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Byju’s penalized over IAS ads, set to appeal

Livemint

Livemint · 1y ago

Byju’s penalized over IAS ads, set to appeal

The Central Consumer Protection Authority (CCPA) has fined edtech platform Byju's with a penalty of ₹10 lakh for allegedly publishing false and misleading advertisements for its online IAS coaching offering. Byju's is accused of making unsubstantiated claims about the success rates of their candidates in UPSC civil services exams. The company has been directed to pay the penalty and stop the advertisements. Byju's plans to appeal the order, stating that they believe the advertisements are not misleading.

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Three cousins turned a homemade drink into a ₹312 cr revenue brand

Inshorts · 1m ago

Three Chandigarh-based cousins turned a homemade spiced drink into Lahori Zeera. With no investor backing, they struggled to set up their own factory and distribution. Despite initial rejection and no ads for 6 years, their ₹10 desi soda gained mass appeal, generating ₹312 crore in revenue in FY24.

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

Livemint

Livemint · 11m ago

Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint

The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.

Facebook's Meta fined for breaches of Italian gambling ads ban

Economic Times

Economic Times · 1y ago

Facebook's Meta fined for breaches of Italian gambling ads ban

Facebook's parent company, Meta, has been fined by Italian authorities for violating the country's ban on gambling ads. The Italian Competition and Market Authority imposed a fine of €7 million on Meta for allowing gambling-related ads to be shown on its platform without proper authorization. The company was accused of not adequately vetting the ads and failing to enforce the ban. Meta plans to appeal the fine, stating that it takes compliance with local laws seriously.

BYJU’S insolvency: NCLAT judge withdraws from appeal hearing

Inshorts · 5m ago

BYJU’S insolvency: NCLAT judge withdraws from appeal hearing

Justice (retd) Sharad Kumar Sharma, a judicial member of the National Company Law Appellate Tribunal (NCLAT) Chennai, has recused himself from hearing an appeal by Riju Raveendran. The appeal challenges a National Company Law Tribunal (NCLT) order that reinstated BYJU's lenders, Glas Trust and Aditya Birla Finance, into the debt-ridden edtech company's committee of creditors.

Consumer body CCPA issues notices to IAS coaching centers for "Misleading" ads

IndianStartupNews

IndianStartupNews · 1y ago

Consumer body CCPA issues notices to IAS coaching centers for "Misleading" ads

The Central Consumer Protection Authority (CCPA) in India has taken action against 20 IAS coaching institutes for misleading advertisements. These institutes were found to be enticing civil services aspirants with exaggerated claims, violating consumer protection regulations. Penalties have been imposed on some, with notable institutes like Vajirao & Reddy Institute, Chahal Academy, BYJU'S IAS, Unacademy, Vision IAS, and Rau's IAS Study Circle receiving notices. The CCPA aims to ensure proper disclosures to protect the interests of students and prevent deception in the coaching industry, which has an estimated annual market revenue of approximately Rs 58,088 crore.

US court pulls up Byju’s co-founder Riju Ravindran for concealing $533 mn

Livemint

Livemint · 1y ago

US court pulls up Byju’s co-founder Riju Ravindran for concealing $533 mn

Riju Ravindran, co-founder of edtech company Byju's, has been penalized by a US court for contempt of court. The court found Ravindran in contempt for refusing to disclose the location of $533 million in term loan proceeds that he transferred from Byju's Alpha Inc. The court has also prohibited further transfer or use of the loan proceeds. The financial penalties imposed on Ravindran will be announced in a future hearing. Byju's has faced multiple legal cases from investors, vendors, and bondholders, adding to its existing challenges.

Meta faces $3.6 million fine in Brazil for allowing bogus Havan ads

Economic Times

Economic Times · 11m ago

Meta faces $3.6 million fine in Brazil for allowing bogus Havan ads

Brazilian department store chain Havan has won a lawsuit against Meta Platforms, the parent company of Facebook, accusing it of accepting fraudulent ads that deceive consumers using Havan's name. Meta faces a potential fine of up to $3.62 million and must block unauthorized ads mentioning Havan or its owner within 48 hours or face fines of up to 20 million reais. The judge ruled that Meta's sale of ads in an insecure manner to sustain its business model is unacceptable. Havan sees this decision as a landmark in protecting its rights. Meta can appeal the ruling.

US bankruptcy court dismisses lenders’ plea against Byju’s-BCCI settlement

Economic Times

Economic Times · 11m ago

US bankruptcy court dismisses lenders’ plea against Byju’s-BCCI settlement

The Delaware Bankruptcy Court has rejected an attempt by Glas Trust Company to block Byju's settlement deal with the Board of Control for Cricket in India (BCCI) over an overdue payment. Byju's had raised $1.2 billion from US lenders and is using personal funds to settle the payment. The National Company Law Appellate Tribunal (NCLAT) approved the settlement and dismissed insolvency proceedings against Byju's. The lenders may appeal the NCLAT order in the Supreme Court. Byju's legal counsel criticized the US court's interference, calling it "forum shopping."

Exclusive: PhysicsWallah–Drishti IAS acquisition deal called off

Entrackr

Entrackr · 1m ago

Exclusive: PhysicsWallah–Drishti IAS acquisition deal called off

Exclusive: PhysicsWallah–Drishti IAS acquisition deal called off In April 2025, Entrackr exclusively reported that PhysicsWallah was evaluating acquisitions to strengthen its presence in the Union Public Service Commission (UPSC) test preparation segment. The highly anticipated acquisition of Drishti IAS by edtech unicorn PhysicsWallah has been called off, according to two sources. The deal was in advanced stages but did not materialize due to multiple reasons. The deal was estimated at Rs 2,500-Rs 3,000 crore. Drishti IAS, along with other institutes like Chaitanya Academy, Rau's IAS Study Circle, and Sarrthi IAS were among the assets being considered for potential acquisition. “Drishti IAS considered the proposal after being approached by PhysicsWallah, but given its strong revenue and profitability, the company has decided to continue operating independently and is not looking to raise external funding and acquisition," said one of the sources requesting anonymity. Drishti IAS, founded in 1999, has established itself as a leading player in civil services preparation, particularly for Hindi-medium students. The Delhi-based institute reported a revenue of Rs 405 crore and a profit after tax of Rs 90 crore in FY24. Sources added that Drishti is expected to close FY25 with a decent growth in revenue as well as profit. PhysicsWallah, known for its affordable online coaching, has been expanding its offerings beyond engineering and medical entrance exams into the competitive UPSC coaching space. The potential acquisition of Drishti IAS was seen as a strategic move to bolster its offline presence and diversify its portfolio ahead of its planned IPO. PhysicsWallah declined to comment on the story, while Drishti IAS did not respond to queries until the time of publication. Media reports suggest that PhysicsWallah filed draft papers via confidential route in March to raise Rs 4,600 crore through an initial public offering (IPO). If successful, it will become the first edtech unicorn to be listed on the stock exchange.

NCLAT member recuses from hearing appeal in Byju’s case

Economic Times

Economic Times · 5m ago

NCLAT member recuses from hearing appeal in Byju’s case

NCLAT member Justice Sharad Kumar Sharma recused himself from hearing an appeal by Riju Ravindran concerning a BCCI insolvency petition against edtech firm Byju's, citing a conflict of interest due to his prior association with BCCI. The matter is now with NCLAT chairperson Justice Ashok Bhushan to appoint a new bench. Previously, Sharma recused himself from another Byju's-related case for similar reasons. The controversy involves pending tribunal orders and creditor committee inclusions.

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