Embattled edtech company Byju’s concluded its extraordinary general meeting (EGM) to increase authorised share capital with no objections raised on the resolutions discussed, sources told Moneycontrol.
This comes hours after Byju's welcomed dissenting investors to join the rights issue in the next 72 hours. The olive branch was extended to shareholders like Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative, and Prosus who tried to block the company's rights issue and oust founder Byju Raveendran, Moneycontrol earlier reported
According to sources, none of the four investors joined the EGM that went on for about half an hour. However, another source added that officials from the law firm Trilegal were present at the EGM to represent the investors.
Meanwhile, about 20 investors representatives were in attendance along with Think & Learn management.
Sources further added that questions were raised regarding the postal ballot, which were addressed by Byju’s management. Earlier, on March 29, Raveendran, in a letter to shareholders, said that in response to the postal ballot announced on March 7, the company received more than 50 percent of votes in favour of increasing the authorised share capital.
To be sure, the voting process for the resolutions discussed in the meeting will go on till April 6. Meanhwile, the next hearing for the plea filed by investors in the NCLT is scheduled for April 4 in where all issues in the case will be addressed.
The details on voting and rights issues are subject to an independent scrutinizer's report that, sources said, is underway.
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