Embattled edtech major Byju’s has issued a notice to its shareholders for the extra-ordinary general meeting (EGM) on March 29.

The EGM is in order to increase the authorised share capital, which is required to complete the allotment of subscription on the recently concluded $200-million rights issue.

However, a group of investors had approached the Bengaluru bench of the National Company Law Tribunal (NCLT) for an injunction on the EGM. The NCLT will hear the matter on March 28, according to sources.

4 investors’ plea

This comes at a time when group of four investors — Prosus, GA, Sofina, and Peak XV — have filed a petition of oppression and mismanagement against the company.

The Bengaluru bench of NCLT, in its order passed on February 27, has directed Byju’s that the proceeds from the rights issue be kept in a separate account till the disposal of the oppression and mismanagement plea filed by the company’s investors.

The investors in the EGM called by a group of shareholders held on February 23 voted to remove Byju Raveendran from his position.

Separately, Byju’s has also approached the Karnataka High Court for for a stay on the decision of the EGM, called by a group of investors. Recently, the High Court extended the interim order asking shareholders of Byju’s not to bring in effect any resolutions passed by investors at the EGM.