[ad_1] MUMBAI: In a major setback for troubled startup Byju’s, a US bankruptcy court has passed an order in favour of the edtech company’s term loan lenders, disabling the firm from transferring or using $533 million received as part of loan proceeds, essentially freezing the assets. The loan amount – which has been at the…
[ad_1] MUMBAI: Byju’s has given up all office spaces except its Bengaluru headquarters as the troubled startup struggles with cash crunch. Sources at the company said that the move is part of the firm’s business restructuring that has been mandated by India CEO Arjun Mohan. To be sure, Byju’s has been vacating offices since the…
[ad_1] MUMBAI: Byju Raveendran, founder and CEO at troubled edtech startup Byju’s hit out at a group of investors, stating that their move to disable the company from using the funds raised through the rights issue has hindered disbursement of salaries to employees. “….I regret to inform you that we will still be unable to…
[ad_1] MUMBAI: The National Company Law Tribunal (NCLT), in an interim order, has directed Byju’s management to keep the funds received as part of the rights issue in a separate escrow account. The court specified that the funds should not be withdrawn until the disposal of the oppression and mismanagement suit filed by investors against…
[ad_1] MUMBAI: The National Company Law Tribunal (NCLT) on Tuesday reserved its judgement on the plea filed by a few of Byju’s investors seeking the court’s intervention to declare the firm’s rights issue as void and the founders as unfit to run the company, citing oppression and mismanagement. This essentially allows the company to go…
[ad_1] NEW DELHI: Byju’s shareholders, including Prosus and Peak XV Partners, voted to oust its founder and CEO Byju Raveendran on Friday, Prosus said in a statement. However, CEO Raveendran, his wife and brother, did not attend the meeting.Prosus, which has a 9.6% stake in Byju’s, said that shareholders unanimously passed resolutions at EGM, which…
[ad_1] MUMBAI: Byju’s management and its investors are headed for a showdown with a group of investors in Think & Learn, the troubled edtech startup’s parent, voting to remove founder Byju Raveendran as CEO and restructure the board that includes his wife Divya Gokulnath and his brother Riju Ravindran.The announcement by investors led by Prosus,…
[ad_1] Major Byju’s shareholders including Prosus NV and Peak XV Partners voted Friday to oust its founder as chief executive officer, escalating a battle over the fate of the once high-flying online tutoring startup that is fighting to remain in business.Byju’s rejected the resolutions, which also sought to remove Byju Raveendran from the board of…
[ad_1] NEW DELHI: Four Byju’s investors has filed a lawsuit against the management of company before Bengaluru bench of the NCLT. They are seeking to declare the founders, including CEO Byju Raveendran, as unfit to run the company and appoint a new board. The investors have also requested a forensic audit of the company. The…
[ad_1] MUMBAI: Even as major investors seek removal of Byju’s founder and group CEO Byju Raveendran from leadership position and reconstitution of the company’s board — which has pretty much been reduced to a family-run entity — Raveendran has given a clear indication that he is not going to step down from the top post….