Investors accuse Byju's of siphoning $533mn, seek stay on rights issue
9 months, 3 weeks ago

Investors accuse Byju's of siphoning $533mn, seek stay on rights issue

Hindustan Times  

Investors in Byju's on Tuesday alleged that the edtech giant siphoned off USD 533 million in an obscure hedge fund in the US and sought a stay on a USD 200 million rights issue, calling it illegal and contrary to law. Investors challenge Byju's on $533M transfer, seek halt on $200M rights move The company law court asked Byju's to submit a written response to the investors' plea within three days, and reserved its order. While Byju's did not comment on the charges levelled by four of its shareholders in proceedings before the Bengaluru-bench of the National Company Law Tribunal, sources close to the firm said in absence of a stay by NCLT, the rights issue can proceed as planned and would close on Wednesday. During the hearing before the NCLT, sources said the investors alleged that the company's move to call for rights issue is illegal and contrary to law and sought a stay of it.

Company Investors Issue Nclt Usd Byju Argued Rights Issue Million Rights  accuse  usd  million  rights  stay  nclt  siphoning  company  issue  533mn  argued  seek  byjus  investors  meeting

History of this topic

Byju Raveendran accused of trying to regain firm with hidden cash: Report
1 month ago

Byju Raveendran accused of trying to regain firm with hidden cash: Report

Hindustan Times  

Byju Raveendran, the founder of the struggling edu-tech company Byju’s, allegedly tried to use loan money he hid from US lenders to secretly buy back a software company that an American trustee took over. According to a Bloomberg report based on new court filings, this was an attempt by Byju Raveendran to regain control of his collapsing startup, which is …

Byju’s founder accused of trying to regain firm with hidden cash
Trending News
1 month ago

Byju’s founder accused of trying to regain firm with hidden cash

Live Mint  

-- The founder of bankrupt Indian tech firm Byju’s tried to use loan proceeds that he allegedly hid from US lenders to secretly buy back a software company that was taken over by an American trustee, according to a new court filing. Byju Raveendran has been trying to regain control of his capsizing education technology empire, which is under court …

'Not On The Run': Byju's CEO Promises Turnaround Amid Challenges
4 months ago

'Not On The Run': Byju's CEO Promises Turnaround Amid Challenges

News 18  

Byju Raveendran, founder and CEO of troubled education provider Byju’s, has reached out to employees and promised a speedy resolution to the delay in their July salaries, even as legal challenges remain ongoing. “I understand the importance of this and want to make the situation clear,” Raveendran wrote, pointing out that the company’s financial controls remain frozen due to a …

Explainer: How Byju's went from startup star to facing insolvency
4 months, 1 week ago

Explainer: How Byju's went from startup star to facing insolvency

Hindustan Times  

Supreme Court revived insolvency proceedings against edtech company Byju's on Wednesday following a lawsuit from US lenders. The Indian cricket board last year asked a tribunal to initiate insolvency proceedings against Byju's for defaulting on $19 million of dues. Supreme Court stayed the tribunal's order and will re-start insolvency proceedings against Byju's. In February, a group of shareholders, including tech …

Indian startup Byju's nears settlement in cricket board dispute, sources say
4 months, 3 weeks ago

Indian startup Byju's nears settlement in cricket board dispute, sources say

Hindustan Times  

By Juveria Tabassum and Aditya Kalra Indian startup Byju's nears settlement in cricket board dispute, sources say NEW DELHI, - Education technology company Byju's is close to settling a $19 million payments dispute with the Indian cricket board, which could free the business from an insolvency process that has frozen the assets of what was once India's biggest startup, said …

Byju's journey from startup star to facing insolvency: All you need to Know
5 months, 1 week ago

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

Business Standard  

The Indian cricket board last year asked a tribunal to initiate insolvency proceedings against Byju's for defaulting on $19 million of dues. Indian edtech company Byju's was staring at insolvency proceedings on Tuesday following a tribunal order, deepening a crisis that has seen the one-time market darling's valuation plunge from about $22 billion to less than $2 billion. Byju's has …

NCLT halts Byju’s second rights issue, freezes funds pending litigation
6 months, 1 week ago

NCLT halts Byju’s second rights issue, freezes funds pending litigation

Live Mint  

Mumbai: The Bengaluru bench of the National Company Law Tribunal has restrained Byju’s from using the proceeds from its second rights issue, and instead, directed the ailing edtech firm to park the funds in a separate account till the disposal of the main petition. Byju's second rights issue, which began on 13 May and scheduled to conclude on 13 June, …

NCLT defers Byju’s case hearing to Jun 6
8 months ago

NCLT defers Byju’s case hearing to Jun 6

New Indian Express  

BENGALURU: The Bengaluru bench of the National Company Law Tribunal has deferred the hearing of the ongoing case between edtech firm Byju’s and the four investors to June 6. Byju’s four investors including Peak XV Partners and General Atlantic had filed the oppression and mismanagement plea against the firm and they accused the edtech company of using some of the …

Byju’s faces allegations of violating NCLT orders on rights issue; company denies
8 months ago

Byju’s faces allegations of violating NCLT orders on rights issue; company denies

Hindustan Times  

Four investors in beleaguered edtech company Byju’s, namely, Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative and Prosus, have alleged that the company has ended up using the proceeds from its most recent rights issue and that this was against an order of the National Company Law Tribunal. Byju’s is facing a string of accusations from its investors over a rights …

Byju’s employees start getting salaries after delay in payments for two months: ‘Pleased to inform’
8 months, 2 weeks ago

Byju’s employees start getting salaries after delay in payments for two months: ‘Pleased to inform’

Hindustan Times  

Byju’s crisis: Edtech firm Byju’s started salary payments after delaying them for the past two months. Byju's crisis: The National Company Law Tribunal directed Byju's to keep funds received from the rights issue in an escrow account. The National Company Law Tribunal directed Byju's to keep funds received from the rights issue in an escrow account till the disposal of …

Byju’s breached loan terms, small stake sale blocked, arbitration order shows
8 months, 2 weeks ago

Byju’s breached loan terms, small stake sale blocked, arbitration order shows

The Hindu  

Ed-tech startup Byju's breached terms of loans worth $42 million and has been asked by an arbitrator not to sell some shares of a group firm, a confidential order showed, the latest setback for the company already battling allegations of mismanagement. In the latest dispute, MEMG Family Office, led by billionaire doctor Ranjan Pai, in March initiated arbitration proceedings against …

Byju’s breached $42 million loan terms, small stake sale blocked: Report
8 months, 2 weeks ago

Byju’s breached $42 million loan terms, small stake sale blocked: Report

Live Mint  

Byju's has been asked by an arbitrator to not sell the shares of a group firm after it breached terms of loans worth $42 million, according to a report by Reuters citing a confidential order. In the latest dispute, Ranjan Pai's MEMG Family Office initiated arbitration proceedings against Byju for allegedly not repaying its loan through a pre-agreed transfer of …

Byju’s seeks arbitration over NCLT trial in dispute with investors
8 months, 2 weeks ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Live Mint  

Embattled edtech firm Byju's on Thursday filed a plea with the National Company Law Tribunal seeking arbitration in its dispute with some of its key investors. A clutch of investors including General Atlantic, Prosus and Peak XV have alleged that the edtech firm violated the tribunal’s 27 February order, which had directed debt-laden Byju's to not allot shares to investors …

Delaware court restricts Byju’s from use of $533 mn parked overseas
9 months, 1 week ago

Delaware court restricts Byju’s from use of $533 mn parked overseas

Live Mint  

A US bankruptcy court has ordered a freeze on $533 million in loan proceeds belonging to Think & Learn Pvt, the parent company of Byju’s. Ravindran…either was being untruthful or he’s the most incompetent officer or director of a company in Delaware history.” “The significance of the court’s ruling for all aggrieved parties owed money by Byju’s cannot be overstated…The …

Cash-strapped Byju's distributes part of salaries to employees: Report
9 months, 2 weeks ago

Cash-strapped Byju's distributes part of salaries to employees: Report

Hindustan Times  

Cash-strapped edtech platform BYJU's has announced that it disbursed parts of pending salaries to all the employees for the month of February, promising to clear the balance once it is allowed to use the funds from the closed rights issue, Moneycontrol reported. In a letter to employees as seen by the website, BYJU's said it has processed part of salaries …

Mystery behind Byju's ‘hidden’ $533 million: Here's where it's tied up
9 months, 2 weeks ago

Mystery behind Byju's ‘hidden’ $533 million: Here's where it's tied up

Hindustan Times  

Edtech company Byju's, currently grappling with an intense financial crisis, said on Sunday they were unable to pay the salaries of their employees due to the investors of their company blocking the funding. However, a web of financial mismanagement and court proceedings traced a hefty sum of $533 million to Byju's, tied up in an offshore account, revealed a US …

Setback for Byju's as Australia-based investor slashes valuation by 98%
9 months, 3 weeks ago

Setback for Byju's as Australia-based investor slashes valuation by 98%

Hindustan Times  

Macquarie Capital, an Australia-based global financial services provider, has decided to slash by nearly 100% its valuation of struggling edtech firm Byju's, in which the former invested ‘a few million dollars’ in 2021, Bloomberg has reported quoting people familiar with the matter. This comes after Julius Baer Group Limited, a Swiss private banking group, accused Macquarie of charging clients based …

Byju's CEO Raveendran says can't pay workers' salaries, investors blocked funding
9 months, 3 weeks ago

Byju's CEO Raveendran says can't pay workers' salaries, investors blocked funding

Hindustan Times  

Edtech company Byju's CEO Byju Raveendran, amid the ongoing financial crisis, said the firm will not be able to pay the salaries of the employees, lambasting the investors for moving a resolution to lock the funds of the company in a separate account. Byju's CEO Byju Raveendran slammed investors for blocking the funds of the firm Raveendran, in a letter …

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust
9 months, 3 weeks ago

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust

Hindustan Times  

A small Florida hedge fund that allegedly helped Indian tech firm Think & Learn Pvt hide $533 million must reveal where the money is located or face possible sanctions from a federal judge on Monday. Byju's reportedly took the help of a Florida hedge fund to hide the money US Bankruptcy Judge John Dorsey in a Friday hearing dismissed an …

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors
9 months, 3 weeks ago

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors

Live Mint  

Byju’s woes: The National Company Law Tribunal has registered a new plea filed by four investors against Byju’s, the Indian Edtech major. The plea, listed for hearing before a bench of judicial member K Biswal and technical member Manoj Kumar Dubey, was filed by a group of investors, including MIH Edtech Investments B.V, Peak XV Partners Investments IV & V, …

Byju's crisis: Court ruling protects CEO Raveendran from ouster in upcoming shareholder EGM
10 months ago

Byju's crisis: Court ruling protects CEO Raveendran from ouster in upcoming shareholder EGM

Hindustan Times  

Edtech company Byju's CEO and founder Byju Raveendran got major relief during a Karnataka high court hearing, where the bench refused to stay the emergency meeting called by the investors. Byju's on Wednesday said that any calls taken by the investors during the emergency meeting will not be considered valid till the time the court is done with hearing their …

Byju Raveendran gets temporary protection from ouster
10 months ago

Byju Raveendran gets temporary protection from ouster

New Indian Express  

Byju Raveendran, the embattled founder of Byju's education app, has won a temporary reprieve in his tussle with a section of shareholders for control of the company he founded in 2011. Raveendran got interim relief from Karnataka High Court on Wednesday as the Court stayed the effect of decisions that could be taken during the upcoming extraordinary general meeting of …

Byju’s woes shows failure to adjust to post-covid reality
10 months ago

Byju’s woes shows failure to adjust to post-covid reality

New Indian Express  

Troubled edtech firm Byju’s has been thrown a lifeline by disgruntled investors who have so far pledged to contribute $300 million to allow it to continue operations. The rights issue, expected to close by the end of the month, has valued the company at $200-250 million—a meltdown of about 95 percent from Byju’s peak valuation of $22 billion. Byju’s has …

As Byju's CEO Raveendran faces ouster, edutech firm gets ₹2,500 crore push
10 months ago

As Byju's CEO Raveendran faces ouster, edutech firm gets ₹2,500 crore push

Hindustan Times  

Byju's, in the middle of the intense financial crisis and pressure from lenders, got a commitment of $300 million from its investors for the upcoming rights issue, which has slashed the valuation of parent company Think and Learn by over 90 per cent from its peak. Byju's gets $300 million commitment from investors Investors have made a commitment of $300 …

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall
10 months, 3 weeks ago

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall

Hindustan Times  

Ed-tech company Byju's has been grappling with a financial crisis, and in their latest move, the shareholders of the company have moved a resolution seeking the ouster of the founders from top leadership roles, including CEO Byju Raveendran. US-based investment firm Redwood cut a loan of $1.2 billion to Byju's in November 2021, but the ed-tech firm failed to make …

Shareholders ask Byju Raveendran to step down
10 months, 3 weeks ago

Shareholders ask Byju Raveendran to step down

Live Mint  

Mumbai: Several large shareholders of Think and Learn Pvt. Ltd., the parent entity of edtech startup Byju’s, have called for a change in the company’s management, including the removal of co-founder and chief executive Byju Raveendran, people aware of the development told Mint. General Atlantic, Prosus Ventures, Peak XV and Chan Zuckerberg Initiative, among others, signed a notice on Thursday …

Rights issue caps Byju's wild ride from top startup to throwaway valuation
10 months, 3 weeks ago

Rights issue caps Byju's wild ride from top startup to throwaway valuation

Live Mint  

Online tutor Byju’s has agreed to a post-money valuation of $225 million as it approaches existing investors for $200 million to stay afloat, two people aware of the matter said, a stunning decline from the $22 billion it commanded as the country’s most valued startup just two years ago. “The funds raised will be exclusively utilized to clear immediate liabilities …

Byju’s saviour? Board approves Ranjan Pai’s 40% stake buy in Aakash, says report
10 months, 4 weeks ago

Byju’s saviour? Board approves Ranjan Pai’s 40% stake buy in Aakash, says report

Live Mint  

Byju’s-owned Aakash Institute is set to witness Ranjan Pai, Chairman of the Manipal Education and Medical Group, emerge as its largest shareholder with a 40 percent stake buy, as per an Economic Times report citing sources. Strategic Acquisition Think & Learn, the parent company of Byju’s, acquired Aakash Institute for $950 million in 2021, marking one of the largest acquisitions …

Byju’s likely to slash its valuation by 90% to raise fresh funds
11 months ago

Byju’s likely to slash its valuation by 90% to raise fresh funds

Live Mint  

Byju’s, once counted among the world’s most valuable startups, is seeking to raise funds at a discount of more than 90% from its previous round to alleviate its financial problems. The beleaguered Indian education provider is asking more than $100 million from existing investors through a fresh issuance of shares slated for next month, at a price that values the …

Byju’s mulls partial sale of stake in Aakash Education: Reports
1 year, 5 months ago

Byju’s mulls partial sale of stake in Aakash Education: Reports

Live Mint  

Beleaguered edtech company BYJU'S is now looking to sell part of its state in Aakash Educational Services. The report came alongside indications that the startup and some of its lenders have restarted negotiations to restructure the firm's $1.2 billion term loan. According to an update shared by ET Now, Byju's holding company, Think and Learn, is looking to dilute up …

From layoffs to legal hurdles: What's going on at Byju's?
1 year, 5 months ago

From layoffs to legal hurdles: What's going on at Byju's?

India Today  

Edtech giant Byju’s has seen a sharp turnaround in its fortunes since last year, and the success story of India’s most valuable start-up seems to have turned sour, even as its CEO Byju Raveendran remains optimistic about the company’s future. In a virtual town hall held on Thursday, Raveendran assured employees that the “best is yet to come” for Byju’s, …

Three board members quit Byju's, Deloitte steps down as auditor: Report
1 year, 6 months ago

Three board members quit Byju's, Deloitte steps down as auditor: Report

Hindustan Times  

Three board members of Indian startup Byju's have quit and Deloitte has stepped down as its auditor, three sources said, key departures amid the edtech company's disagreement with lenders and when an investor has slashed its valuation. Byju's founder Byju Raveendran Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have resigned from the board, …

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad
1 year, 6 months ago

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad

The Hindu  

The financial woes of India’s most successful edutech company Byju’s continue to worsen as it skipped payment of $40 million interest on its $ 1.2-billion loan on June 6. March 2023: Byju’s lenders accelerate loan repayment According to the company’s statement, the group’s lenders in U.S led by investment management firm Redwood accelerated the TLB repayment alleging certain non-monetary and …

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions
1 year, 6 months ago

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions

News 18  

Byju’s, the world’s highest-valued edtech company, is gearing up for an important week of discussions with its lenders as it seeks to ease growing tensions, people aware of the matter told Moneycontrol. The upcoming discussions hold immense significance for Byju’s, as the company, one of the world’s largest startups, has been in a prolonged dispute with its lenders for over …

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification
1 year, 6 months ago

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification

ABP News  

Indian edtech start-up Byju's on Tuesday filed a complaint in the Supreme Court of New York to challenge acceleration of the $1.2 billion Term Loan B, the company said. As conveyed to the TLB lenders, BYJU'S remains financially robust with significant cash reserves," the company said. On March 3, the TLB lenders unlawfully accelerated the TLB on account of certain …

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims
1 year, 7 months ago

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims

The Hindu  

Bengaluru-based edtech firm Byju’s has refuted the charge that it is hiding $500 million through Byju’s Alpha, a non-operative U.S. entity set up to receive the Term Loan B. The litigants made claims that the edtech firm either hid or moved $500 million from Byju’s Alpha, insinuating that these acts were somehow wrongful, Byju’s said in a statement. As Byju’s …

BYJU’S refutes claims of hiding $500 million through US-based subsidiary
1 year, 7 months ago

BYJU’S refutes claims of hiding $500 million through US-based subsidiary

Live Mint  

Edtech giant BYJU'S has refuted claims that it is hiding $500 million through its US-based company, BYJU'S Alpha. Terming BYJU's Alpha as a non-operative US entity with no employees, the ed-tech company called the claims made in the Delaware court ‘bewildering’. In a statement about the matter, the company said, “This is an interim order of a Delaware Court to …

Early backers in talks to sell stakes in Byju's
1 year, 11 months ago

Early backers in talks to sell stakes in Byju's

Live Mint  

Byju’s early investors, including Lightspeed Investment Partners and Chan Zuckerberg, are seeking buyers for their partial or full stakes in the edtech company as they look to book profit, four people with direct knowledge of the talks said. This means that even if selling investors found buyers for their stakes at a particular valuation, founder Raveendran would hold the right …

Byju’s founder Raveendran raising funds to raise his stake in firm
1 year, 11 months ago

Byju’s founder Raveendran raising funds to raise his stake in firm

Live Mint  

Byju Raveendran, the founder of the world’s most valuable edtech startup Byju’s, is in financing talks to lift his stake in the company to as high as 40%, people familiar with the matter said. Byju’s was valued at $22 billion the last time it raised funds, though the buyback may happen at a lower valuation, the people said, asking not …

Byju Raveendran pens emotional farewell note to sacked staff
2 years, 1 month ago

Byju Raveendran pens emotional farewell note to sacked staff

Live Mint  

Edtech unicorn Byju’s founder sought forgiveness from the 2,500 employees who are in the process of being fired by the edtech, as it pursues a plan to achieve profitability by the end of FY23. We are having to part ways with 2500 of our colleagues,” chief executive and founder Byju Raveendran wrote in an internal letter to employees on Monday. …

August deadline for Byju’s to pay Blackstone $200mn
2 years, 5 months ago

August deadline for Byju’s to pay Blackstone $200mn

Live Mint  

MUMBAI : Byju’s needs to pay nearly $200 million to US private equity giant Blackstone Inc. by next month as part of the acquisition of Aakash Educational Services Ltd, two people aware of the matter said. As part of the deal, Byju’s was to buy Blackstone’s stake in test preparation leader AESL by June, but both parties agreed to a …

Why is Byju’s laying off employees and delaying payments?
2 years, 5 months ago

Why is Byju’s laying off employees and delaying payments?

Live Mint  

Bengaluru-based largest ed-tech company, Byju's, is in news for two very different reasons in two different countries. India's $22 billion firm is making headlines in India for joining the layoff bandwagon by announcing the termination of 500 employees in WhiteHat Jr, 1,100 in Toppr and reports suggest the number may be as high as 2500 across its group of companies. …

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