EGM RIGHTS ISSUE
Majority of shareholders approve Byju's EGM proposal to increase authorised share capital
Think and Learn's shareholders approved a USD 200 million capital raise through a rights issue despite opposition. The NCLT ordered funds to be held. Prosus and General Atlantic are investors contesting the decision.
Byju’s arranges for alternative credit, begins March salary payouts
ET had reported on April 1 that Bengaluru-based Byju's delayed salaries for workers again as amid a severe cash crunch.
Byju's seeks arbitration in dispute with investors; NCLT adjourns hearing to April 23
During Thursday's proceedings, the NCLT noted that it would be a “blatant violation” of its interim order dated February 27 if Byju’s has issued shares to investors for the rights issue before completion of the increase in authorised share capital.
Byju's delays salary again amid rights issue battle with investors
Last week, ther National Company Law Tribunal (NCLT), Bengaluru, refused to stay Byju’s extraordinary general meeting (EGM) scheduled for Friday to increase its authorised share capital to account for a $200-million rights issue.
Byju’s rights issue offer to estranged investors; TCS kicks off fresh hiring
Byju’s held an extraordinary general meeting (EGM) this morning to increase its authorised share capital. None of the participating investors objected to the proposal.
No objection to resolution in Byju's EGM; miffed investors await scrutiniser's report
Byju's raised share capital for a USD 200 million rights issue at the EGM, with investors opposing founder's ouster. NCLT and Karnataka HC are involved amidst mismanagement concerns and a USD 22 billion valuation.
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Byju's offers warring investors to participate in funding, secures 50% votes on rights issue
Byju Raveendran, founder and CEO of Byju's, said in a letter to shareholders that despite the “animosity shown by some of the investors in pursuing uncalled for legal actions”, the company continues to show ‘good faith’ towards all the shareholders and would like them to be part of the turnaround story.
No NCLT stay on Byju's Friday EGM; reality check for laid-off startup CXOs
Four investors — led by Prosus — moved the NCLT, seeking a stay on the planned EGM to effectively block the rights issue. The matter will now be heard on April 4.
NCLT refuses to stay Byju’s EGM over $200 million rights issue
The stay was sought by investors of Byju’s parent Think & Learn, led by Prosus, to block the rights issue.
Karnataka HC extends interim stay on Byju's EGM till March 28
Byju's parent entity Think and Learn had approached the Karnataka High Court for a stay on the decision of the EGM, which was spearheaded by a group of investors. The edtech claimed that the EGM was invalid as none of the founders attended the meeting.
Byju's investors file SC caveats on rights issue
The four investors - Prosus, Sofina SA, Peak XV Partners Investments, and General Atlantic Singapore TL Pte Ltd - have filed separate caveats in the SC on Monday.
NCLT reserves order on Byju’s rights issue; Meity tweaks IT rules
Byju’s and a group of its investors have been given three days by the National Company Law Tribunal to file written submissions on a plea about the edtech firm’s rights issue. This and more in today’s ETtech Morning Dispatch.
NCLT reserves orders on Byju’s rights issue; gives three days to file written submissions
Four key Byju’s investors, led by Dutch investment firm Prosus, told the NCLT that the company was allowed to issue capital of Rs 6 crore through the rights issue, but it was instead issuing Rs 40 crore, as mentioned in the offer letter. This violated the Companies Act, they said.
ETtech Explainer: What to know about Byju’s boardroom battle and shareholder resolutions
A majority of investors in Byju’s parent Think & Learn unanimously voted to remove founder Byju Raveendran as CEO and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran. Here's a look inside the boardroom battle, the shareholder resolutions at the meeting and what comes next.
Read the full text of Byju Raveendran's letter to employees after EGM by investors
On Friday, a group of investors unanimously voted to oust Raveendran as the CEO of Byju's and revamp the board, which includes wife and cofounder Divya Gokulnath and brother Riju Ravindran.
Byju’s investors vote to oust CEO Raveendran
Investors in Byju's led by Prosus filed a petition at NCLT alleging oppression and mismanagement by the present management of Byju’s. They seek to remove Raveendran as CEO, overhaul the board, conduct a forensic audit, and declare the rights issue invalid.
Fintechs and the KYC conundrum; other top tech, startup stories this week
KYC is best understood as the doorway to formal banking channels. So improper KYC can open up banking to the risks of money laundering, fraudulent transactions and such. When customers open bank accounts, they need to submit identity documents, PAN cards to be verified by bank officials as a part of the KYC process.
Byju's investors vote to oust founder; RBI nod for Paytm UPI migration
At the extraordinary general meeting on Friday, Byju’s investors voted to remove founder and CEO Byju Raveendran. This and more in today’s ETtech Top 5.
Byju's EGM in focus; Elevation's long Paytm bet
The investors have red-flagged the acquisition of Aakash Educational Services Ltd (AESL) saying Byju's agreed to “onerous” and “prejudicial” loan terms with Davidson Kempner (DK), among other matters.
Face-off likely at EGM over plan to oust Byju’s CEO
Investors demand ouster of Byju Raveendran and family, accuse management of non-compliance, misinformation, and withholding information. They seek details on AESL acquisition, loan terms, investigations, audits, and board restructuring for improved oversight and governance.
Byju Raveendran, Divya Gokulnath and Riju Ravindran to skip company's EGM
Byju’s in a statement said, “This EGM is procedurally invalid, contractually in contravention of our AOA (article of association) and SHA (shareholding agreement), legally on the wrong side of the Companies Act, 2013.”
Exclusive: ED seeks look out notice against Byju Raveendran
The Directorate of Enforcement has asked the Bureau of Immigration to issue a look out circular against Raveendran, sources told ET. The central agency approached BOI earlier this month to issue a fresh LOC to ensure that he does not leave the country.
Byju’s secures stay on EGM resolutions from Karnataka HC
In a statement Wednesday evening, Byju’s said the court has passed an order saying any resolutions proposed during the EGM by investors will be considered invalid until the final hearing and disposition of the petition.
Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring
Byju Raveendran informs shareholders that the $200 million rights issue is fully subscribed, emphasizes the importance of all shareholders participating, and assures transparency in fund usage. He expresses faith in the company's resilience and commitment to creating shareholder value.
Byju on rights issue, board changes; PhonePe launches Indus Appstore
Days ahead of a decisive extraordinary general meeting, Byju Raveendran wrote a letter to shareholders informing them that the edtech firm’s rights issue has been fully subscribed. Details of this and more in today’s ETtech Top 5.
Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring
Raveendran reiterated in his note that a few vested interests are acting against the company at a time when it is facing a severe cash crunch. “ I refuse to let the self-serving actions of a few individuals cloud my judgment and pollute our relationship,” he said.
Byju's investors call for EGM on Friday to oust founder, his family members
Investors at Byju's are calling for an extraordinary general meeting to oust founder CEO Byju Raveendran and his family members over alleged mismanagement and failures. The shareholders listed financial mismanagement, erosion of value, and concealment of material information as reasons for seeking ouster.
Investors flag Byju’s failure to recover Rs 1,400 crore from reseller
In an Extraordinary General Meeting (EGM) notice, a copy of which ET has reviewed, the investors said the company's value has eroded due to the management's neglect in enforcing its legal rights. More Ideas General Trading, the sole selling agent of Byju’s in GCC countries, owes the edtech firm over Rs 1,400 crore, which the company has been unable to recover despite paying over Rs 300 crore in commissions on sales of Rs 634.18 crores recorded in FY22.
Byju’s rights issue gets $300 million commitment
Byju's floated a rights issue in January to raise $200 million through equity rights issue at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction in its peak valuation of $22 billion.
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