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News on Medial
Byju Raveendran told US colleague to flee ahead of testimony
Economic Times
·
8m ago
Medial
Byju Raveendran, the founder of Byju's, allegedly attempted to persuade a businessman, William Hailer, to leave the US and avoid testifying in federal court about suspicious activities related to the edtech company. Hailer claimed that Raveendran provided him with a plane ticket to Dubai and promised a high-paying job if he refused to testify. Raveendran is currently fighting to regain control of Byju's, which is under court supervision in India and the US. This follows a similar incident earlier this year when another associate of Byju's fled the US before testifying.
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Byju Raveendran holds EGM amid crisis, proposes setting up Board Advisory Committee
Money Control
·
2y ago
Medial
Byju Raveendran told shareholders that it will be forming a Board Advisory Committee (BAC) to provide advice and guidance to the CEO on matters pertaining to the composition of the board and the governance structure suitable for the company.
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Byju files caveat in SC expecting challenge to NCLAT order
Inshorts
·
1y ago
Medial
BYJU'S CEO Byju Raveendran filed a plea in Supreme Court requesting to be heard before the court decides on a likely plea by US lenders opposing NCLAT's order ending insolvency proceedings against BYJU'S. US lenders had objected to the BYJU'S-BCCI settlement, alleging Byju of using money stolen from them. Byju's brother Riju paid for settlement with BCCI using personal assets.
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Rights issue subscribed, will appoint agency on capital use and update shareholders: Byju Raveendran
Economic Times
·
1y ago
Medial
Byju's CEO, Byju Raveendran, informed shareholders that the $200 million rights issue has been fully subscribed, ahead of an extraordinary general meeting where a group of investors is aiming to remove him as CEO. Raveendran also mentioned plans to restructure the board and appoint two non-executive directors to increase shareholder representation. In an effort to ensure transparency, a third-party agency will be appointed to monitor the usage of funds raised through the rights issue, with quarterly reports provided to shareholders. Raveendran expressed concern about vested interests acting against the company during a cash crunch.
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BCCI in talks with BYJU'S to settle dispute over ₹158 crore dues
Internet
·
1y ago
Medial
The Board of Control for Cricket in India (BCCI) told the National Company Law Appellate Tribunal (NCLAT) on Tuesday that it is in talks with Byju Raveendran to settle its dispute with BYJU'S-parent Think and Learn. The startup was admitted into insolvency earlier this month over BCCI's plea. The dispute is over dues worth ₹158 crore related to sponsorship rights.
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Missing $533 mn used for legitimate purposes: Byju to US court
Inshorts
·
10m ago
Medial
BYJU'S Founder Byju Raveendran has denied fraudulently transferring $533 million away from US lenders. He claimed the funds "were utilised for legitimate commercial purposes". "I never stated that 'the money is someplace the lenders will never find it'," he said in a court filing. The lenders have accused the startup of siphoning off money to offshore entities linked to Raveendran.
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US bankruptcy court holds Byju Raveendran in contempt for failure to comply with its orders - The Economic Times
Economic Times
·
1m ago
Medial
Byju Raveendran, founder of Byju's, was held in civil contempt by the US Bankruptcy Court for the District of Delaware for not complying with discovery orders related to his company's financial dealings. The court imposed a daily fine of $10,000 until compliance. Previously, allegations were made that Raveendran and others misappropriated $533 million from creditors. Amid ongoing legal battles, Byju’s is selling its US assets to repay debts, while further legal actions are underway in India.
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Byju Raveendran Borrows Funds To Make Small Payment To BYJU’S Teachers
Inc42
·
10m ago
Medial
The founder of edtech startup BYJU'S, Byju Raveendran, has informed teachers that he has secured funds to make a small payment to them and expressed confidence in winning a court case against US-based lenders Glas Trust. Raveendran acknowledged that teachers have not been paid for the past three months but assured them of receiving more than their fair share once he regains control of the company.
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Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring
Economic Times
·
1y ago
Medial
Byju Raveendran, the founder and CEO of edtech giant Byju's, has confirmed that the company's $200 million rights issue is fully subscribed ahead of the extraordinary general meeting (EGM) on Friday. Raveendran assured shareholders that the funds raised will be used transparently and emphasized the importance of their participation in the rights issue to preserve and build value for all shareholders. He also mentioned taking steps to restructure the board, appoint non-executive directors, and appoint a third-party agency to monitor the usage of funds. Raveendran expressed confidence in Byju's resilience and highlighted the company's ongoing growth and upcoming AI-powered tool, Byjus Wiz.
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Byju's legal battles: US court ruling, new RP and whistleblower claims
Economic Times
·
5m ago
Medial
Byju’s is facing legal challenges after the US Bankruptcy Court in Delaware found that founder Byju Raveendran and others defrauded its US entity and lenders. Allegations include fund misappropriation and breach of duties. In India, Glas Trust is pursuing legal action against Byju's in the NCLT. Raveendran has accused Glas Trust, EY, and a former resolution professional of collusion, demanding an investigation. A new resolution professional has been appointed amid ongoing disputes.
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US lenders file suit against Byju Raveendran, wife over missing loan funds, founders refute claim: Report
Business Today
·
4m ago
Medial
American lenders are suing Byju Raveendran and his wife in a US bankruptcy court, alleging that over $500 million in loan proceeds are missing. They are also seeking to hold the couple personally liable for these funds.
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