Page 6 - Byju Raveendran

Edtech firm Aakash Educational Services appoints Deepak Mehrotra as new CEO

Edtech firm Byju's group firm Aakash Educational Services Ltd on Monday said it has appointed Deepak Mehrotra as its managing director and chief executive officer. The position of CEO at Aakash has been lying vacant after Abhishek Maheshwari resigned from the company in September 2023. Mehrotra's appointment fills in the position of CEO after a gap of about seven months. Mehrotra joined the office with immediate effect, the company said in a statement on Monday. "As we enter the next phase of growth, it's our pleasure to welcome Deepak to lead Aakash Educational Services Ltd. In his role as CEO, he will be responsible to deliver on our aggressive growth plan and to build on the significant momentum the company is currently experiencing. "His business acumen and stellar record as the Managing Director for Pearson India will be pivotal in leading Aakash BYJU'S into its next phase of growth and impact," Byju's, Founder and Chairman Byju Raveendran said. With over 35 years of experie

Forbes list: Byju Raveendran no longer a billionaire, now has $0 net worth

Byju's has been grappling with delayed financial results, a wave of board member departures, and various other challenges

Edtech company Byju's goes ahead with cutbacks, fires 500 staffers

Sales, marketing, and teaching roles feel the biggest impact

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 gets 50% vote on rights issue, asks miffed investors to participate

Raveendran says firm's priorities remain with existing shareholders

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 National Company Law Tribunal (NCLT), Bengaluru Bench, on Thursday declined to grant a stay on the extraordinary general meeting (EGM) on March 29 called by 'Think and Learn', owner of the Byju's brand. The EGM was called to increase the authorised share capital of the embattled edtech firm, following the recent USD 200 million rights issue. A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the NCLT, Bangalore Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board. On Thursday, the Karnataka High Court said that it will deliberate on the case involving the investor group's efforts to oust Raveendran only after two months. Besides, the suit filed by the group of investors also sought to declare the just-concluded rights issue as void. The petition has been signed by four investors Prosus, General Atlantic, Sofina, and Peak XV along with support from other ...

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

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 for Byju's CEO amid ousting threat

Four investors of Byju's filed the suit to oust Raveendran from the company, alleging mismanagement

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 processes part of pending salaries, aims to pay balance soon

Edtech company will pay the balance once the issue's funds are available

Accenture invests $1 bn in learning platform, to buy edtech firm Udacity

Udacity's team of more than 230 professionals will join Accenture LearnVantage

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

Edtech major Byju's says it is beneficial owner of $533 million US fund

Ahead of a US court hearing on the whereabouts of the USD 553 million funds Byju's had parked in an American investment firm, the edtech company on Sunday evening said its subsidiary in the US remains the beneficial owner of the 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. It is not clear if Byjus is the beneficial owner of USD 533 million, then why it could not use them for paying salaries. "Camshaft, in its latest submission, has disclosed to the Delaware Court that the USD 533 million was transferred from BYJU'S Alpha to another 100 per cent Think & Learn owned subsidiary, Inspilearn LLC (a Delaware firm). "As BYJU's has indicated previously - the funds continue to remain in a Think and Learn subsidiary, contrary to the false allegation made by a select list of investors before the NCLT in India," Byju's said in a ...

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

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

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