Interim order from the National Company Law Tribunal (NCLT) on the petition by select Byju’s investors seeking to stop the rights issue is expected anytime this week. Karnataka HC on Wednesday will conduct the next hearing on Raveendran’s petition to invalidate the EGM initiated by this investor group. The NCLT and HC orders are hugely consequential for both sides.
Investments worth USD5 billion and 15,000 jobs are at stake as founders and investors of Byju’s, who are at loggerheads, are anxiously awaiting the outcome of litigations they initiated against each other. There are two different battlegrounds — Karnataka High Court and the Bangalore bench of the National Company Law Tribunal (NCLT). Byju’s promoters moved the Karnataka HC, and the investor group approached the NCLT in the last week of February.
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