Karnataka HC sets aside NCLT stay on Byju’s second rights issue

The Karnataka High Court has set aside the National Company Law Tribunal (NCLT) order that restrained embattled edtech company Byju’s from launching a second rights issue.

Investors — Peak XV Partners, General Atlantic, and Prosus — had filed a plea in the NCLT to halt Byjus’ second rights issue, as it would further dilute their holding in the company.

Justice SR Krishna Kumar said he was sending the case back to the NCLT for fresh consideration. The detailed copy of the order is awaited.