Karnataka High Court Extends Interim Protection From Ouster To BYJU'S CEO Raveendran

The Karnataka High Court on Wednesday extended till March 28, its interim order restraining the investors of Think and Learn Private Limited which operates BYJU'S to not give effect to the decision taken by the shareholders of the Company in the extraordinary general meeting held on 23.02.2024.

The meeting was reportedly called seeking the removal of CEO Byju Raveendran.

A single judge bench of S Sunil Dutt Yadav extended the interim order, after the counsel for the company sought time to file its reply to the preliminary statement of objections filed by the respondent-investors.

The respondents informed that they have questioned the very maintainability of the petition filed and the ex-parte order passed. The counsel for the investors said “As the dispute (between BYJUS and investors) is pending before the NCLT and the issue is not arbitrable.”

Senior Advocate K.G. Raghavan appearing for the company expressed his reservations to the allegedly "fraud" preliminary objections filed by the investors. "Just because they are foreign investors that does not mean that they can take Indian Courts for granted like this," he orally submitted.

However the Court said it will take note of Raghavan's objections only when filed in writing. Meanwhile, the bench ordered, “Sr 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 approached the court saying that the extraordinary general meeting of the shareholders of was scheduled at the instance of the foreign investors without following the procedure contemplated under Section 100(3) of Companies Act, 2013.

Case Title: Think and Learn Private Limited AND Chan Zuckerberg Mauritius & Others

Case No: AP.IM 1/2024