Page 3 - Byju Raveendran

Cash-strapped Byju's executive, biz partner found in contempt of US court

Byju's manager Vinay Ravindra and company ally Rajendran Vellapalath failed to answer questions about their roles in stripping software, cash and other assets from Byju's US businesses

Downfall of Byju's, India's hot edutech startup, wipes out US debtholders

Recoveries will need to come from how Indian courts rule on the company's broader insolvency plan and how it aims to repay creditors; it's unclear how much, may be available to those in US

Don't want to go Byju's way: Aakash Educational Services to NCLAT

NCLAT refuses to set aside order halting move to amend AoA

Byju's insolvency: Riju Raveendran moves NCLT seeking inclusion in case

Byju's US-based lenders had opposed the settlement, claiming that the money used to repay BCCI was tainted as it was part of the $533 million that had allegedly gone "missing"

Trouble mounts for Byju's as firm faces new probe over financial practices

The federal government has asked the regional office of the Registrar of Companies in Hyderabad to investigate Byju's books to ascertain if the company misreported financial statements

Byju's founder told ally to flee US to avoid testifying against him

William R Hailer said Raveendran sent him a plane ticket to Dubai just two days before Hailer was set to testify about Raveedran's efforts to regain control of parts of the Byju's education empire

Byju's founder 'tried to regain firm' with cash hidden from US lenders

Raveendran allegedly recruited Hailer, who is a former political consultant, to try to buy out US creditors owed more than $1.2 billion under a loan

Byju's US units wrongly stripped of education app, says federal judge

Dorsey ordered Apple to return ownership of the apps to the US units. A lawyer for an Indian firm that had been wrongly given ownership of the apps unsuccessfully tried to persuade Dorsey

Byju Raveendran, Pai planning an 'out-of-court' settlement with US lenders

The dispute revolves around the $1.5 billion Term Loan B (TLB) guaranteed by Think and Learn Pvt Ltd, the parent of Byju's

Byju's worth zero now: How the cookie crumbled for India's edtech giant

Byju Raveendran, founder and chief executive of crisis-hit edtech firm Byju's, said the company, once valued at $22 billion, has seen its valuation plummet to zero

Byju introspects, says Byju's worth zero now, promises a turnaround

Last month, the Supreme Court reserved its verdict on a plea of a US firm against NCLAT order stopping insolvency proceedings against Byju's

Byju's founder denies fraud, says missing funds used for legitimate purpose

The company got the $1.2 billion loan nearly three years ago as it planned to use most of the proceeds on an international expansion, Raveendran claimed

Byju's affiliate drained cash from US units, violating bankruptcy rules

Money that should be used to repay creditors was instead siphoned off to Whitehat Education Technology, a court-approved trustee for the affiliates said in court papers

BCCI secy appointment off Apex Council agenda as Shah preps for ICC chair

The BCCI Apex Council will meet on Wednesday to discuss a variety of issues related to the Board's functioning but the appointment of a new secretary to replace the outgoing Jay Shah is not on the agenda. It will be the last apex council meet before the Board's 93rd Annual General Meeting in Bengaluru in five days' time. The appointment of a new secretary has become necessary after Shah was unanimously elected as the next ICC Chairman. However, he will not step down from his current role as BCCI Secretary during the upcoming AGM, as he is scheduled to assume his new position only from December 1. But even a discussion on the process of nomination is not part of the eight items listed in the apex council's agenda which features, among others, the update on Byju's matter. The BCCI has a payment settlement issue with their former title sponsor. The embattled edtech firm ended its sponsorship deal with the BCCI in March last year. The Bengaluru-based company, co-founded by Byju ...

Byju Raveendran apologises to employees, pledges support amid challenges

As a small token of appreciation, Raveendran said he has managed, against all odds, to borrow some funds and to compensate the employees and urged them to continue teaching

Byju's may not have to pay Glas Trust; verified claim is only Rs 20 cr: CEO

Think & Learn, which owns Byju's may not have to pay any amount for the disputed USD 1.2-billion Term Loan B due the present "behaviour" of Glas Trust -- an agency which is representing US-based lenders -- Founder and CEO of the edtach major Byju Raveendran said. In an interview to PTI, Raveendran said the verified debt claim on Byju's as per the insolvency resolution professional (IRP) is now only Rs 20 crore. Glas Trust has filed an appeal against Byju's claiming dues of USD 1.35 billion, or Rs 11,432.98 crore, arising out of the raising of USD 1.2 billion by the edtech firm as Term Loan B (TLB) from the lenders in the US. Raveendran said the TLB is a traded instrument that is currently trading around 20 cents, putting the current value of the debt raised by the company at USD 240 million. "The way they (Glas Trust) are acting, they are not going to get any money. They only might drop it to zero value. The first question, when Glas comes to the court, who is Glas? Now, we are ...

Byju's hits back, says BDO's lack of communication with IRP suspicious

Byju's statement further added that they had 'multiple call recordings', where BDO representatives explicitly suggested backdating these documents, which Byju's refused to do

Byju's lenders kicked off creditor panel by court official Srivastava

Lenders have been trying to force Byju's into an insolvency proceeding in a court in India for months, but with limited success

US lender Glas Trust not part of insolvency panel of Byju's: Report

Byju's was once a darling of global investors and valued at $22 billion in 2022, but is now facing insolvency due to its dispute with US lenders

Byju's foreign investors ask SC to hear their concerns in insolvency case

The four investors are the biggest foreign shareholders in Byju's with a combined stake of nearly 17 per cent