Page 15 - Byju's

Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips

Business Standard brings you the top headlines at this hour

Manipal Group chairman Ranjan Pai in talks to invest in Byju's-owned Aakash

Raveendran may partially offload his stake for $80-90 mn

Byju's sends legal notice to Aakash founders demanding share transfer

Education technology startup Think and Learn Pvt Ltd, which operates under BYJU'S brand name, has sent a legal notice to founders of Aakash Educational Services following their alleged resistance to complete a share swap that was unconditionally agreed as part of the sale of Aakash Educational Services Ltd (AESL), sources said. In 2021, BYJU'S acquired 33-year-old brick-and-mortar coaching centre AESL for nearly USD 940 million in a cash and stock deal. Post deal, TLPL owned 43 per cent while its founder Byju Raveendran another 27 per cent. Founder Chaudhry's family maintains about 18 per cent in AESL and Blackstone the remaining 12 per cent. The deal envisaged AESL merging with TLPL as it was more tax efficient for the seller Chaudhrys. However, due to delays in the proposed merger by the National Company Law Tribunal (NCLT), TLPL has invoked the unconditional fallback agreement and issued a notice to Chaudhrys, requesting the execution of the swap deal. But the minority sharehold

Top headlines: Foxconn in talks for $200 mn plant in TN, Fed hikes rates

Business Standard brings you the top headlines at this hour

For edtech firm Byju's chaotic situation, are only founders to be blamed?

Byju's delayed giving its FY21 financial report by 18 months and when it did, it reported a loss of Rs 4,570 crore. The FY22 financials are yet to be filed

Will 'significantly' mark down Byju's valuation: Peak XV Partners

This is the first time investors have externally flagged financial and corporate irregularities at the edtech firm

Star founder Raveendran broke down in tears as crises engulfed Byju's

Without easy access to global capital, companies are now facing greater scrutiny over corporate governance, jeopardizing India's quest to pull even with the US and China as a tech capital of the world

Top headlines: IMF ups GDP forecast, L&T board approves buyback, and more

Business Standard brings you the top headlines at this hour

Byju's 'regularly disregarded' advice on key matters, says Prosus

Exited Byju's board because of poor corporate governance, says edtech firm's biggest investor

Byju's 'regularly disregarded' former director's advice, says Prosus

Prosus, which this year slashed its valuation of Byju's to $5.1 billion from $22 billion last year, said the decision for its director to step down from Byju's board last month

Edtech major Byju's, lenders agree to amend terms for $1.2 billion loan

Houlihan Lokey serves as financial advisor to the term loan lender group and Kirkland & Ellis LLP, Cahill Gordon & Reindel LLP, and Shearman & Sterling LLP are serving as legal advisors

Byju's reaches agreement to rework terms of $1.2 billion loan: Report

If the loan terms are reworked successfully, the creditors are expected to drop their demand for accelerated repayment

Byju's vacates its biggest office at Kalyani Tech Park, Bengaluru: Report

By giving up the 558,000 sq ft office space, Byju's might save up to Rs 3 crore per month in rent

Govt orders inspection of Byju's amid financial, corp governance concerns

The corporate affairs ministry has ordered an inspection of the books of BYJU'S, a senior government official said on Monday amid the edtech major facing multiple headwinds, including delay in submitting financial statements and concerns over corporate governance issues. The inspection of Bengaluru-based Think & Learn Pvt Ltd, which operates under the brand BYJU'S, will be carried out by the ministry, which is implementing the companies law. The ministry decided to carry out the inspection after taking note of the developments, including that the company has been unable to finalise its financial statements and that its auditor has resigned, the official told PTI. Earlier this month, the ministry asked the office of the Regional Director in Hyderabad to conduct an inspection of the company, which is registered in Bengaluru, the official said. The official also said that further course of action will be decided after receiving the inspection report. A query sent to BYJU'S seeking ..

Rajnish Kumar, Mohandas Pai to join edtech major Byju's advisory body

Firm appoints ex-upGrad chief as overseas business CEO

Byju's appoints ex-upGrad chief Arjun Mohan as CEO for int'l business

Edtech major Byju's has appointed upGrad's former chief Arjun Mohan as its CEO for international business, according to sources. Byju Raveendran will remain the group Chief Executive Officer (CEO) and Mrinal Mohit will continue to head the India business, the sources told PTI. Byju's declined to comment on the development. Mohan was with Byju's for 11 years as its Chief Business Officer before joining Ronnie Screwvala-promoted upGrad as its India CEO. He resigned from upGrad in December last year. Byju's operates in the US, Canada, Mexico, Australia, the UK, Brazil, and the Middle East, with users in about 100 countries, according to the company website. It owns US-based reading platform Epic and coding site Tynker, acquired for USD 500 million and USD 200 million, respectively. Other overseas acquisitions of Byju's include Singapore-based Great Learning for around USD 600 million and Austria's mathematics operator GeoGebra for USD 100 million. The development comes as the ...

Byju's appoints ex-upGrad chief Arjun Mohan as CEO for int'l biz: Report

Edtech company Byju's has appointed upGrad's former top boss Arjun Mohan as its CEO for international business, according to sources. Byju Raveendran will remain as group CEO and Mrinal Mohit will continue to head the India business, the sources confirmed to PTI. Byju's declined to comment on the development. Mohan was with Byju's for 11 years as its Chief Business Officer before moving on to join Ronnie Screwvala-promoted upGrad as its Chief Executive Officer for India. He resigned from upGrad in December last year.

Why are governance lapses increasing in Indian startup ecosystem?

Conversations around proper governance among startups are increasing

Govt orders inspection of Byju's account books following turmoil: Reports

The Ministry of Corporate Affairs has sought a report in six weeks, said the people, asking not to be named as the information isn't public

Resignation does not absolve Auditor of onus of reporting fraud: NFRA

The NFRA in a circular has said that it has noticed that auditors are not fulfilling their statutory responsibilities relating to reporting of fraud as required by the Companies Law