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BYJU'S' investors allege $533M siphoned off; NCLT reserves order on rights issue

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Investors in BYJU'S have alleged that the edtech giant siphoned off USD 533 million in an obscure hedge fund in the US and sought a stay on a USD 200 million rights issue, calling it illegal and contrary to law. The Bengaluru bench of the National Company Law Tribunal (NCLT) has asked BYJU'S to submit a written response to the investors' plea within three days and reserved its order.