NCLT asks Byju’s to consider extending rights issue closure date

New Delhi: A company law court has asked embattled EdTech firm Byju’s to consider extending the closing date of the rights issue, a request that the management hinted it would not accept even as estranged investors flagged technicalities that prevented closure of the issue on Wednesday.

In an interim order dated February 27, the National Company Law Tribunal (NCLT), Bengaluru Bench said the funds received by the company in respect to the rights issue should be kept in a separate escrow account and it should not be withdrawn till the disposal of the matter.

“The respondent company is to consider the extension of the closure date of the rights issue so that the rights of the petitioners with regard to the making of application for shares under their rights entitlement does not get prejudiced,” it said.