Page 8 - Byju's

Edtech major Byju's to appeal against insolvency proceedings this week

Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors

Byju's journey from startup star to facing insolvency: All you need to Know

Byju's, which has denied mismanagement, says the investors don't have the power to vote out its CEO

BCCI initiates insolvency proceedings against online tutor Byju's

Byju's, founded by teacher Byju Raveendran, was valued at $22 billion at its peak but ran into financial and legal problems after its business dried up

NCLT admits Byju's parent Think & Learn into insolvency over BCCI dues

Byju's insolvency proceedings were triggered by BCCI's claim of unpaid dues amounting to Rs 158 crore

NCLT asks Byju's to pay salaries to employees, warns firm of facing audit

The edtech firm has paid April, May salaries but is yet to make full payments for February and March

'Pay salaries or face an audit': NCLT warns crisis-hit edtech firm Byju's

The Bengaluru-based law tribunal told Byju's to pay the outstanding salaries to its employees irrespective of whether it has access to the funds raised through its rights issue

2025 will be best year for growth, profitability: Unacademy co-founder

The ongoing year will be the best period in terms of growth and profitability for Unacademy, the co-founder and CEO of the edtech company, which has laid off 250 employees, said on Wednesday. Amid claims that the edtech company is up for sale, Unacademy Co-Founder and CEO Gaurav Munjal in a social media post asserted that the management is building the company for the long run. "There is a lot being said about Unacademy currently. To set the record straight, Unacademy will have its best year in terms of growth and profitability. We also have many years of runway. We are building Unacademy for the long run," Munjal said on social media platform X. The company has laid off around 250 employees comprising 150 sales personnel who were asked to leave for not meeting performance criteria, according to sources privy to the development. A source said that the company had laid off only about 100 employees and they have been given severance packages while sales employees have to leave for no

Edtech major Byju's asks for 48 hrs to decide on selling or pledging shares

The edtech firm's US-based lenders have filed a plea to prevent the company from pledging, selling or transferring its shares

Byju's second rights issue: Karnataka HC sets aside NCLT interim order

Byju's recently moved the Karnataka High Court challenging the order of the National Company Law Tribunal (NCLT) restraining it from going ahead with the second rights issue

Karnataka Labour Minister presses Byju's to resolve former employees' dues

Labour Minister Santosh Lad revealed that approximately 160 to 200 employees had approached the Labour Department, with total outstanding dues amounting to around Rs 4.5 crore

Byju failed because he didn't listen to anyone: Unacademy CEO Gaurav Munjal

Munjal questioned Raveendran's leadership and his ability to take feedback

Karnataka HC reserves order on edtech firm Byju's second rights issue

Byju's is currently restricted from issuing shares and using funds raised from a $200 million rights issue until the tribunal decides the matter

Oppo claims Byju's owes Rs 13 crore, NCLT designates July 3 as 'Byju Day'

The tribunal, meanwhile, has designated July 3 as 'Byju Day' as nearly 10 petitions are expected to be heard that day against the edtech firm

Proceedings initiated against Byju's under companies law still ongoing: MCA

The Ministry of Corporate Affairs on Wednesday said proceedings initiated against edtech player BYJU'S under the companies law are "still ongoing" and a final conclusion cannot be drawn in the matter at this stage. Last year, the ministry ordered the inspection of the books of BYJU'S in the wake of various developments at the edtech company, including its inability to finalise the statements and the resignation of an auditor. In a statement on Wednesday, the Ministry of Corporate Affairs (MCA) said reports claiming that BYJU'S has been cleared of financial fraud in an ongoing investigation by it are "factually incorrect and misleading". "The proceedings initiated by MCA under the Companies Act, 2013, are still on going and no final conclusion should be drawn in this matter at this stage," it added. In July 2023, MCA asked the office of the Regional Director in Hyderabad to conduct an inspection of the company Think & Learn Pvt Ltd, which is registered in Bengaluru. Think & ...

Report indicates no fraud at Byju's, Govt says probe is still underway

The Ministry of Corporate Affairs' investigation offers some relief to Byju's, as it temporarily halts any new scrutiny by Indian officials on already investigated issues

Prosus writes off investment in Byju's, records $493 million loss

This would be perhaps the first such large write-off announced by a large institutional investor in India

Prosus writes off 9.6% stake in Byju's, marking $493 million in loss

Prosus has invested around $500 million in Byju's over the years. Other Indian startups in Prosus' portfolio include Swiggy, Meesho, and Eruditus

Byju's moves Karnataka HC against NCLT order barring second rights issue

The National Company Law Tribunal (NCLT) Bengaluru on June 12 told Byju's to maintain the status quo with regard to existing shareholders and their shareholding

NCLT directs edtech major Byju's to keep status quo on shareholding

This means that Byju's is restricted from issuing shares and using funds raised from a $200 million rights issue until the tribunal decides the matter

Byju's hedge fund ally can avoid arrest if he helps locate $533 million

The missing money is at the heart of a dispute between lenders owed $1.2 billion and the startup founded by entrepreneur Byju Raveendran