New Delhi: Edtech main Byju’s on Friday stated that it has not obtained any formal intimation of any petition being filed within the National Company Law Tribunal (NCLT) by choose buyers over its rights concern.
Byju’s key buyers — Prosus, General Atlantic, Sofina and Peak XV — have moved the tribunal in opposition to the embattling edtech main over its $200 million rights concern, in line with investor sources.
The firm instructed IANS that “it cannot comment on rumours on the same”.
“The Indian regulations stipulate due process for conducting an EGM, intimation of petitions being filed in NCLT, etc. But certain shareholders prefer to manufacture a media spectacle as opposed to following due process,” the corporate spokesperson stated.
If such a petition has been filed, “the company shall respond to the same as per applicable law and due process,” the spokesperson added.
According to investor sources, the VC corporations have cited “suppression of investor rights and mismanagement of the company”.
The 4 buyers filed the petition earlier than the Bengaluru bench of the tribunal, in line with sources.
This is the primary time Byju’s buyers have legally moved in opposition to the rights concern.
The edtech firm stated earlier this week that the rights concern by its father or mother firm Think & Learn Pvt. Ltd to boost $200 million at a 99 per cent valuation minimize was absolutely subscribed.
“Investors have sought reduction on declaring the rights concern as void, and declaring the founders and the administration as unfit to run the corporate,” in line with investor sources.
The buyers stated the corporate’s administration has not shared “relevant financial information with the investor group”.
The battle between Byju’s and buyers intensified after the edtech main stated the corporate’s co-founder and CEO Byju Raveendran and Board members is not going to attend the extraordinary normal assembly (EGM) known as by choose buyers to oust its CEO on Friday which was underway.
Source: zeenews.india.com
