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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.

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NCLAT Likely To Rule On BYJU’S-BCCI Roe On Aug 2

Inc42 · 1y ago

NCLAT Likely To Rule On BYJU’S-BCCI Roe On Aug 2

Yesterday, the NCLAT put off its decision on approving the INR 158 Cr settlement between BYJU'S and the BCCI. Meanwhile, a US Bankruptcy Court has ordered Riju Ravindran, brother of Raveendran (BYJU'S founder), to pay $10,000 a day until he assists in locating $533 Mn that his company allegedly hid from US lenders. The dispute is centered around BYJU'S $1.2 Bn Term B Loan from US-based lenders.

Byju’s ex-director Riju Ravindran fined $10,000 a day over missing $533 million

Economic Times

Economic Times · 1y ago

Byju’s ex-director Riju Ravindran fined $10,000 a day over missing $533 million

A judge ruled that the suspended director of Indian edtech firm Byju's must pay $10,000 per day until he assists in locating $533 million that his company allegedly hid from US lenders. Riju Ravindran, the brother of Byju's founder, is in the midst of a two-year dispute over the missing funds, which lenders claim should be returned to them after a company default. Ravindran, along with two other directors, was recently replaced by a trustee. The judge also rejected a request to pause the US debt fight to allow Ravindran and the company to find new lawyers.

Byju’s RP’s suit claims directors owe compensation to company under IBC laws

Economic Times

Economic Times · 2m ago

Byju’s RP’s suit claims directors owe compensation to company under IBC laws

An EY-backed resolution professional has filed lawsuits at the NCLT against former Byju’s directors, claiming they owe compensation for fraudulent asset transfers. The lawsuits argue that transactions were reversed under the Insolvency and Bankruptcy Code, citing a $533 million investment and Rs 130 crore unjustly moved. Former directors Byju Raveendran, Riju Ravindran, and Divya Gokulnath are implicated. The lawsuits follow a Delaware court ruling questioning a $533 million transfer by Byju’s Alpha, a subsidiary, which was deemed illegal.

US court finds Byju Raveendran, Think & Learn, company directors guilty of fraud

Economic Times

Economic Times · 6m ago

US court finds Byju Raveendran, Think & Learn, company directors guilty of fraud

A US Bankruptcy Court found Byju's founder and directors guilty of defrauding lenders by transferring $533 million fraudulently through its subsidiary, Byju's Alpha Inc. The court confirmed that fund transfers constituted theft, and Riju Ravindran breached his fiduciary duties. The ruling aids lenders seeking to recover the stolen funds. In India, legal proceedings are ongoing at the National Company Law Tribunal. Byju's Alpha had transferred funds to an unproven hedge fund, Camshaft Capital, without clear justification.

Byju’s promoters have sold shares worth $408.53 million since 2015: PrivateCircle

Economic Times

Economic Times · 2y ago

Byju’s promoters have sold shares worth $408.53 million since 2015: PrivateCircle

Since 2015, founder and CEO Byju Raveendran individually sold 29,306 shares worth $3.28 million, whereas his wife and co-founder Divya Gokulnath sold 64,565 shares worth $29.40 million, and brother Riju Ravindran sold 337,911 shares worth $375.83 million.

BYJU’s RP Files Suit Against Raveendran, His Brother & Wife Over Asset Diversion

OutlookIndia

OutlookIndia · 2m ago

BYJU’s RP Files Suit Against Raveendran, His Brother & Wife Over Asset Diversion

BYJU’s current resolution professional, Shailendra Ajmera, has filed a lawsuit against former directors Byju Raveendran, Riju Ravindran, and Divya Gokulnath at the National Company Law Tribunal. The suit alleges asset diversion, specifically involving a $533 million US investment and ₹130 crore domestic funds. These transactions reportedly deprived Think & Learn of crucial resources. The lawsuit utilizes provisions in the Insolvency and Bankruptcy Code to reverse such transactions executed by the prior management.

BYJU’S shareholders call for leadership change at EGM

Inshorts · 1y ago

BYJU’S shareholders call for leadership change at EGM

At BYJU'S' extraordinary general meeting (EGM), shareholders unanimously passed all resolutions, including calling for a change in the leadership as well as reconstitution of the Board. However, BYJU'S has asserted that the resolutions passed during the EGM are invalid and ineffective. Founder and CEO Byju Raveendran, Co-founder Divya Gokulnath, and his brother Riju Ravindran did not participate.

Byju's $1.2-billion loan dispute: Court finds board member in contempt

The Arc Web

The Arc Web · 1y ago

Byju's $1.2-billion loan dispute: Court finds board member in contempt

Riju Ravindran, the brother of Byju's founder, has been found in contempt of court by a US judge for not disclosing the whereabouts of $533 million in term loan proceeds. Lenders are seeking to locate the funds from a $1.2 billion loan taken out in 2021. The judge ruled that Ravindran's testimony was not truthful and that he either knows where the funds are or is intentionally avoiding obtaining the information. Byju's, an edtech company, is currently facing legal challenges from lenders demanding repayment.

Byju's term-loan lenders kick off bankruptcy proceedings against its US assets

Inc42 · 1y ago

Byju's term-loan lenders kick off bankruptcy proceedings against its US assets

The ad hoc group of lenders for Term Loan B have filed petitions for bankruptcy against Epic!, Neuron Fuel, and Tangible Play. They claim that BYJU'S founders unlawfully diverted $533 million in loan proceeds. Riju Ravindran was found in contempt by the Delaware Court for refusing to disclose the location of the funds.

US bankruptcy court issues ruling in favour of Byjus term loan lenders

Thehindubusinessline

Thehindubusinessline · 1y ago

US bankruptcy court issues ruling in favour of Byjus term loan lenders

A United States bankruptcy court has granted a preliminary injunction in favour of Byju's Alpha, Inc. against Riju Ravindran, Inspilearn LLC, and Camshaft Capital Fund, LP and its affiliates. The court ordered Byju Raveendran and Divya Gokulnath to comply with its ruling, as they were found to be working in concert with the defendants. The defendants and the individuals involved are now prohibited from transferring or using the $533 million loan proceeds that were previously held by Camshaft Capital Fund, LP and transferred to an undisclosed offshore trust. The court also ordered the arrest of William Morton, founder of Camshaft Capital Fund, LP, for refusing to provide information about the transfer of funds. The term loan lenders are committed to recovering the missing $533 million.

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