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Indian court allows Byju’s to go ahead with crucial EGM

Byju’s achieved favorable outcomes in two court hearings on Thursday, paving the way for the embattled edtech startup to go ahead with its extraordinary shareholder meeting scheduled for Friday.

The National Company Law Tribunal on Thursday refused to put on hold Byju’s planned extraordinary general meeting to increase its authorized share capital for a $200 million rights issue. The matter is due to be heard again on April 4, but as lawyers representing four estranged investors in Byju’s have warned, once the authorized share capital is increased, it cannot be reversed.

Separately, the Karnataka High Court on Thursday said it would only hear the case of an investor group seeking the removal of Byju founder and CEO Byju Raveendran from the company in two months.

The rights issue is crucial for Byju’s, once India’s most valuable startup, as it seeks to tap into the $200 million it has already secured from a range of investors, including Raveendran.

This is a development story. Stay tuned for more content.

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