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Tax authorities seek $101 million in Byju's insolvency process

Economic Times

Economic Times · 11m ago

Tax authorities seek $101 million in Byju's insolvency process

Tax authorities in India are seeking $101 million in unpaid taxes from Byju's, the education-technology company that was once valued at $22 billion. Byju's is currently going through an insolvency process due to regulatory issues and a dispute with U.S. lenders. The claim documents reveal that the department of revenue is seeking $18.7 million, while the tax department of the state of Karnataka is seeking $82.3 million. The total claims from creditors so far amount to over $1.5 billion, and the resolution process is still ongoing.

Related News

1,887 creditors have so far claimed dues worth $1.5 billion from BYJU'S: Report

The Print

The Print · 11m ago

1,887 creditors have so far claimed dues worth $1.5 billion from BYJU'S: Report

As many as 1,887 creditors have so far filed claims worth $1.5 billion against BYJU'S, the Byju Raveendran-led startup admitted to insolvency, Reuters reported citing insolvency board documents. The startup owes $18.7 million to Centre's Revenue Department and $82.3 million to tax department of Karnataka, where BYJU'S is based. The tax authorities labelled the claims as "statutory dues".

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

Livemint

Livemint · 8m ago

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

Riju Raveendran, the largest shareholder of edtech company Byju's, has approached the insolvency tribunal seeking inclusion in the ongoing case involving the troubled firm, its lenders, and the cricket board. He wants to present his defense against allegations made by Byju's lenders regarding the source of funds used to settle a dispute with the Board of Control for Cricket in India (BCCI). The tribunal expressed reservations about accepting his plea, stating that determining the source of funds is within the jurisdiction of tax authorities and the Enforcement Directorate (ED). Byju's lenders have been directed to file objections to Raveendran's plea.

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.

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Economic Times

Economic Times · 1y ago

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Edtech firm Byju's has moved the Karnataka High Court to challenge the National Company Law Tribunal (NCLT) order on the Board of Control for Cricket in India's (BCCI) insolvency plea. However, the court did not admit the plea, and Byju's plans to approach the National Company Law Appellate Tribunal (NCLAT) on Monday. Byju's has been admitted into insolvency over unpaid dues of ₹158 crore related to sponsorship rights from the BCCI. Founder Byju Raveendran stated that the insolvency process could lead to a total shutdown of services and halt operations.

Byju's close to settling payments dispute with Indian cricket board

VCCircle

VCCircle · 1y ago

Byju's close to settling payments dispute with Indian cricket board

Education technology company, Byju's, is reportedly close to reaching a settlement in a $19 million payments dispute with the Indian cricket board. This could potentially release the company from an insolvency process that has frozen its assets. Byju's, once valued at $22 billion, has faced various challenges in recent years, including corporate governance concerns and a decline in its valuation. The settlement with the Board of Control for Cricket in India is said to involve Byju's making three instalment payments, the first being $6 million. The terms of the settlement are still being negotiated.

Escapist, legally untenable: BYJU'S on auditor BDO's resignation

Money Control

Money Control · 11m ago

Escapist, legally untenable: BYJU'S on auditor BDO's resignation

BYJU'S has called its auditor BDO's resignation "baseless, escapist and legally untenable". BDO reportedly resigned after BYJU'S failed to respond to a notice sent after it had entered the insolvency process. "At that point, the board stood suspended and was therefore neither in a position to accept the resignation by the auditors nor act upon the same," BYJU'S said.

Another trouble for Byju's, this time facing scrutiny over alleged delay in TDS deposits: Report

IndianStartupNews

IndianStartupNews · 1y ago

Another trouble for Byju's, this time facing scrutiny over alleged delay in TDS deposits: Report

Edtech giant Byju's is facing scrutiny for allegedly delaying Tax Deducted at Source (TDS) deposits and failing to file income tax returns for certain employees. Employees claim that their TDS deductions are not reflected in their Form 26AS, starting from April 2023. Failure to deposit TDS can lead to significant penalties under Indian tax law, including interest and daily penalties. Byju's has stated that most TDS payments are complete and they are addressing isolated cases. The company is also involved in a legal dispute with the BCCI and is facing an insolvency petition.

Airbnb agrees to pay $621 million to settle a tax dispute in Italy

Economic Times

Economic Times · 1y ago

Airbnb agrees to pay $621 million to settle a tax dispute in Italy

Short-term rental platform Airbnb has agreed to pay 576 million euros ($621 million) to settle a tax dispute in Italy. The settlement comes after Italian prosecutors claimed that Airbnb owed approximately 779 million euros ($840 million) in unpaid short-term rental taxes. However, Airbnb has stated that it will not seek to recover the money from its hosts. The company is also working on implementing tools for hosts to have their taxes automatically withheld and paid to the Italian tax authorities. Italy is an important market for Airbnb, with many hosts using the platform to rent their properties.

Byju's insolvency case fans fears of employees

Economic Times

Economic Times · 11m ago

Byju's insolvency case fans fears of employees

The insolvency of Indian edtech company Byju's has prompted thousands of panicked employees to seek recoveries and protect their careers. Once valued at $22 billion, Byju's popularity soared during the pandemic but it is now engaged in a dispute with US lenders seeking $1 billion in unpaid dues. Employees are considering protests and lawsuits after months without pay, while the company has warned of a total shutdown. Byju's founder, Byju Raveendran, has assured staff that salaries will be paid promptly once control is regained, but the future remains uncertain with potential asset liquidation.

Byju's founder Raveendran faces reckoning as startup implodes

VCCircle

VCCircle · 1y ago

Byju's founder Raveendran faces reckoning as startup implodes

Byju's founder, Byju Raveendran, is facing a significant challenge as his education-technology startup, once valued at $22 billion, has seen a drastic drop in valuation to below $2 billion. Raveendran has lost control of the company due to alleged financial mismanagement and compliance issues, and a tribunal has initiated an insolvency process. Raveendran denies the allegations and argues that the company is solvent. The outcome of the insolvency process will determine the fate of India's biggest startup and its 27,000 employees.

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