Page 6 - Latest Updates on Byju Raveendran
Edtech company Byju's goes ahead with cutbacks, fires 500 staffers
Sales, marketing, and teaching roles feel the biggest impact
 "Edtech company Byju's goes ahead with cutbacks, fires 500 staffers")
Byju's delays salaries for 2nd month in a row amid rights issue dispute
Cash-strapped Byju's and its investors are involved in a dispute at the National Company Law Tribunal (NCLT) over the company's $200 million rights issue
 "Byju's delays salaries for 2nd month in a row amid rights issue dispute")
Byju's gets 50% vote on rights issue, asks miffed investors to participate
Raveendran says firm's priorities remain with existing shareholders
 "Byju's gets 50% vote on rights issue, asks miffed investors to participate")
NCLT refuses to stay Byju's EGM to raise capital through rights issue
According to sources at Byju's, the court was convinced by evidence submitted and arguments made by Byju's counsels, who made a case that the "only objective of the petitioners is to be restrictive"
NCLT declines to stay EGM called by Byju's over $200 million rights issue
The EGM was called to increase the authorised share capital of the embattled edtech firm, following the recent USD 200 million rights issue
 "NCLT declines to stay EGM called by Byju's over $200 million rights issue")
US bankruptcy court issues ruling in favour of Byju's term loan lenders
In making its ruling, the ad hoc group stated that the Court confirmed that the transfer of funds from Byju's Alpha, and their continued concealment, likely constitutes a fraudulent conveyance
 "US bankruptcy court issues ruling in favour of Byju's term loan lenders")
Byju's must freeze $533 million in mixed win for lenders, says judge
Dorsey's order was aimed at Riju Ravindran, one of the company's directors and the brother of founder Byju Raveendran
Karnataka HC extends interim protection to Byju Raveendran till March 28
At the February 23 EGM, Byju's investors including Prosus, General Atlantic, and Peak XV voted to remove Byju Raveendran as CEO. However, a Karnataka HC order prevented its implementation
 "Karnataka HC extends interim protection to Byju Raveendran till March 28")
Karnataka HC extends interim protection for Byju's CEO amid ousting threat
Four investors of Byju's filed the suit to oust Raveendran from the company, alleging mismanagement
 "Karnataka HC extends interim protection for Byju's CEO amid ousting threat")
Byju's shuts all regional offices, asks 15,000 employees to work from home
The move has been in place for the past few months as part of a restructuring exercise as the struggling edtech giant faces a severe funding crunch and battles lenders, according to the sources
 "Byju's shuts all regional offices, asks 15,000 employees to work from home")
Byju's processes part of pending salaries, aims to pay balance soon
Edtech company will pay the balance once the issue's funds are available
 "Byju's processes part of pending salaries, aims to pay balance soon")
Accenture invests $1 bn in learning platform, to buy edtech firm Udacity
Udacity's team of more than 230 professionals will join Accenture LearnVantage
 "Accenture invests $1 bn in learning platform, to buy edtech firm Udacity")
Byju's Florida hedge fund ally may face jail time over missing $533 million
Lenders accuse Morton of helping Indian tech firm Think & Learn hide $533 million from them
 "Byju's Florida hedge fund ally may face jail time over missing $533 million")
Edtech major Byju's says it is beneficial owner of $533 million US fund
On Saturday, Byju's stated that it had no money to pay salaries to employees after just-raised funds through the rights issue were locked (in a separate account) after a dispute with investors
 "Edtech major Byju's says it is beneficial owner of $533 million US fund")
Byju's unable to pay salaries due to dispute with investors: Raveendran
Unfortunately, a select few have stooped to a heartless level, ensuring that the company is unable to utilise funds raised to pay salaries, said Byju Raveendran
 "Byju's unable to pay salaries due to dispute with investors: Raveendran")
MCA calls for speeding up edtech company Byju's inspection report
The edtech company's financial disclosures had also come under the Institute of Chartered Accountants of India's (ICAI's) scanner because of a 22-month delay in submission of financial reports
The spectacular flameout of Byju's
Byju Raveendran set up Think & Learn in 2011, got his first funding in 2013 and launched The Learning App in 2015, which became a case study at Harvard Business School
 "The spectacular flameout of Byju's")
Edtech major Byju's faces long legal battle as CEO digs in heels: Experts
This may also negatively impact the edtech giant's operations and market reputation, according to industry sources and legal experts
Controversy over EGM results adds to edtech major Byju's troubles
The meeting was called by some leading investors such as Prosus and General Atlantic and there were seven resolutions at the EGM
 "Controversy over EGM results adds to edtech major Byju's troubles")
Will continue as CEO of Byju's, EGM a farce: Raveendran tells employees
Raveendran also told employees that he is not taking any of the investor allegations lying down and will challenge these illegal and prejudicial actions, according to a letter sent to the staff
 "Will continue as CEO of Byju's, EGM a farce: Raveendran tells employees")
