Page 11 - Byju's

Investors oppose Byju's March 29th EGM, NCLT denies any immediate relief

A group of aggrieved investors have opposed an extraordinary general meeting on March 29, called by Think and Learn, owner of Byju's brand, before company tribunal NCLT, Bangalore but failed to get any immediate relief, according to sources. Byju's has called the extraordinary general meeting (EGM) on March 29, to increase authorised share capital of the company following the recent USD 200 million rights issue. "Investors who are miffed by Byju's approached NCLT, Bangalore to stay the EGM called by the company, but the court denied any immediate relief. The tribunal has listed the matter for hearing on March 28," a source said. Query sent to Byju's and some of the lead investors elicited no reply. A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the National Company Law Tribunal (NCLT), Bengaluru Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board. Besides, the s

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

Funds safe, claims edtech major Byju's after US court's freeze order

In Delaware hearing, Judge rejects lenders' request for mandatory injunction, said Byju's. Instead orders a preliminary injunction, effectively seeking to maintain status quo

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

Fund manager who helped Byju's hide $533 mn from its lenders to be jailed

Byju's Alpha, a subsidiary controlled by Byju's lenders, filed for U.S. bankruptcy in February after the Bangalore-based startup defaulted on $1.2 billion in debt

KITES Senior Care raises Rs 45 crore from Ranjan Pai's family office fund

Pai recently invested $168 million (Rs 1,400 crore) in edtech firm Byju's test-prep subsidiary AESL and was in discussion to invest about $350 million in Byju's in both equity and debt

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 shuts down offices across India amid cash crunch; implements WFH

Amid legal battles and financial disruptions, the edtech has gradually rolled back its office leasing to prioritise financial stability and paying employees

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

Byju's investors file caveats in SC expecting challenge to NCLT's order

MIH Edtech Investments BV, Peak XV Partners Investments, Sofina SA and General Atlantic Singapore TL Pte Ltd filed separate caveats in SC as a precautionary move

Disclosure in US court counters narrative by four investors, says Byju's

Byju's said this counters the fake narrative by four investors at the National Company Law Tribunal (NCLT) that the amount was siphoned off

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

Byju's unable to pay salaries as funds locked amid rift with investors

Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence. After all, we now have funds to meet our short-term needs and clear our liabilities. However, I regret to inform you that we will still be unable to process your salaries," he said. In the letter - seen by PTI - Raveendran said the company is still striving to ensure that salaries are paid by March 10. "We shall make these payments the moment we are permitted to do so as per law," he added. Further, Raveendran said that last month, the company faced challenges due to a lack of capital, and "now we are experiencing a delay despite having funds". "Unfortunately, a select few (4 out of our 150 plus investo

Tough test: Staff salaries may again be hit at edtech major Byju's

NCLT has asked Byju's to keep funds via rights issue in escrow account and it cannot be withdrawn till the disposal of the matter, according to the sources

NCLT asks Byju's to keep funds via rights issue in escrow account

NCLT has also directed Byju's to consider the extension of the closure date of the rights issue