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Investors vs Byju's: NCLT defers hearing to June 6 amid claims of violation

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Byju's has been accused by four of its investors of using some of the funds raised during the recently concluded rights issue in violation of an National Company Law Tribunal order, a charge denied by the embattled edtech company.

The Bengaluru bench of the tribunal on April 23 deferred to June 6 the hearing of the “oppression and mismanagement plea” filed against the company by investors Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative and Prosus.

Byju's had not deposited the money it received from rights issue prior to February 27 in the escrow account, the investors alleged during the hearing.

Byju's  also allotted shares to those who participated in the rights issue, overlooking the tribunal’s order to maintain status quo as far as the share holding was concerned.

The company vehemently denied the claims and said everything had be done in accordance with law.

In its order on February 27, NCLT directed Byju's not to allot shares to investors participating in the rights issue without increasing its authorised share capital. The company was also asked to keep the proceeds of the rights issue in an escrow account to protect investors’ right.

While the tribunal initially showed inclination to direct Byju's to file an affidavit, it did not do so since the investors had not filed any application. The investors were directed to file either an application or an affidavit to put their claims on record in a week's time. Byju's lawyers said they would file a response in two weeks from then.

The case has been adjourned to June 6. The Karnataka high court is closed for summer holidays from April 27 to May 26 and lawyers might not be available on these days.