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Proceedings initiated against Byju's under companies law 'still ongoing': MCA

Economic Times

Economic Times · 1y ago

Proceedings initiated against Byju's under companies law 'still ongoing': MCA

The Ministry of Corporate Affairs has clarified that proceedings against edtech company Byju's under the companies law are ongoing, and a final conclusion cannot be reached at this stage. Last year, the ministry initiated an inspection of Byju's books following certain developments, including the company's inability to finalize statements and an auditor's resignation. The ministry's statement contradicts reports claiming that Byju's has been cleared of financial fraud. The proceedings under the Companies Act, 2013 are still ongoing, and no final conclusion should be drawn. The Ministry had ordered an inspection of Byju's parent company, Think & Learn Pvt Ltd, in July 2023.

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Byju's reaches settlement with BCCI, Riju Raveendran to pay Rs 158 crore pending dues

Economic Times

Economic Times · 11m ago

Byju's reaches settlement with BCCI, Riju Raveendran to pay Rs 158 crore pending dues

Byju's founder, Byju Raveendran, and the Board of Control for Cricket in India (BCCI) have settled their dispute over pending dues. The settlement amount, already partly paid, will be covered by Byju's board member, Riju Raveendran. However, US lenders against Byju's, who provided a $1.2 billion loan, have opposed the settlement. The National Company Law Appellate Tribunal (NCLAT) has requested evidence of the source of funds being paid to the BCCI. Byju's is currently under insolvency proceedings initiated by the National Company Law Tribunal. The dispute pertains to a jersey sponsorship agreement between Byju's and BCCI.

BCCI hints at settlement talks with Byju's

Economic Times

Economic Times · 11m ago

BCCI hints at settlement talks with Byju's

The Board of Control for Cricket in India (BCCI) has requested a one-day adjournment at the National Company Law Appellate Tribunal (NCLAT), indicating ongoing talks with Byju's regarding a potential settlement. Byju's Founder, Raveendran, has filed a plea challenging the initiation of insolvency proceedings against Think & Learn, the company behind Byju's. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of ₹158.9 crore by Think & Learn. Byju's expressed hope for an amicable settlement with the BCCI and has also taken the matter to the Karnataka High Court.

Byju's to challenge insolvency proceedings initiated by Karnataka NCLT

VCCircle

VCCircle · 1y ago

Byju's to challenge insolvency proceedings initiated by Karnataka NCLT

Indian education technology company Byju's is set to challenge insolvency proceedings initiated against it in an attempt to halt the process. The company, once valued at $22 billion, is facing the crisis after the National Company Law Tribunal in Karnataka ordered insolvency proceedings over a complaint by the cricket board for unpaid dues. Byju's has been facing multiple challenges in recent years, including corporate governance accusations, job cuts, and a significant decrease in valuation. The company plans to file an appeal this week to block the insolvency process.

NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP

Economic Times

Economic Times · 1m ago

NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Gensol Engineering and Gensol EV Lease after petitions by the Indian Renewable Energy Development Agency (IREDA). The tribunal found both companies in financial default, with Gensol Engineering owing Rs 510 crore and Gensol EV Lease Rs 218.95 crore. Interim resolution professionals have been appointed, and the companies' boards have been suspended. These proceedings follow earlier regulatory actions against Gensol's promoters for governance issues.

NCLAT dismisses appeal by investors against Byju’s

Economic Times

Economic Times · 1y ago

NCLAT dismisses appeal by investors against Byju’s

The National Company Law Appellate Tribunal (NCLAT) has rejected a plea filed by foreign investors of Byju's to intervene in an ongoing case between the investors and the edtech company. The investors had sought an order to halt the proceedings at the National Company Law Tribunal (NCLT). However, the NCLAT refused to intervene, stating that the matter is still pending with the NCLT. The investors had alleged that Byju's violated the NCLT's order by using proceeds from a rights issue without increasing its authorized share capital.

No stay on NCLT order for CoC vetting of BCCI-Byju’s deal

Economic Times

Economic Times · 4m ago

No stay on NCLT order for CoC vetting of BCCI-Byju’s deal

The National Company Law Appellate Tribunal (NCLAT) recently denied interim relief to Byju’s director Riju Ravindran, who sought to prevent his Rs 158-crore settlement with the Indian cricket board from being presented to Byju's committee of creditors (CoC). Ravindran argued the settlement predates CoC formation, but insolvency law necessitates CoC approval for withdrawals. The situation arose after Byju's faced insolvency proceedings, initiated by the Board of Control for Cricket in India over sponsorship dues.

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.

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

Economic Times

Economic Times · 9m ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

The Supreme Court reserved its verdict on a US firm's plea against the National Company Law Appellate Tribunal (NCLAT) order that halted insolvency proceedings against Byju's. The court asked the insolvency resolution professional to maintain status quo until the judgment is delivered. The NCLAT had earlier set aside the insolvency proceedings against Byju's and approved its dues settlement with the BCCI. The Supreme Court questioned the NCLAT's decision and hinted at sending the dispute for fresh adjudication. The court stayed the NCLAT verdict and issued notices to Byju's and others.

BYJU'S told not to sell Aakash shares after breach of $42 mn loan terms: Report

Inshorts · 1y ago

BYJU'S told not to sell Aakash shares after breach of $42 mn loan terms: Report

BYJU'S has been told not to sell four million shares of Aakash after the startup broke the terms of a $42-million loan, Reuters reported. Billionaire Ranjan Pai's MEMG Family Office had reportedly initiated arbitration proceedings against BYJU'S for allegedly not repaying the loan through a pre-agreed transfer of the shares. BYJU'S is reportedly talking with MEMG to resolve the matter.

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Economic Times

Economic Times · 3m ago

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.

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