting (EGM) called by the board of directors to raise the capital via the rights issue without any hassles.
The EGM, called to increase Byju’s authorised share capital, met with no objection and none of the key investors who went to the National Company Law Tribunal (NCLT) against the rights issue and to oust its Co-founder CEO Byju Raveendran, were present at the EGM, sources told IANS.
The meeting saw about 20 investor representatives in attendance, along with Think & Learn management, the parent company of Byju’s.
Few questions regarding the postal ballot were asked and resolutions were called out while no objections were raised in the 30-minute meeting.
According to sources, further details on the voting and culmination of the rights issue (about $250-$300 million)will be shared later by the company.
Earlier, in a breather for the embattled edtech company NCLT on Thursday refused to stay EGM.
According to sources, the tribunal judge was convinced by the evidence submitted and arguments made by Byju’s counsels, who made a case that the “only objective of the petitioners is to be restrictive”.
Last month, the NCLT directed Byju’s to keep funds received from the rights issue in an escrow account till the disposal of the case.
As funds remain stuck, Byju’s has mandated all its employees to work from home as it gives up office spaces across the country amid severe cash crunch.
–IANS
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