Bengaluru, March 13 (UNI) The Karnataka High Court on Wednesday extended its interim order until March 28, prohibiting the investors of Think and Learn Private Limited, which operates BYJU'S, from implementing the decision made during the extraordinary general meeting held on February 23, which sought the removal of CEO Byju Raveendran.
The extension of the interim order came after the company's counsel requested more time to respond to the preliminary objections filed by the respondent investors.
The respondents challenged the maintainability of the petition and the ex-parte order passed, stating that the dispute is already before the National Company Law Tribunal (NCLT) and therefore not arbitrable.
Senior Advocate KG Raghavan, representing the company, raised concerns about the allegedly fraudulent preliminary objections filed by the investors, emphasizing that foreign investors cannot take Indian courts for granted. However, the court indicated it would consider Raghavan's objections only when filed in writing.
In the meantime, the single bench of S Sunil Dutt Yadav directed that the matter be relisted on March 28, stating, "Senior counsel for petitioner says it wants to file a rejoinder to the preliminary statement of objections filed by the respondents. Relist the matter on 28-03-2024. Interim order granted early is extended."
The company had initiated legal proceedings, contending that the extraordinary general meeting was convened by foreign investors without adhering to the procedure outlined in Section 100(3) of the Companies Act, 2013. UNI BDN CS1800