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Byju’s Takes Legal Action Over Dispute with Investors, Seeks Arbitration

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Embattled educational technology company Byju's has initiated legal proceedings by filing a petition with the National Company Law Tribunal (NCLT) to seek arbitration in a ongoing conflict with some of its prominent investors.

Representing Byju’s, Dhyan Chinappa argued that an application under Section 8 of the Arbitration and Conciliation Act should take precedence over the existing NCLT proceedings concerning the dispute.

An NCLT bench presided over by Justices K Biswal and Manoj Kumar Dubey convened to address a plea challenging Byju’s recent rights issue, which has drawn objections from investing entities such as General Atlantic, Prosus, and Peak XV.

A group of investors, including Prosus NV, General Atlantic, Sofina, and Peak XV Partners, with backing from Tiger Global and Owl Ventures, had lodged a complaint with the NCLT against Byju’s $200-million rights issue, expressing concerns over a potential erasure of their investments.

Notably, Byju’s had previously contravened the NCLT’s directive by allocating shares without first expanding its authorized share capital, asserted the investors.

Amid the legal dispute, Byju’s has denied the allegations put forward by the investors, stressing that its actions were in compliance with the regulations in place.

Furthermore, the NCLT has granted Byju’s a ten-day window to submit its response to the investor’s claims, with the next hearing scheduled for the 23rd of April.

The case continues to unfold as Byju’s and its investors navigate through the intricacies of corporate law and regulatory oversight.

Rachel Adams

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