The Karnataka High Court on Tuesday, May 28, extended interim relief to edtech firm BYJU'S, staying the implementation of the decisions made during the February 23 extraordinary general meeting (EGM). The court's decision effectively safeguards Chief Executive Officer and Chairman Byju Raveendran, after shareholders voted to oust him and change management during the EGM. The court also adjourned the next hearing on the matter until June 24, providing BYJU'S with a temporary reprieve from the proposed changes.
The EGM was convened by BYJU'S key investors and shareholders, including the Chan Zuckerberg Initiative, General Atlantic, Prosus Ventures, and Peak XV to discuss leadership changes within the company.
The Karnataka High Court had earlier stayed the meeting's effects after hearing a petition from BYJU'S parent company, Think & Learn Pvt.
NCLT hearing
Meanwhile, the National Company Law Tribunal (NCLT) has also commenced hearing insolvency pleas filed by Oppo, Teleperformance, and Surfer Technologies against BYJU'S.
The NCLT has granted BYJU'S a week to file a response in the Oppo insolvency case, with an additional week given to Oppo to file a rejoinder.
BYJU'S informed the NCLT that it is actively engaged in discussions with Teleperformance and Surfer Technologies to reach a settlement.
The edtech firm disclosed to the tribunal that it has already finalised a repayment agreement with Teleperformance. However, the negotiations with Surfer Technologies are yet to yield any result.
The NCLT has scheduled the next hearing for all three pleas on June 26.