Page 3 - Latest Updates on Byju Raveendran
BCCI initiates insolvency proceedings against online tutor Byju's
Byju's, founded by teacher Byju Raveendran, was valued at $22 billion at its peak but ran into financial and legal problems after its business dried up
 "BCCI initiates insolvency proceedings against online tutor Byju's")
'Pay salaries or face an audit': NCLT warns crisis-hit edtech firm Byju's
The Bengaluru-based law tribunal told Byju's to pay the outstanding salaries to its employees irrespective of whether it has access to the funds raised through its rights issue
 "'Pay salaries or face an audit': NCLT warns crisis-hit edtech firm Byju's")
Karnataka Labour Minister presses Byju's to resolve former employees' dues
Labour Minister Santosh Lad revealed that approximately 160 to 200 employees had approached the Labour Department, with total outstanding dues amounting to around Rs 4.5 crore
 "Karnataka Labour Minister presses Byju's to resolve former employees' dues")
Report indicates no fraud at Byju's, Govt says probe is still underway
The Ministry of Corporate Affairs' investigation offers some relief to Byju's, as it temporarily halts any new scrutiny by Indian officials on already investigated issues
 "Report indicates no fraud at Byju's, Govt says probe is still underway")
Prosus writes off 9.6% stake in Byju's, marking $493 million in loss
Prosus has invested around $500 million in Byju's over the years. Other Indian startups in Prosus' portfolio include Swiggy, Meesho, and Eruditus
 "Prosus writes off 9.6% stake in Byju's, marking $493 million in loss")
Byju's hedge fund ally can avoid arrest if he helps locate $533 million
The missing money is at the heart of a dispute between lenders owed $1.2 billion and the startup founded by entrepreneur Byju Raveendran
 "Byju's hedge fund ally can avoid arrest if he helps locate $533 million")
'Byju's now worth zero': HSBC warns Prosus amid legal, financial troubles
Worsening legal challenges and severe cash crunch attributed as reasons by HSBC for Prosus' $500 million investment going to zero value in Byju's
Byju's lenders start bankruptcy proceedings against its US assets
Byju's founders unlawfully diverted $533 million in loan proceeds, the whereabouts of which are still unknown, alleged the lenders
 "Byju's lenders start bankruptcy proceedings against its US assets")
Byju's processes employees' salaries for May from business collections
Last year, the founders of the edtech firm had to pledge their house to raise debt for paying employees' salaries
Byju's Director Riju Raveendran 'not truthful' on missing $533 mn: US judge
The decision was a symbolic victory for lenders, represented by their agent, Glas Trust, and likely puts only limited pressure on Ravindran to cooperate in order to avoid financial penalties
 "Byju's Director Riju Raveendran 'not truthful' on missing $533 mn: US judge")
Edtech company Byju's starts new batches in 240 centres across India
On May 19, Byju Raveendran, founder and CEO of Byju's, addressed all Byju's Tuition Centres (BTC) heads and shared a new business model, based on intrapreneurship.
Byju's sales team misses target despite 30% subscription fee reduction
Majority of the sales team, who shifted to a revenue-linked payout model last week, have yet to secure a sale for any course, despite Byju's reducing prices of educational products by 30%
 "Byju's sales team misses target despite 30% subscription fee reduction")
Byju's slashes course fees by 30-40%, ups sales incentives by 50-100%
Byju Raveendran has also promised to settle all dues of the sales team with higher incentives
Cash-strapped Byju's cuts product prices, unveils new sales strategy
In the new model, managers will have the role of mentors and not of taskmasters. Employees are encouraged to report any ill-treatment by managers directly to founder Byju Raveendran
 "Cash-strapped Byju's cuts product prices, unveils new sales strategy")
Cash-strapped Byju's pays April salaries to all employees except sales ones
Last month, Byju Raveendran, the founder and chief executive officer of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees
 "Cash-strapped Byju's pays April salaries to all employees except sales ones")
Cash-strapped Byju's may pay salary to employees for April this week
Last month, Byju Raveendran, the founder and chief executive of Byju's, secured a private debt of about Rs 30 crore to pay the March salaries of employees
 "Cash-strapped Byju's may pay salary to employees for April this week")
Byju's continues facing cash crunch as NCLT defers hearing to June 6
Byju's and its investors are fighting at the National Company Law Tribunal (NCLT) over the company's rights issue of $200 million in a petition alleging oppression and mismanagement
 "Byju's continues facing cash crunch as NCLT defers hearing to June 6")
Raveendran secures pvt debt to pay March salaries of employees at Byju's
The development comes ahead of the April 23 hearing at NCLT and company may request the tribunal allow it to use the rights issue money
 "Raveendran secures pvt debt to pay March salaries of employees at Byju's")
Raveendran raised debt to pay March salaries of Byju's employees
Byju Raveendran, the Founder and CEO of Think and Learn, has raised debt in his personal capacity to pay the salaries of employees for March
 "Raveendran raised debt to pay March salaries of Byju's employees")
Byju's India CEO Arjun Mohan moves on, company divided into three divisions
Byju's is consolidating its businesses into three focused divisions. These include The Learning App, Online Classes and Tuition Centres, and Test-prep
 "Byju's India CEO Arjun Mohan moves on, company divided into three divisions")
