Rights issue: Byju’s moves HC against NCLT order

Byju’s challenges NCLT order in Karnataka High Court. NCLT restricts second tranche of $200-million rights issue, citing cash-strapped situation. Investors like Prosus oppose rights issue. In a fresh order issued earlier this month, the Bengaluru bench of the NCLT had directed the startup to not proceed with the second tranche besides restricting it from using any funds that have been collected since the opening of the issue on May 13.