NCLT stops Byju’s second rights issue

The National Company Law Tribunal (NCLT) has restrained Byju’s from going ahead with its second rights issue, which according to the investors commenced on May 13 and was to end on June 13.

The tribunal also directed Byju’s from utilising any funds that it has so far collected from the second rights issue, and the same needs to be deposited in a separate account.

“This tribunal hereby restrains the respondents (Byju’s) from going ahead with the present rights issue which is in progress, till the disposal of the main plea. The respondents are further directed to keep the amounts collected so far since opening of the second rights issue…in a separate account which should not be utilised till the disposal of the main petition,” the order said.