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Byju's challenges fund use restriction in Karnataka High Court

Byju's challenges fund use restriction in Karnataka High Court

Bengaluru, June 23 (UNI) Ed tech company Byju's has taken its legal battle to the Karnataka High Court, urgently filing a plea to challenge the National Company Law Tribunal (NCLT)'s decision that restrained the company from using funds raised in its second rights issue.
The company launched a critical fundraising drive from May 13 to June 13 to strengthen its financial standing. However, the NCLT's ruling blocked the company from accessing these funds, delivering a significant setback.
Behind the scenes, negotiations continued as the company pursued settlements with key creditors like Teleperformance and Surfer Technologies, aiming to ease its financial burdens.

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