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Ranjan Pai initiates arbitration against Byju's for not repaying loans worth $42 million

Economic Times

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Edtech company Byju's has been found in breach of $42 million worth of loans and has been instructed by an arbitrator to refrain from selling certain shares of a group company, according to a confidential order. This adds to the company's existing challenges, including allegations of mismanagement. Byju's, once valued at $22 billion, has faced audit issues, regulatory inquiries, and calls for the removal of its CEO. The latest dispute involves MEMG Family Office, led by Indian billionaire Ranjan Pai, who initiated arbitration proceedings against Byju's for failing to repay loans. Byju's is currently valued at approximately $250 million and denies any wrongdoing.

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