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Byju’s clarifies source of BCCI settlement money to appeals court | Mint

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Byju’s clarifies source of BCCI settlement money to appeals court | Mint

Riju Raveendran, a board member of Byju's, has proposed to settle the company's dues to the Board of Control for Cricket in India (BCCI) from his personal funds. Raveendran revealed that he had accumulated ₹3,600 crore by selling his shares in Byju's parent company. Byju's approached the National Company Law Appellate Tribunal (NCLAT) to fend off bankruptcy proceedings initiated by the BCCI and stated that Raveendran would settle the dues. Raveendran clarified that he had paid ₹1,050 crore as income tax and infused the remaining ₹2,600 crore into Think & Learn for operational purposes. The settlement is being disputed by US lender Glass Trust Inc., which has filed an insolvency application against Byju's.

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