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Byju's founder floats share offer to make peace with estranged investors
TechCrunch
·
1y ago
Medial
Byju Raveendran, the founder of Byju's, is attempting to appease disgruntled investors by considering an offer of renounced shares to prevent dilution of their holdings. The startup's board is weighing this option despite the legal actions taken by some investors who seek to remove Raveendran and invalidate a recent rights issue. Byju's is currently facing concerns about its governance practices and the delay in producing financial accounts. Raveendran expressed his commitment to the company and hopes that investors will continue their journey with Byju's.
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Byju’s arranges for alternative credit, begins March salary payouts
Economic Times
·
1y ago
Medial
Edtech company Byju's has informed its employees that it has started the process of salary disbursements for March. However, the company has faced challenges in accessing funds from a rights issue due to actions taken by four foreign investors. Byju's has arranged an alternative line of credit to ensure timely payments. The company is currently defending a lawsuit filed by investors seeking to block the rights issue and the removal of founder Byju Raveendran as the CEO. Byju's has also extended an offer to invest in the rights issue to the estranged investors.
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Byju’s secures 50% votes for rights issue, offers battling investors to participate in funding
Economic Times
·
1y ago
Medial
Byju Raveendran, CEO of Byju's, has offered estranged investors the opportunity to invest in the rights issue to prevent dilution of their shareholding. In a letter to shareholders, Raveendran mentioned that the company has secured more than 50% of votes to increase the authorized share capital for the $200 million rights issue. Despite legal actions taken by some investors, Byju's continues to prioritize existing shareholders and aims to involve them in the company's turnaround. The National Company Law Tribunal (NCLT) recently refused to stay Byju's extraordinary general meeting (EGM) to increase authorized share capital for the rights issue.
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‘Focus on quality with efficiency…’: BYJU'S shuts 30 out of 292 tuition centres
Livemint
·
1y ago
Medial
BYJU's has closed down 30 out of its 292 tuition centres as part of cost optimization measures. The company aims to make the remaining centres profitable within three years. BYJU's said that the closed centres will undergo strategic restructuring to align with the company's long-term vision. The edtech firm is also using the premises of tuition centres as sales offices. An extraordinary general meeting (EGM) has been called by BYJU's on March 29 to increase the authorized share capital, but some investors have opposed the meeting and seek to remove the founder and CEO from the board.
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Byju's seeks arbitration in dispute with investors; NCLT adjourns hearing to April 23
Economic Times
·
1y ago
Medial
The National Company Law Tribunal (NCLT) in Bengaluru has adjourned the Byju's versus investors case to April 23. A group of Byju's investors, led by Prosus, is trying to block a $200 million rights issue and remove founder Byju Raveendran as CEO. Byju’s has filed a plea to transfer the matter to arbitration. The NCLT noted that it would be a "blatant violation" if Byju's had issued shares to investors for the rights issue before increasing authorized share capital. The case will continue with further filings by both parties.
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Aakash and Byju’s merger application withdrawn
Thehindubusinessline
·
1y ago
Medial
Think and Learn, the parent company of edtech firm Byju's, and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition. The merger, which was part of a cash-and-stock deal worth $940 million, has hit a roadblock as AESL's founder, the Chaudhry family, refused to complete the share swap due to governance issues. Moreover, Byju's has sent a legal notice to AESL's founders over their alleged resistance to complete the share swap. Byju's is facing a cash crunch and is dealing with an oppression and mismanagement case filed by a group of investors.
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BYJU’S Considering Offer For Warring Investors To Participate In Rights Issue
Inc42
·
1y ago
Medial
BYJU'S is considering an offer for its dissatisfied investors to participate in its $200 million rights issue, despite opposition from investors engaged in legal actions. The CEO, Byju Raveendran, sent an email to shareholders stating that the board is considering making the offer in good faith to avoid dilution of existing shareholders' stakes. The company has already secured over 50% of the necessary votes to increase its authorized share capital. BYJU'S is currently facing hostilities from investors, including Prosus Ventures, Peak XV Partners, and Chan Zuckerberg Initiative, who opposed the rights issue.
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India needs to rally behind its edtech startups, beginning with Byju’s
Money Control
·
1y ago
Medial
The ongoing battle for control of edtech startup Byju's, between founder Byju Raveendran and marquee investors, should not overshadow the importance of the company's contribution to India's education sector. Byju's has the potential to significantly improve education accessibility and support the achievement of sustainable development goals. It also plays a crucial role in showcasing India's startup prowess. It is crucial that the founder-investor standoff does not impede Byju's growth or hinder its ability to make a positive impact in education.
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India's tribunal court allows Byju's to proceed with crucial EGM
TechCrunch
·
1y ago
Medial
Byju's has been granted permission to proceed with its extraordinary general meeting (EGM) to increase authorized share capital, following favorable outcomes in two court hearings. The National Company Law Tribunal refused to stay the EGM, but the matter will be reviewed again on April 4th. Concurrently, the Karnataka High Court has granted Byju's two months to address the case filed by a group of investors seeking the removal of founder and CEO Byju Raveendran from the firm. Byju's hopes to tap into the $200 million it has already received from investors through a rights issue.
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No objection to resolution in Byju's EGM; miffed investors await scrutiniser's report
Economic Times
·
1y ago
Medial
Shareholders of Think and Learn, the parent company of Byju's, did not object to the firm's resolution to increase authorized share capital in order to absorb the recently raised $200 million through a rights issue. The miffed investors who proposed to oust Byju's founder and family from management did not participate in the meeting, but voting is still open until April 6. Byju's raised $200 million in February but needed shareholder approval to issue additional equity. Several investors have approached the National Company Law Tribunal against Byju's EGM.
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Byju’s investor consortium moves NCLT against rights issue
Livemint
·
1y ago
Medial
A consortium of investors including Prosus, General Atlantic, Sofina, and Peak XV Partners has lodged a petition against Byju's rights issue, accusing the company of suppressing investor rights and mismanagement. The investors argue that Byju's management did not share relevant financial information with them and conducted an "oppressive" and non-transparent rights offer. They are seeking the declaration of the rights issue as void, the removal of the founders and management, and a forensic audit of the company. Byju's spokesperson stated that the company has not received a notice on the NCLT petition.
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