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Articles by Edtech Major Byju's
Byju's Violated Bankruptcy Law by Transferring Funds From US Branches, Claims US Lawsuit
A software company that is owned by Byju’s founder, Byju Raveendran, took money from its US branches. This in turn broke the US bankruptcy rules as per a lawsuit filed in a Delaware court. This is as per a Bloomberg report. The bankruptcy attorney of the case, Claudia Springer, filed a lawsuit against Byju’s. The intent of the lawsuit is to recover around $700,000 that was transferred from companies that are overseen by her.
Supreme Court to Hear Plea Related to Insolvency Proceedings Against Ed-tech Firm Byju's on September 17
The Supreme Court on Wednesday said it will hear on September 17 the appeal of US-based creditor Glas Trust Company LLC against a judgement of the NCLAT, which had stayed the insolvency proceedings against ed-tech firm Byju's and approved its Rs 158.9 crore due settlement with the BCCI.
General Atlantic, Prosus Urge Supreme Court to Address Their Concerns in Byju's Insolvency Case: Report
Five foreign investors of Think and Learn, the debt-ridden parent entity of the online educational services Byju's, have approached the Supreme Court seeking intervention in the ongoing case filed by US lender GLAS Trust Co LLC against setting aside insolvency proceedings against Byju's and restoration of its board by the National Company Law Appellate Tribunal (NCLAT). This is as per the Economic Times.
US Court Fines Riju Raveendran With $10,000 a Day Over Missing $533 Million
Riju Ravindran, the suspended director of the troubled edtech firm Byju’s, has been imposed by the US bankruptcy judge to pay $10,000 a day until he helps locate $533 million, which his company is accused of hiding from its U.S lenders. This is as per a report by Bloomberg. The $533 million is a collateral to the $1.2 billion loan the company acquired from its US investors in 2022.
NCLAT Judge Rescues Himself from Hearing Byju's Insolvency Plea, Matter to Be Heard by Different Bench
The insolvency hearing for bankruptcy against edtech firm Byju's on has been adjourned as one of the members of the NCLT bench recused himself from the hearing. Justice Sharad Kumar Sharma of the National Company Law Appellate Tribunal (NCLAT) recused himself from the proceedings after a petition was filed over the judge's conflict of interest overseeing the case.
Byju's Files Fresh Petition in High Court To Stay Insolvency Order: Report
Byju Raveendran filed a writ petition in the Karnataka High Court to stay the insolvency procedure initiated against his company’s parent entity Think and Learn Private Limited (TLPL) alleging the Chennai’s National Company Appellate Tribunal (NCLAT) to be prejudiced.
Qatar Investment Authority Files Petition To Freeze Assets of Byju Raveendran
Qatar Investment Authority (QIA) has filed a petition to the Karnataka High Court to freeze the assets of Byju Raveendran, the founder of the eponymous edtech firm Byju’s. Qatar's Sovereign wealth fund looks to claim Raveendran’s personal assets worth up to Rs 235.19 million under Section 9 of the Arbitration and Conciliation Act, 1996 as per media reports.
Byju's Gives Up Most Office Spaces In India TO Address Financial Constraints
Edtech major Byju's has given up all its office spaces in India. The company has only retained its Bengaluru based headquarters. This move has been taken to cut costs and address its financial constraint, as per The CapTable. Because of its decision to sell offices, employees will have permanent work from home. The company is already in a battle with its investors about its $200 million rights issue.
ED Issues Show Cause Notice To Byju's For Alleged Rs 9,000 Crore FEMA Violations, Firm Denies
Byju's has received a show cause notice from Enforcement Directorate (ED) over alleged Foreign Exchange Management Act (FEMA) violations worth Rs 9,000 crore, CNBC-TV 18 reported citing sources. As per the report, the notice extends to Byju Raveendran and Think and Learn Private Limited. However, the company has strongly denied the report, saying, "BYJU’S unequivocally denies media reports that insinuate it has received a notice from the Enforcement Department.
Byju’s Crisis: Government Orders Probe Into Byju’s Account Books
Byju’s account books are now under the scanner as the union government has ordered an inspection into the education-technology titan, which has been rocked by the resignation of its auditor and three board members last month, according to people familiar with the matter. The Ministry of corporate affairs has sought a report in six weeks, said the people, asking not to be named as the information isn’t public.
Byju’s Clears PF Dues After EPFO Probe Into Delayed Payments: Report
Byju’s has cleared over 97 per cent of its provident fund (PF) dues after the Employees Provident Fund Organisation (EPFO) probed the company over delays in PF payments, as per a report by Moneycontrol. Byju’s said that the company has deposited PF dues for the period between August 2022 and May 2023 worth Rs 123.1 crore, they clarified it email sent to the EPFO on June 27, as per reports. The company also stated that it will be remitting the balance Rs 3.43 crore within the next two days.
Edtech major Byju's in talks with investors who quit board to reconsider
Byju’s is looking 3 world traders to rethink their resolution to hand over its board, 3 resources with direct wisdom of the location stated, because the Indian training generation Stationary wrestles with the fallout of its auditor’s resignation.
PM's US visit unprecedented, decisions taken will help build new India: BJP
"Several diplomatic and strategic decisions were taken during Prime Minister Narendra Modi's visit to the US which will help build a new India with the resolve of Atmanirbhar Bharat, and provide opportunities of economic progress to Indians," she said. The BJP on Friday hailed Prime Minister Narendra Modi's US tour as "unprecedented" and said several diplomatic and strategic decisions taken during the visit will help build a "new India" with economic progress.
Delhi CR Park firing: Bike-borne masked men shoot at car, driver injured
How long will it take to read this news story? The story "Delhi CR Park firing: Bike-borne masked men shoot at car, driver injured" has 278 words across 16 sentences, which will take approximately 2 - 3 minutes for the average person to read. The story "Delhi CR Park firing: Bike-borne masked men shoot at car, driver injured" was covered 14 hours ago by Business Standard, a news publisher based in India.
Byju's Likely To Close $250 Million Equity Fund Raise In April
Edtech major Byju's is likely to close a USD 250 million equity funding deal in April at a USD 22 billion valuation, sources aware of the development said. The company had last raised USD 250 million in October at the same valuation. "Byju's is in the process of raising USD 250 million. The term sheets are expected to close in about 2-3 weeks," a source told PTI. Another source said the fundraising is an equity deal and happening at a flat valuation of USD 22 billion.
BYJU'S Drops Plan To Relocate 140 Staff From Kerala; Announces Business Expansion, 600 Hiring In State
BYJU'S has rolled back the decision to relocate 140 employees at one of its offices in Kerala after founder Byju Raveendran's meeting with chief minister P Vijayan and announced plans to hire 600 people in the state. The edtech major gave an option to all its 140 staff working at TVM product development centre in Thiruvananthapuram to relocate to Bengaluru as it was planning to shut down the Thiruvananthapuram office as part of its cost optimisation strategy.
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