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Indian online tutor Byju’s will hold a shareholders’ meeting March 29 as planned, after a companies court turned down a request by some investors to defer the gathering.

The board of Byju’s parent Think & Learn Pvt. has called for an extraordinary general meeting to increase the ed-tech startup’s authorized share capital, which is necessary for the firm to go ahead with a fundraise via a rights issue. 

Some of the shareholders, opposing the rights issue, had petitioned the National Company Law Tribunal to defer the meeting, arguing the company should not be allowed to make amends belatedly.

The case will now be heard April 4, the companies court said Thursday.

The NCLT previously prohibited Byju’s from using the funds from the rights share subscription until it pronounces a judgment on the matter. The issuance is at a discount of more than 90% from Byju’s previous funding round in late 2022 that valued the company at $22 billion.

Separately, the high court in southern Karnataka state, where Byju’s is headquartered, deferred until May 28 its hearing on chief executive officer Byju Raveendran’s plea against the validity of the decisions taken at a shareholders’ meet in February, a spokesperson for the firm said.

Byju’s shareholders, including Prosus NV and Peak XV Partners, last month voted to oust founder Raveendran as CEO, escalating a battle over the fate of the once high-flying online tutoring startup that is fighting to remain in business.

--With assistance from Anto Antony.

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