Bengaluru, March 13, 2024
The Karnataka High Court on Wednesday granted time to Think and Learn Pvt Ltd, the parent company of edtech major Byju’s, to file a rejoinder to the response filed by some of the investors.
The stay against the resolutions at the Extraordinary General Meeting (EGM), which the investors passed on February 23 continues, and “none of those resolutions can be given effect to”, Byju’s said in a statement.
The matter will next be heard on March 28, the company said.
The key investors of Byju’s — Prosus, General Atlantic, Sofina, and Peak XV — had moved the National Company Law Tribunal (NCLT) in Bengaluru.
The tribunal had directed Byju’s that the proceeds from the rights issue (about $250-$300 million) is to be kept in a separate account till the disposal of the case with the investors.
Meanwhile, in a separate case, the tribunal is on track to conclude the hearing regarding the Board of Control for Cricket in India’s (BCCI) plea against Byju’s by March 20.
The heart of the dispute lies in the BCCI’s pursuit of insolvency proceedings against Byju’s, a move prompted by unpaid dues amounting to Rs 158 crore.
Throughout the hearings, Byju’s consistently expressed its preference for an amicable resolution through negotiations.
However, the BCCI did not submit any indication of agreement or willingness to pursue an amicable settlement during the proceedings, sources said.(Agency)
