Sources told IANS that Byju's senior lawyer KG Raghavan assured the judges that the company has fully complied with the February 27 court order.
Raghavan denied the allegations made by the lawyers of the four foreign investors regarding violation of the court order.
The bench took note of the failure of the petitioners to effectively prove their claims of non-compliance, sources said.
The matter has been listed for next hearing on June 6, which will provide ample opportunity to Byju to further strengthen its diligent compliance with the NCLT directions.
In an earlier hearing, NCLT had refused to stay the extraordinary genera meeting (EGM) called by the board of directors of Byju's to raise capital through rights issue.
Last week, the edtech firm said its shareholders have approved the rights issue, paving the way for its parent company Think and Learn Pvt Ltd to issue new shares and end the rights issue to deal with the severe cash crunch. It is done.
The approval removed the hurdle for the company to address its liquidity crunch including unpaid salaries, regulatory dues and vendor payments.
Meanwhile, Arjun Mohan, who was promoted as CEO of the troubled edtech firm seven months ago, has moved on to look for other opportunities.
Mohan will be part of the edtech firm in an “external advisory role”.
Byju's co-founder and CEO Raveendran has taken a more hands-on approach to leading the company's daily operations.
Raghavan denied the allegations made by the lawyers of the four foreign investors regarding violation of the court order.
The bench took note of the failure of the petitioners to effectively prove their claims of non-compliance, sources said.
The matter has been listed for next hearing on June 6, which will provide ample opportunity to Byju to further strengthen its diligent compliance with the NCLT directions.
In an earlier hearing, NCLT had refused to stay the extraordinary genera meeting (EGM) called by the board of directors of Byju's to raise capital through rights issue.
Last week, the edtech firm said its shareholders have approved the rights issue, paving the way for its parent company Think and Learn Pvt Ltd to issue new shares and end the rights issue to deal with the severe cash crunch. It is done.
The approval removed the hurdle for the company to address its liquidity crunch including unpaid salaries, regulatory dues and vendor payments.
Meanwhile, Arjun Mohan, who was promoted as CEO of the troubled edtech firm seven months ago, has moved on to look for other opportunities.
Mohan will be part of the edtech firm in an “external advisory role”.
Byju's co-founder and CEO Raveendran has taken a more hands-on approach to leading the company's daily operations.
