Tag: Byju's

Byju’s Faces Insolvency Proceedings For Failure To Pay BCCI Rs 158.9 Crore

July 16, 2024 admin

Byju’s had previously sponsored the Indian cricket team. 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…

Nation

How India’s Byju’s went from startup star to facing insolvency

July 16, 2024 admin

The logo of Byju’s, the EdTech startup. | Photo Credit: Reuters Indian edtech company Byju’s is staring at insolvency proceedings on July 16 following a tribunal order, deepening a crisis that has seen the one-time market darling’s valuation plunge from about $22 billion to less than $2 billion. Byju’s, which describes itself as the “world’s…

Business

NCLT starts insolvency proceedings against Byju’s

July 16, 2024 admin

Byju’s, once one of India’s premier EdTech startups, now faces insolvency proceedings. File | Photo Credit: REUTERS An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju’s after the country’s cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India’s biggest…

Business

Probe Finds No Financial Fraud At Byju’s But Cites Lapses In Corporate Governance

June 26, 2024 admin

Representational Image New Delhi: Embattled edtech firm Byju’s did not siphon off funds or manipulated accounts, a year-long investigation by the government has found. However, the company did go through lapses in its corporate governance structure, the government added. The probe by the Ministry of Corporate Affairs (MCA) concluded allegations regarding the manipulation of accounts…

Nation

Byju’s Manager Riju Ravindran Not Truthful on Missing $533 Million, Says US Judge

May 22, 2024 admin

Byju’s Manager Riju Ravindran Not Truthful on Missing 3 Million, Says US Judge

Riju Ravindran failed to make a serious effort to find out what happened to the cash. A director of Indian tech firm Think & Learn Pvt faces financial penalties for defying a US judge’s order to find out where the troubled company stashed $533 million that jilted lenders say should go to them. Riju Ravindran,…

Nation

Byju’s announces rejig of business; founder Raveendran to take over firm’s daily operations

April 15, 2024 admin

A Byju’s logo is seen in this illustration taken, June 22, 2023. | Photo Credit: Reuters Byju Raveendran, the founder of the edtech company Think and Learn, which owns the Byju’s brand, will handle the firm’s day-to-day operations following the resignation of CEO Arjun Mohan, the company said on April 15. The company has also…

Business

Byju’s starts paying March salary to employees; blames miffed investors’ action for delay

April 9, 2024 admin

Photo used for representation purpose only. | Photo Credit: Reuters Edtech firm Think and Learn, owner of Byju’s brand, has started paying March salaries to its employees after a delay of nine days and the payout process is expected to complete in next 10 days, according to sources. The company in a communication to employees…

Business

Byju’s To Lay Off 500 Employees Amid Financial Crunch: Report

April 2, 2024 admin

Byju’s rose to dizzying heights before facing a slew of challenges. (Representational) New Delhi: Byju’s is laying off about 500 employees, including from sales, amid a financial crunch, sources said, even as the troubled edtech firm maintained that it is in the final stages of business restructuring to streamline operations. The layoff in the embattled…

Nation

Byju’s Delays Salaries Again, Blames “Few Misguided Foreign Investors”

April 1, 2024 admin

Byju’s also sought to assure staff that it is following a parallel line of credit. (Representational) New Delhi: Embattled edtech company Byju’s has informed its employees that there will “again” be a delay in disbursement of salaries. Byju’s management in a communication to employees blamed the situation on an interim order obtained by “a few…

Nation

Byju’s Shuts All Offices Except HQ, Asks 14,000 Employees To WFH: Report

March 12, 2024 admin

Byju’s has asked about its14,000 employees to work from home (File) New Delhi: Edtech firm Byju’s has asked its14,000 employees to work from home as it vacated all its offices except the headquarters in Bengaluru amid the ongoing crisis. Sources told the NDTV Profit that except for IBC Knowledge Park in Bengaluru – where over…

Nation