Byju’s transfers $533 million to non-US subsidiary, Camshaft no longer in charge
Live MintBengaluru: 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. "There was nothing improper about this: there are no covenants in the loan agreement requiring cash or other collateral to be held by Byju’s Alpha at any point of time," the company said. These lenders have also taken control of Byju's Alpha by “purportedly” replacing Byju’s nominee with their own designee, and are now "using discovery tools available under Delaware bankruptcy law to gain information about Byju’s assets, including any cash holdings in the US," the company said.
History of this topic
NCLT issues notices to Byju’s; US court imposes penalty on director
New Indian Express
Delaware court restricts Byju’s from use of $533 mn parked overseas
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Mystery behind Byju's ‘hidden’ $533 million: Here's where it's tied up
Hindustan Times
Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust
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BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad
The Hindu
Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims
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