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NCLT refuses to stay Byju's EGM on rights issue

IndiaTimes Thursday, 28 March 2024
NCLT refused stay on Byju's EGM for $200M rights issue. Need 50% votes to raise share capital. Cash crunch causing salary delays. Court-approved fund stay. Investors: Prosus, Peak XV Partners, General Atlantic, Sofina. Funds escrowed. Allegations of fund siphoning under investigation.
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