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News on Medial
US lenders file suit against Byju Raveendran, wife over missing loan funds, founders refute claim: Report
Business Today
·
3m ago
Medial
American lenders are suing Byju Raveendran and his wife in a US bankruptcy court, alleging that over $500 million in loan proceeds are missing. They are also seeking to hold the couple personally liable for these funds.
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US lenders’ consortium files lawsuit against Byju’s founder, others
Economic Times
·
3m ago
Medial
A consortium of U.S. lenders has filed a lawsuit against Byju’s founder, Byju Raveendran, his wife Divya Gokulnath, and adviser Anita Kishore, for allegedly misappropriating $533 million from a $1.2 billion loan. The lawsuit follows a Delaware Bankruptcy Court ruling confirming fraudulent activities. The lenders seek damages for breach of fiduciary duties and other claims, and are also pursuing legal action in India. Byju's has not commented on the lawsuit.
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BYJU’S will have to repay $1.2bn loan, not just ₹20cr: US lenders
Inshorts
·
10m ago
Medial
BYJU'S will have to repay the entire $1.2-billion Term Loan B with interest and not just ₹20 crore which CEO Byju Raveendran said was the verified debt on the startup, US lenders said. "Neither Byju nor interim resolution professional have authority to disqualify any term loan lender," the lenders said. They added that almost all key personnel have abandoned BYJU'S.
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Byju Raveendran denies making secret payments to government officials to resolve FEMA cases - The Economic Times
Economic Times
·
13d ago
Medial
Byju Raveendran, founder of Byju's, denied allegations in a Delaware court, where Glas Trust's counsel accused him of negotiating unofficial payments with Indian officials to resolve cases. Raveendran refuted the claims as baseless, stating he wasn't a party to the case and couldn't defend himself. The lawsuit involves a $1.2 billion loan and accusations of fund misappropriation, with Raveendran asserting no money is missing and denying involvement in unofficial deals.
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Byju's faces new NCLT case: Oppression, mismanagement suit filed by 4 investors
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has received a new lawsuit against Indian Edtech major, Byju's, filed by four investors. They accuse the company's management of oppression and mismanagement. This is the fifth legal challenge against Byju's in the NCLT and the fourth in 2024 alone. The suit lists Byju's founder, Byju Raveendran, his wife, his brother, and nine other entities as respondents. Despite attempts to remove him, Raveendran claims to remain CEO and plans to challenge the shareholders who voted to oust him.
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BYJU’S On The Verge Of A Turnaround, Investors Ready To Back The Company: Byju Raveendran
Inc42
·
11m ago
Medial
BYJU'S CEO, Byju Raveendran, has sent an email to employees stating that the company is poised to reverse a downward business cycle and introduce BYJU'S 3.0. Raveendran also mentioned that the founders have invested around INR 7,500 Cr in the company over the last 29 months. However, he acknowledged that the company's failure to pay employee salaries for July 2024 was due to issues with lenders.
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US bankruptcy court issues ruling in favour of Byjus term loan lenders
Thehindubusinessline
·
1y ago
Medial
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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BYJU'S founders plan $2.5B legal action against GLAS Trust, others amid US contempt order
YourStory
·
13d ago
Medial
BYJU'S founders, Byju Raveendran and Divya Gokulnath, plan to pursue $2.5 billion in damages against parties they claim harmed their business. This follows a US court finding Raveendran in civil contempt with a $10,000 daily fine for non-compliance. The legal actions will occur across multiple jurisdictions beyond the ongoing Indian court proceedings. These disputes involve BYJU’S Alpha and GLAS Trust, with challenges to the Delaware court’s jurisdiction and orders.
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Delaware Supreme Court says Byju's defaulted on $1.5 billion loan, favours US lenders
Economic Times
·
10m ago
Medial
The Delaware Supreme Court has upheld a ruling that edtech firm Byju's defaulted on a $1.5 billion loan, allowing lenders to demand full repayment and take control of Byju’s US entity. Byju's founders have acknowledged the default and signed multiple amendments to the credit agreement, according to the lenders. The court stated that Byju's must be held accountable and cannot distance itself from the defaults. The lenders also raised concerns about missing loan proceeds. Previously, the lenders demanded the repayment of $1.2 billion, alleging that Byju's had not made any contractually due payment for over 17 months.
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Missing $533 mn used for legitimate purposes: Byju to US court
Inshorts
·
9m ago
Medial
BYJU'S Founder Byju Raveendran has denied fraudulently transferring $533 million away from US lenders. He claimed the funds "were utilised for legitimate commercial purposes". "I never stated that 'the money is someplace the lenders will never find it'," he said in a court filing. The lenders have accused the startup of siphoning off money to offshore entities linked to Raveendran.
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Byju's term-loan lenders kick off bankruptcy proceedings against its US assets
Inc42
·
1y ago
Medial
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.
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