Karnataka HC reserves order on edtech firm Byju's second rights issue

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Karnataka HC reserves order on edtech firm Byju's second rights issue - Business Standard

Quick Summary:

Byju’s is facing multiple challenges, including a cash crunch, delays in financial reporting, and legal disputes with lenders and investors.

The missing cash is part of the dispute between Byju’s and an ad hoc group of lenders (the Ad Hoc Group), which lent $1.2 billion as term loans (Term Loans) to the company.

The delay stems from funds raised through a recent rights issue, which have been locked in a “separate account” due to the ongoing dispute with investors.