MUMBAI: In a fresh setback for troubled edtech Byju’s, Riju Ravindran, the brother of the startup’s founder & CEO Byju Raveendran, has been found to be in contempt of a US court. The development follows his defiance of a court order that directed him to disclose the location of $533 million that the company’s US … Read more
NEW DELHI: Byju Raveendran, the founder of the troubled edtech giant Byju’s, has reached out to disgruntled investors in a bid to reconcile, announcing a board consideration of an offer on renounced shares. This move aims to address investor concerns over dilution of their stakes following a rights issue that significantly reduced the Indian startup’s … Read more
MUMBAI: The National Company Law Tribunal (NCLT) on Thursday refused to stay the extraordinary general meeting (EGM) called by Byju’s on March 29 to increase the authorised share capital required to enable its $200 million rights issue, granting some reprieve to the troubled edtech startup. Byju’s lawyers argued in court that the “only objective of … Read more
MUMBAI: The National Company Law Tribunal (NCLT) on Thursday refused to stay the extraordinary general meeting (EGM) called by Byju’s on March 29 to increase the authorised share capital required to enable its $200 million rights issue, granting some reprieve to the troubled edtech startup. In the court, Byju’s lawyers argued that the “only objective … Read more
MUMBAI: In a major setback for troubled startup Byju’s, a US bankruptcy court has passed an order in favour of the edtech company’s term loan lenders, disabling the firm from transferring or using $533 million received as part of loan proceeds, essentially freezing the assets. The loan amount – which has been at the centre … Read more
Indian tech firm Think & Learn Pvt must freeze $533 million to protect the money for disgruntled lenders who claim the cash should only be used to pay them, a US judge said Thursday.The decision by US Bankruptcy Judge John Dorsey was a mixed victory for lenders. They earlier demanded the money be placed under … Read more
Mumbai: Edtech startup Byju’s has given up all office spaces except its Bengaluru headquarters as the company struggles with a cash crunch. The move is part of the firm’s business restructuring that has been mandated by India CEO Arjun Mohan, company sources said. To be sure, Byju’s has been vacating offices since the past few … Read more
MUMBAI: Byju’s has given up all office spaces except its Bengaluru headquarters as the troubled startup struggles with cash crunch. Sources at the company said that the move is part of the firm’s business restructuring that has been mandated by India CEO Arjun Mohan. To be sure, Byju’s has been vacating offices since the past … Read more
MUMBAI: Troubled edtech startup Byju’s on Tuesday said that the $533 million it received from foreign lenders as part of a $1.2-billion term loan B has been parked with a non-US subsidiary of the firm and not “siphoned off“.Four of Byju’s investors had recently argued in a court that the company has siphoned off $533 … Read more
Indian edtech major Byju’s is embroiled in a financial controversy as a US court hearing looms regarding the whereabouts of $533 million that the company invested in an American hedge fund. This comes amidst separate claims from Byju’s employees who allege salary delays due to a dispute with investors locking funds raised through a recent … Read more