Four investors — led by Prosus — moved the NCLT, seeking a stay on the planned EGM to effectively block the rights issue. The matter will now be heard on April 4.
In a February 27 interim order, the NCLT said the funds received by the company in respect to the rights issue should be kept in a separate escrow account and it should not be withdrawn till the disposal of the matter.
The investors alleged that the company s move to call for rights issue is illegal and contrary to law and sought a stay of it, while the board of directors of the company argued that the investors were creating obstructions to the company