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 court proceeding. During a hearing on Friday, US Bankruptcy Judge John Dorsey told the accused Florida hedge fund Camshaft Capital Fund to reveal the location of the hidden money or face possible sanctions from the court this week. It has been alleged that Alpha Inc, run by Byju's parent company Think and Learn, transferred $533 million to Florida hedge fund Camshaft Capital Fund after going bankrupt, despite owing $1.2 billion to lenders. Due to the non-payment of loans, multiple investors and lenders of Alpha Inc approached a US court, commencing a legal battle against Byju's and its parent firm seeking the payment of $1.2 billion and the whereabouts of $533 million.

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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 …

NCLT issues notices to Byju’s; US court imposes penalty on director
7 months ago

NCLT issues notices to Byju’s; US court imposes penalty on director

New Indian Express  

BENGALURU: The National Company Law Tribunal has issued notices to Byju’s parent Think and Learn in three cases of unpaid due claims. Earlier in April, the Bengaluru bench of NCLT deferred hearing of the ongoing case between Byju’s and the four investors to June 6. Meanwhile, Byju Raveendran’s brother Riju Ravindran is facing penalties for not disclosing the location of …

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 …

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 …

Byju’s transfers $533 million to non-US subsidiary, Camshaft no longer in charge
9 months, 2 weeks ago

Byju’s transfers $533 million to non-US subsidiary, Camshaft no longer in charge

Live Mint  

Bengaluru: Byju's funds amounting to $533 million are currently in a 100% non-US subsidiary and Florida-based Camshaft Capital Fund is no longer handling the money, the troubled edtech firm said on Tuesday. The funds from Camshaft were first transferred to another fully owned US subsidiary of Byju’s, Inspilearn, and from there to a fund based outside the US, Byju's said. …

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 ‘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 …

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 …

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, …

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 …

Byju’s in funding talks with TPG, sovereign funds as debt weighs
1 year, 10 months ago

Byju’s in funding talks with TPG, sovereign funds as debt weighs

Live Mint  

Byju’s is in negotiations with investors including TPG to raise more than $500 million, a much-needed capital infusion that could help the world’s most valuable edtech startup stave off potential debt issues. Several investment firms including TPG and two Middle Eastern sovereign wealth funds have begun due diligence on the Indian company, which is hoping to keep its valuation steady …

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