In response to a petition filed by Byju’s parent company Think & Learn, the Karnataka High Court passed an order stating that any resolutions, which are proposed to be passed in the extraordinary general meeting (EGM) scheduled to be held on February 23, will be invalid until the final hearing and disposition of the petition.
Byju’s had filed a petition, where the edtech company argued that by calling for an EGM, the investors such as General Atlantic, Chan Zuckerberg Initiative, MIH EdTech Investments, Own Ventures, Peak XV Partners, SCI Investments, SCHF PV Mauritius, Sands Capital Global Innovation Fund, Sofina and T. Rowe Price Associates, had violated Articles of Association (AoA), Shareholders Agreement (SHA), and the Companies Act, 2013, highlighted a media article.
Byju’s had shared in a statement that the reasons for the EGM included removing Divya Gokulnath and Riju Raveendran as directors, and Byju Gokulnath as chief executive officer and chairman, was to disrupt the management and control the operations of the company.
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