Bengaluru/New Delhi:

Edtech company Byju’s, which was once India’s most valuable start-up worth an estimated USD 22 billion, will face insolvency proceedings for failure to pay Rs 158.9 crore to cricket board BCCI.

The Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday allowed bankruptcy proceedings against the firm and appointed an interim resolution professional, suspending the company’s board of directors and freezing its assets.

Founder and CEO Byju Raveendran will report to the resolution professional. NCLT has appointed Pankaj Srivastava as the interim resolution professional.

Byju’s had previously sponsored the Indian cricket team.

While Byju’s said it is hopeful of reaching “an amicable settlement” with the Board of Control for Cricket in India (BCCI), Press Trust of India reported quoting its sources that the company plans to challenge the order before the appellate tribunal, NCLAT.

When contacted, a Byju’s spokesperson said: “As we have always maintained, we wish to reach an amicable settlement with BCCI and we are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company’s interests.” Byju’s was once valued at USD 22 billion but the reopening of schools after the easing of pandemic restrictions led to its unravelling. BlackRock recently slashed its valuation of USD 1 billion.

The company’s troubles began when it missed financial reporting deadlines two years ago and fell short of revenue projections by more than 50 per cent.

In February, a group of investors in Byju’s parent company Think & Lean (T&L), including Prosus and Peak XV, voted to remove Raveendran as CEO during an extraordinary general meeting (EGM), citing allegations of “mismanagement and failures”. Raveendran has denied allegations and disputed the vote’s validity.

The investors and founders are separately engaged in a legal battle.

Founders have been battling investors in recent months even as the company saw job cuts and shrinking business.

NCLT invited creditors, employees and vendors to file claims against Byju’s.

BCCI and Byju’s entered into a ‘Team Sponsor Agreement’ on July 25, 2019. According to this agreement, Byju’s got the exclusive right to display its trademark/brand name on the kit of the Indian cricket team, place advertisements during the telecast of cricket series, and hospitality and non-hospitality tickets for every ticketed match organised by BCCI, according to the NCLT order.

“As consideration, the Corporate Debtor (Byju’s) was required to pay a fee to the Operational Creditor (BCCI),” it said. “The Corporate Debtor was the Sponsor of the Indian cricket team as per the above arrangements and availed the Services for a period up until March 31, 2023.” After March 31, 2022, Byju’s made payment in full only against one invoice for the India-South Africa cricket series held in June 2022 amounting to Rs 25.35 crore but failed to pay for subsequent invoices.

A bank guarantee of Rs 143 crore was encashed but that was not sufficient to cover the entire amount, it said adding the sponsorship fee for series/tours including that of South Africa, Australia, Sri Lanka and New Zealand, Asia Cup and ICC T20 between August 2022 to January 2023 amounting to Rs 158.9 crore remain unpaid.

“It cannot be disputed that the Corporate Debtor has availed the services of Operational Creditor,” the NCLT order said.

“Corporate Debtor had never disputed the fact that it was required to pay the agreed Fee as per the arrangement between the parties. However, despite having acknowledged the dues, the Corporate Debtor has failed to pay and instead, the Corporate Debtor repeatedly kept requesting the Operational Creditor for an extension of time for payment.”

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Photo used for representation purpose only.
| Photo Credit:
AFP

The Pakistan Cricket Board wants the BCCI to provide written proof of the Indian government’s denial of permission in case the team refuses to come here for next year’s Champions Trophy citing a travel ban on security grounds, a PCB source has said.

The host Board also wants the matter to be sorted as soon as possible, given that the tournament is scheduled in February-March.

While the ICC annual conference will be held in Colombo on July 19 doesn’t have any discussion on ‘Hybrid Model’ about India playing their games in the UAE on its agenda, the global body as usual has earmarked additional fund in case it becomes a two-country tournament.

“If the India government declines permission, it has to be in writing and it is mandatory on the BCCI to provide that letter to the ICC now,” the PCB source working closely with organizing committee told PTI.

“It is a fact that the we are insistent that the BCCI must inform the ICC about its travel plans to Pakistan at least 5-6 months before the tournament and in writing,” the top PCB source also stated.

The BCCI has always steadfastly maintained that playing cricket in Pakistan is completely a government call and even the 2023 ODI Asia Cup, which was hosted by PCB witnessed India playing all its games in Sri Lanka based on ‘Hybrid Model’.

The PCB has already submitted its draft schedule to ICC where all of India’s games including a possible semi-final and final has been scheduled in Lahore. The India vs Pakistan marquee match has been scheduled on March 1.

The tournament will start in Karachi on February 19 and conclude with the final in Lahore on March 9. The final will have a reserve day — March 10 — in case of inclement weather. A few matches will be held in Rawalpindi too.

If BCCI sources are to be believed, at this point there is no chance of travelling to Pakistan and knowing fully well, the ICC has allocated additional budget for any exigency plan.

“The ICC Management is recommending additional costs just in case it is necessary to play some matches outside Pakistan if such a situation arises later on,” the source confirmed.

The logo of the Board of Control for Cricket in India. File
| Photo Credit: AFP

The BCCI on July 14 decided to release Rs one crore for the treatment of former India coach Anshuman Gaikwad, who is battling blood cancer at a medical facility in London.

The BCCI’s decision has come following appeals for support from former captain Kapil Dev and Sandip Patil, who had urged the cricket board to help Gaikwad.

“Mr. Jay Shah has instructed the Board of Control for Cricket in India (BCCI) to release ₹1 crore with immediate effect to provide financial assistance to India’s veteran cricketer Mr. Anshuman Gaekwad, who is battling cancer,” BCCI apex council said in a statement.

Gaekwad, son of former India captain D.K. Gaekwad, is undergoing treatment for blood cancer at the King’s College Hospital in London.

“Mr. Shah has also spoken to Mr Gaekwad’s family to take stock of the situation and extend support. The board stands by Mr. Gaekwad’s family in this hour of crisis and will do whatever is essential for Mr. Gaekwad’s quick recovery,” the statement continued.

“The BCCI will continue to monitor Mr Gaekwad’s progress and is confident that he will come out of this phase strongly,” it added.

The 71-year-old Gaekwad played 40 Tests and 15 ODIs for India between 1975 and 1987.

Rahul Dravid with captain Rohit Sharma and Virat Kohli pose for a picture after Team India wins the ICC Twenty20 World Cup 2024 defeating South Africa in the finals.
| Photo Credit: ANI

As Rahul Dravid bids farewell to Team India, the legend said that during his tenure as head coach, he abhorred chopping and changing the side too much and always tried to be a foil for skipper Rohit Sharma so that he could devise his own winning strategies.

Dravid’s coaching stint came to an end with India winning the T20 World Cup in Barbados last week, defeating South Africa and bringing home the trophy for the second time after 2007.

“I’m someone who actually likes continuity and don’t like to chop and change too many things because I believe that creates a lot of instability and doesn’t create very good environment,” said Dravid in a video posted by BCCI on July 6.

“I feel that I am a part of the team whose responsibility is to create the right professional, safe, secure environment that doesn’t really have a fear of failure as such but is challenging enough to push people. That has always been my endeavour.” Dravid said that the period when the players were coming out of the COVID-19 pandemic was a tough one for him as he had just taken over as coach and “never envisaged” that he would have to work with half a dozen captains.

“One of the things that we really had to manage, especially in the early part of my coaching tenure here with India. We were at the back-end of the COVID restrictions. “We really had to manage their workloads through all the three different formats. There were a few injuries and it led to me working with something like 5-6 captains in the first 8-10 months of me being here.

“It was definitely something that I hadn’t envisaged, or not something that I thought about, but it just sort of organically happened.” Under Dravid’s tutelage, India thrashed England in the five-match Test series at home and the team also reached the 2023 ODI World Cup final.

While COVID put a lot of restrictions on players and they virtually lived out of a ‘bubble case’ at all times, the pandemic also had its up side as a lot of youngsters got a chance to be a part of the India team environment.

“The other thing that happened, which was very nice to see is, because we played so much of cricket after Covid and we had to cram in a lot of series, it meant that we had to almost, at times, have two teams playing at the same time in different parts of the world.

“Over the last 2-1/2 years, especially in white-ball cricket and lately towards the back-end (of my career) even in red-ball cricket, we were able to give a lot of youngsters a lot of opportunities, bring a lot of people into the side.” “Some of them developed and stayed on in the side a little bit longer, but some of them, they were there because at that point of time maybe some of the seniors were resting.” Dravid’s relationship with Indian stalwarts like Rohit Sharma and Virat Kohli dates back to the time when he was at the fag end of his cricketing career while the two were finding their feet in international cricket.

“I’ve really enjoyed working with Rohit, someone I knew as a young boy. Just to see him grow as a person and grow as a leader in Indian cricket, what someone like him has been able to contribute to the team over the last 10-12 years, both as a player and now as a leader, has been a real tribute to him and the effort that he’s put in.

“I’ve really enjoyed getting to him know as a person as well and enjoyed seeing his commitment and his care for the team; to just try and get the environment right where everyone feels safe and secure and enjoys themselves. It’s something that I’ll miss.

“Even with someone like Virat. In the initial days, just a couple of series with him as a captain, just a couple of matches. Getting to know him as well and to see how he goes about his business, the professionalism that he continues to display…his desired to improve, to get better. It’s been fascinating for me to watch.” Dravid said he always believed in the process because of which, at times, he was misunderstood as not being result-oriented.

“For me that’s (results), of course it’s important. I keep saying and people think, ‘Oh, I think result are not important’. Of course, results are important.

“I’m in the business to produce results. But it’s always like, as a coach, to think about what is it that I can control to help the results and at the end of the day our responsibility should be to try and help the captain deliver his vision and his philosophy of how he wants the team to play.” “Of course, to win cricket games is a given. You try to win as much as you can. You start with that. But I always look back on what is it that leads to the winning? How do you win more games and what is the process required to win more games? “For me, the vision was to try and get that process right. Ticking all of those boxes. ‘Are we challenging the players enough? Are we practicing well enough? are we prepared tactically, technically? Are we supporting the players as best as we possibly can, Are we creating the right environment? “These are the things I think that are important to tick before you get to the winning. The winning, hopefully, if you do a lot of these things, most of the time the winning will take care of itself.”

Massive crowd of fans during the Indian T20 cricket team’s World Cup 2024 victory parade, at Vijay Merchant Pavilion in Mumbai on Thursday, May 4, 2024.
| Photo Credit: ANI

At least 11 persons were rushed to hospitals for sustaining minor injuries or feeling dizzy after a massive crowd gathered along the route of the victory parade of the T-20 World Cup-winning Indian cricket team in South Mumbai, an official said on Friday, July 5, 2024.

Also read: PM Modi hosts T20 World Cup-winning Indian cricket team

Nine were admitted to the state-run GT Hospital for suffering injuries or complaining of breathing difficulties due to excessive crowding. They are now in a stable condition, said the dean of JJ Group of Hospitals.

Officials said one fan was taken to the government-run St George’s Hospital near Chhatrapati Shivaji Maharaj Terminus and was allowed to go after primary care. Another person was taken to a private hospital in south Mumbai and discharged after treatment.

Thousands of fans thronged Marine Drive to witness the victory parade of the Indian cricket team on Thursday evening. This led to a stampede-like situation, an official said.

Police deployed a large number of personnel and made elaborate security arrangements between Marine Drive and Wankhede Stadium to avoid any untoward incident.

Mumbai Police Commissioner Vivek Phansalkar appreciated his force for effectively managing the crowd during the victory parade.

“A special appreciation to all my officers & staff of @MumbaiPolice for the exceptional crowd management at Marine Drive today amid the rains,” Mr. Phansalkar wrote in his official X handle.

“We made sure it remains a special moment for our Champions & the fans. Also thank you Mumbaikars, for your cooperation. We made it happen together!,” he added in the post.

Indian contingent seen boarding a chartered flight to New Delhi after India won the T20 World Cup 2024, in Barbados, on July 03, 2024.
| Photo Credit: PTI

Air India cancelled a scheduled passenger flight from Newark to New Delhi on Tuesday to operate a chartered flight to bring back the stranded Indian cricket team from Barbados, sources said.

Emergency measure

Air India didn’t explain how the passengers were accommodated, but insisted that the charter flight was arranged as an ‘emergency measure’.

No information

The issue came to light after some passengers complained on X that they received no information on flight cancellation or alternative accommodation.

Meanwhile, aviation regulator DGCA has sought a report from the Air India on the issue.

The last tournament that Pakistan hosted was the Asia Cup in 2023, conducted in a ‘Hybrid Model’ with India playing their matches in Sri Lanka. File
| Photo Credit: AFP

The Pakistan Cricket Board (PCB) has slotted its team’s marquee Champions Trophy match against arch-foes India in Lahore on March 1 next year but the BCCI is yet to give its consent to the tentative schedule, a senior ICC Board member told PTI on July 3.

The tournament is slated from February 19 to March 9 with March 10 as Reserve Day.

It is understood PCB chairman Mohsin Naqvi, who was invited to watch the T20 World Cup final in Barbados, submitted a 15-match schedule with all of India’s games kept in Lahore for security and logistical reasons.

“The PCB has submitted the draft of the 15-match ICC Champions Trophy. Seven games in Lahore, three in Karachi and five in Rawalpindi,” an ICC Board member said.

“The opening match will be held in Karachi with two semifinals in Karachi and Rawalpindi, final in Lahore. All India matches (including semifinal, if the team qualifies) in Lahore,” the source added.

India have been clubbed with Pakistan, Bangladesh and New Zealand in Group A. Group B comprises Australia, South Africa, England and Afghanistan.

Recently, ICC head of events Chris Tetley met PCB chairman Mohsin Naqvi in Islamabad after the world body’s security team inspected the venues and other arrangements.

The last tournament that Pakistan hosted was the Asia Cup in 2023, conducted in a ‘Hybrid Model’ with India playing their matches in Sri Lanka as the government refused to permit the players’ travel across the border.

“All board chiefs of the ICC Champions Trophy participating countries (minus BCCI) have assured him of their complete support but BCCI will consult its government and update the ICC,” the source added.

The ICC, on its part, can’t force any Board to go against its government policy and it will be interesting to see when BCCI takes a final call on the matter.

Indian cricket team coach VVS Laxman receiving the team players in Harare on July 3, 2024.
| Photo Credit: x/BCCI

A young Indian cricket team led by skipper Shubman Gill and with National Cricket Academy chief VVS Laxman as coach arrived here to play a five-match T20 International series against Zimbabwe beginning July 6.

The team was seen exiting the airport with their luggage in a video posted by Zimbabwe Cricket on X. The entire squad had departed from Mumbai on Tuesday, while Gill, who was a travelling reserve with the T20 World Cup side in the Americas, arrived here from New York after a break.

“We welcome T20 World Cup champions India,” wrote ZC on Tuesday night in a post on ‘X’.

Young top-order batter Riyan Parag, who will be making his India debut in the series, said in a video posted by BCCI that he had a childhood dream of travelling like this (with the national side).

“The feel of donning India jersey, travelling with the side is different. Coming from Assam, I had this dream of playing for India. Really happy. There will be a special connection for Zimbabwe when I play my first match.

“That will be a special moment for that ground and myself, which would be very sacred,” he said.

“After misplacing my passport, to phones, we are finally here after a 20 hour journey. Now, really looking forward to the tour,” Parag added.

Another newcomer, medium pacer Tushar Deshpande, said the feeling of being in the national setup is “slowly sinking in and it’s like a dream come true for me. Playing for the country is a very special thing.”

“Travelling with the team is the most important and getting to know them, knowing the atmosphere of the team and most important for me is the fun we have during travel,” added Deshpande.

Big-hitting left-hander Abhishek Sharma said from the day he started playing cricket, he had only one dream, which was to play for the country.

“I know if I continue working hard, I will get an opportunity but I didn’t know I will get it outside India in Zimbabwe.

“I got a call from (skipper) Shubman after my name was announced in the squad. Everyone has been giving me so much of affection. For me it was a very big thing,” added Sharma.

“When I reached home after my name had been announced, I saw my family members giving interviews. So, I think, that was one moment I will always remember,” he said.

India will play their opening match against the Sikandar Raza-captained Zimbabwe on July 6 at the Harere Cricket Ground. The remaining four games will also be played at the same venue. The series will conclude on July 14.

T20 World Cup travelling reserves Sanju Samson and Yashasvi Jaiswal along with all-rounder Shivam Dube were slated to join the Zimbabwe-bound group but are stranded in Barbados due to hurricane Beryl.

Sai Sudharsan, Jitesh Sharma and Harshit Rana were on Tuesday named as replacements for trio in the Indian squad for the first two matches of the series.

Samson, Jaiswal and Dube along with the other senior players will be arriving in India aboard a charter flight on Thursday morning. The players will later be felicitated by Prime Minister Narendra Modi in New Delhi.

Pacer Khaleel Ahmed and batter Rinku Singh, travelling reserves for the T20 World Cup, are also currently in Barbados.

The BCCI has not named replacements for the duo even though they are in the squad for Zimbabwe series.

BCCI Secretary Jay Shah with India’s head coach Rahul Dravid after the T20 World Cup final at Kensington Oval in Barbados on June 29, 2024
| Photo Credit: ANI

The Indian cricket team will have a new head coach from the limited-overs series in Sri Lanka starting later this month, BCCI secretary Jay Shah said on Monday but did not reveal who has been finalised to succeed the outgoing Rahul Dravid.

Former opener Gautam Gambhir is expected to succeed Dravid as the India head coach. The Cricket Advisory Committee has also conducted the interviews for the high-profile job and short-listed Gambhir and former India women’s coach W.V. Raman.

The appointment of a selector will also be made soon, said Shah, who is in the Caribbean with the India squad that won the T20 World Cup title on Saturday, beating South Africa by seven runs in the final.

“Both coach and selector appointment will be made shortly. CAC has interviewed and shortlisted two names and after reaching Mumbai whatever they have decided we will go by that. V.V.S. Laxman is going to Zimbabwe but new coach will join from Sri Lanka series,” Shah tld select media, referring to the Zimbabwe tour beginning July 6.

The Indian team is due to tour Sri Lanka for three T20Is and as many ODIs starting July 27.

Seniors’ presence helped India

Shah showed his elation after India won an ICC title after 11 years here on Saturday. He praised the efforts of Rohit Sharma and Virat Kohli, who played a match-winning knock in the final.

Both the stalwarts announced their retirement from T20Is after the triumph and were joined by all-rounder Ravindra Jadeja in saying goodbye to the format a day later.

“It was same captain last year and same here in Barbados. We won all games except the final in 2023 as Australia played better. This time we worked even harder and played better to win the title.

“If you look at other teams, experience counts. From Rohit to Virat, all excelled. Experience makes a lot of difference, in World Cups you can’t experiment much also.

“A good player knows when to say goodbye to the game, we saw that yesterday. You look at Rohit’s strike rate, it is better than a lot of young players,” he said.

How does he see the transition panning out following the retirement of Rohit, Kohli and Jadeja?

“Transition has already happened with three greats retiring,” Shah said.

India, who had built a reputation of losing the big finals over the past decade, finally ended their title drought after losing two ICC finals over the last 12 months and Shah hoped the winning run will continue.

“I would want India to win all the titles. We have the biggest bench strength, only three players from this team are going to Zimbabwe. We can field three teams if the need arises.

“The way this team is progressing, our target is to win World Test Championship final and Champions Trophy. There will be a similar squad playing there. The seniors will be there,” said Shah.

On Hardik Pandya’s all-round performance in the World Cup and chances of him taking over captaincy from Rohit, Shah said: “Captaincy will be decided by the selectors and we will announce it after discussing with them. You asked about Hardik, there were lot of questions over his form but we and selectors showed faith in him and he proved himself.”

India A to tour Australia

Shah also confirmed that an A team will be travelling to Australia later in the year ahead of the five Tests Down Under.

The BCCI is planning a felicitation after reaching India but the Hurricane warning has shut down the airport in Barbados indefinitely, leaving the victorious squad stranded.

“Like you we are also stuck here. After the travel plans are clear, we will think about the felicitation,” said Shah.

Gautam Gambhir and W.V. Raman.

Gautam Gambhir and W.V. Raman, former India opening batters, were interviewed on June 18 for the post of India’s men’s cricket team’s head coach. The duo appeared virtually for the interviews conducted by the Cricket Advisory Committee (CAC).

The CAC, chaired by former India batter Ashok Malhotra, interacted with the duo.

It is understood that Malhotra and his two colleagues – Sulakshana Naik and Jatin Paranjape – were impressed by both the presentations.

Raman — with his rich experience coaching the India women’s side, a long stint at the National Cricket Academy, various state sides along with being a batting coach in the Indian Premier League — was an automatic choice to be shortlisted for the interview.

Gambhir, meanwhile, has emerged as a clear front-runner as Rahul Dravid’s successor. After being the team mentor with Lucknow Super Giants in IPL 2022 and 2023, he helmed the Kolkata Knight Riders’ to the IPL title in the same capacity last month.

Despite his lack of experience in coaching in formats other than T20, the BCCI hierarchy along with the CAC is understood to be in favour of him.

The BCCI, in May, sought applications for the head coach’s post, for a term of three-and-half years starting July 1. Gambhir has been tipped to be the front-runner ever since the BCCI hierarchy met him informally on the sidelines of the IPL playoffs.

While it could not be ascertained whether other candidates were also interviewed, the CAC also interviewed shortlisted candidates for a national selector’s post. Mithun Manhas, Ajay Ratra and Reetinder Singh Sodhi were interviewed. It is expected that Salil Ankola will make way for a cricketer from the North Zone. Manhas is a favourite to be inducted into the selection committee.