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Byju's seeks arbitration in dispute with investors; NCLT adjourns hearing to April 23

Economic Times

Economic Times · 1y ago

Byju's seeks arbitration in dispute with investors; NCLT adjourns hearing to April 23

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.

Related News

Byju’s seeks arbitration over NCLT trial in dispute with investors

Livemint

Livemint · 1y ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Edtech company Byju's has approached the National Company Law Tribunal (NCLT) in India, seeking arbitration to resolve its dispute with key investors, including General Atlantic and Prosus. Byju's argues that arbitration proceedings should take precedence over the ongoing NCLT proceedings. The investors have alleged that Byju's violated an earlier NCLT order by issuing shares without increasing its authorized share capital. Byju's denies these allegations and has been given 10 days to respond. The case is set to be heard on 23 April.

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

IndianStartupNews

IndianStartupNews · 1y ago

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

The National Company Law Tribunal (NCLT) in Bengaluru will soon decide on the insolvency plea filed by the BCCI against BYJU'S, the edtech giant. The dispute revolves around alleged outstanding dues of around Rs 160 crore from BYJU'S jersey sponsorship deal with the Indian cricket team. BYJU'S argued that the claim should go to arbitration and that the dispute is related to the period after the contract ended. The NCLT is expected to deliver its verdict on March 20. BYJU'S is facing financial challenges, including a dispute with investors over a rights issue and delayed salary payments.

BCCI objects to BYJU'S arbitration plea over ₹158 crore dues

Money Control

Money Control · 1y ago

BCCI objects to BYJU'S arbitration plea over ₹158 crore dues

BCCI has informed the National Company Law Tribunal (NCLT) that it would object to BYJU'S plea seeking arbitration in the dispute over sponsorship dues. Last year, BCCI claimed that the edtech startup defaulted on a payment of ₹158 crore. An application to refer the dispute to arbitration is not maintainable in insolvency proceedings, BCCI's counsel told NCLT.

BYJU’S Vs BCCI: NCLT Likely To Pronounce The Order Next Week

Inc42 · 1y ago

BYJU’S Vs BCCI: NCLT Likely To Pronounce The Order Next Week

The National Company Law Tribunal (NCLT) has scheduled the next hearing in the insolvency case filed by the Board of Control for Cricket in India (BCCI) against edtech startup BYJU'S on March 20. The Tribunal is expected to pronounce its order in the case after hearing arguments from both sides. BYJU'S has requested that the case be taken to arbitration, arguing that the BCCI did not provide any service after the contract between the two parties ended. The dispute centers around non-payment of dues as part of a sponsorship deal.

Battle Over Rights Issue: Disgruntled Investors Accuse BYJU’S Of Violating NCLT’s Orders

Inc42 · 1y ago

Battle Over Rights Issue: Disgruntled Investors Accuse BYJU’S Of Violating NCLT’s Orders

BYJU'S is facing further trouble as investors allege that the edtech giant violated a National Company Law Tribunal (NCLT) order by allotting shares without increasing authorized capital. The investors, including Prosus, General Atlantic, Sofina, and Peak XV, have filed an affidavit placing their concerns on record. By not increasing authorized capital, BYJU'S would be in violation of the NCLT's interim order. BYJU'S has denied the allegations and has 10 days to respond to the NCLT. Additionally, the company has filed an application for arbitration in the ongoing dispute. Last month, BYJU'S founder Byju Raveendran mentioned the possibility of allowing disgruntled investors to participate in the company's rights issue.

NCLT adjourns hearing in Byju’s rights issue case to June 6

Economic Times

Economic Times · 1y ago

NCLT adjourns hearing in Byju’s rights issue case to June 6

The National Company Law Tribunal (NCLT) in Bengaluru has adjourned the case between Byju's and its investors until June 6. The investors, led by Dutch investor Prosus, are seeking to block a $200 million rights issue and the removal of Byju Raveendran as CEO. There are allegations of violation on Byju's part regarding an NCLT order, including the allotment of shares to investors and the use of funds from the rights issue. Byju's claims to have acted in accordance with the law. In addition to these legal issues, Byju's has been facing a severe cash crunch, delaying salary payments and laying off employees.

NCLT refuses to stay Byju’s EGM over $200-million rights issue

Business Today

Business Today · 1y ago

NCLT refuses to stay Byju’s EGM over $200-million rights issue

The National Company Law Tribunal (NCLT) in Bengaluru has denied a stay on Byju's extraordinary general meeting (EGM), which was scheduled for March 29th. This EGM aimed to increase the edtech company's share capital for a $200 million rights issue. Byju's investors, led by Prosus, had sought to block the EGM and the rights issue through the NCLT. The tribunal refused to grant the stay and ordered Byju's to share requested financial information with its investors. The next hearing is scheduled for April 4th. Byju's has faced several setbacks recently, including the resignation of its auditor and legal disputes.

NCLAT adjourns Byju’s case hearing to November 6

Economic Times

Economic Times · 10m ago

NCLAT adjourns Byju’s case hearing to November 6

- Case involving Byju's and US lenders adjourned to November 6 by NCLAT. - US lenders demand repayment of $1.2 billion loan from Byju's. - Supreme Court temporarily halts all meetings regarding Byju's insolvency proceedings. - Glas Trust moves apex court challenging its removal from Byju's committee of creditors. - Supreme Court instructs interim resolution professional to maintain status quo and not hold lenders' meeting. - Separate matter between Byju's investors and parent company adjourned to November 18 by NCLT.

Why Byju’s pushed for arbitration in BCCI dispute

Economic Times

Economic Times · 1y ago

Why Byju’s pushed for arbitration in BCCI dispute

Edtech firm Byju's has referred its dispute with the Board of Control for Cricket in India (BCCI) to an arbitrator in an attempt to resolve the matter. Byju's is facing financial difficulties in fulfilling its obligations as a sponsor of the BCCI, with the cricket governing body initiating insolvency proceedings against the company for defaulting on sponsorship dues worth Rs 150 crore. By opting for arbitration, Byju's aims to address the dispute through a confidential and timely process, potentially reducing the impact on its operations and reputation. The hearing has been deferred to February 7th.

BCCI Vs BYJU’S: Edtech giant seeks to take the dispute to arbitration

Inc42 · 1y ago

BCCI Vs BYJU’S: Edtech giant seeks to take the dispute to arbitration

Edtech giant BYJU'S has moved an application for arbitration to resolve its INR 158 Cr payment dispute with the Board of Control for Cricket in India (BCCI). BYJU'S argues that the Insolvency and Bankruptcy Code proceedings cannot proceed until the matter is decided by an arbitrator. The dispute between the two entities arises from the sponsorship rights of the Indian cricket team's jerseys. BYJU'S claims to be in talks with the BCCI to settle the issue, but the cricketing body denies any ongoing negotiations. The next hearing is scheduled for February 7th.

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