Page 8 - Byju's

Accenture invests $1 bn in learning platform, to buy edtech firm Udacity

Udacity's team of more than 230 professionals will join Accenture LearnVantage

Byju's Florida hedge fund ally may face jail time over missing $533 million

Lenders accuse Morton of helping Indian tech firm Think & Learn hide $533 million from them

Byju's investors file caveats in SC expecting challenge to NCLT's order

MIH Edtech Investments BV, Peak XV Partners Investments, Sofina SA and General Atlantic Singapore TL Pte Ltd filed separate caveats in SC as a precautionary move

Disclosure in US court counters narrative by four investors, says Byju's

Byju's said this counters the fake narrative by four investors at the National Company Law Tribunal (NCLT) that the amount was siphoned off

Edtech major Byju's says it is beneficial owner of $533 million US fund

Ahead of a US court hearing on the whereabouts of the USD 553 million funds Byju's had parked in an American investment firm, the edtech company on Sunday evening said its subsidiary in the US remains the beneficial owner of the fund. On Saturday, Byju's stated that it had no money to pay salaries to employees after just-raised funds through the rights issue were locked (in a separate account) after a dispute with investors. It is not clear if Byjus is the beneficial owner of USD 533 million, then why it could not use them for paying salaries. "Camshaft, in its latest submission, has disclosed to the Delaware Court that the USD 533 million was transferred from BYJU'S Alpha to another 100 per cent Think & Learn owned subsidiary, Inspilearn LLC (a Delaware firm). "As BYJU's has indicated previously - the funds continue to remain in a Think and Learn subsidiary, contrary to the false allegation made by a select list of investors before the NCLT in India," Byju's said in a ...

Byju's unable to pay salaries due to dispute with investors: Raveendran

Unfortunately, a select few have stooped to a heartless level, ensuring that the company is unable to utilise funds raised to pay salaries, said Byju Raveendran

Byju's unable to pay salaries as funds locked amid rift with investors

Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence. After all, we now have funds to meet our short-term needs and clear our liabilities. However, I regret to inform you that we will still be unable to process your salaries," he said. In the letter - seen by PTI - Raveendran said the company is still striving to ensure that salaries are paid by March 10. "We shall make these payments the moment we are permitted to do so as per law," he added. Further, Raveendran said that last month, the company faced challenges due to a lack of capital, and "now we are experiencing a delay despite having funds". "Unfortunately, a select few (4 out of our 150 plus investo

Tough test: Staff salaries may again be hit at edtech major Byju's

NCLT has asked Byju's to keep funds via rights issue in escrow account and it cannot be withdrawn till the disposal of the matter, according to the sources

NCLT asks Byju's to keep funds via rights issue in escrow account

NCLT has also directed Byju's to consider the extension of the closure date of the rights issue

Edtech major Byju's, investors slug it out in NCLT over rights issue

NCLT has directed the parties to file written submissions of their contentions in three days. It has also issued notice to Ministry of Corporate Affairs (MCA) and Registrar of Companies (ROC)

MCA calls for speeding up edtech company Byju's inspection report

The edtech company's financial disclosures had also come under the Institute of Chartered Accountants of India's (ICAI's) scanner because of a 22-month delay in submission of financial reports

The spectacular flameout of Byju's

Byju Raveendran set up Think & Learn in 2011, got his first funding in 2013 and launched The Learning App in 2015, which became a case study at Harvard Business School

Edtech major Byju's faces long legal battle as CEO digs in heels: Experts

This may also negatively impact the edtech giant's operations and market reputation, according to industry sources and legal experts

Controversy over EGM results adds to edtech major Byju's troubles

The meeting was called by some leading investors such as Prosus and General Atlantic and there were seven resolutions at the EGM

Paytm issue may be reviewed, scrutiny on Byju's progressing well: ICAI

Amid the unfolding Paytm Payments Bank Ltd crisis, Institute of Chartered Accountants of India President Ranjeet Kumar Agarwal on Sunday said its financial reporting review board (FRRB) may deliberate on issues of the fintech firm in the near future. The FRRB of the statutory body is currently conducting a review of the accounts of tech-based education unicorn Byju's over alleged governance concerns, and the exercise is progressing well, the ICAI president said. "So far, we have not considered it (Paytm issue), but the board meeting of the FRRB will take place in the near future and it will consider appropriate action if required. So far, we have not decided anything as far as this matter is concerned," ICAI President Ranjeet Kumar Agarwal told PTI in an interview. Newly elected committees, including FRRB, of the ICAI are expected to hold meetings from March onwards, he said. Notably, the banking sector regulator Reserve Bank of India has already imposed restrictions on Paytm Payme

Best of BS Opinion: Three lessons from two years, Munich AI accord & more

Here is the best of Business Standard's opinion pieces for today

Will continue as CEO of Byju's, EGM a farce: Raveendran tells employees

Raveendran also told employees that he is not taking any of the investor allegations lying down and will challenge these illegal and prejudicial actions, according to a letter sent to the staff

Continue to remain CEO; rumours of my firing inaccurate: Byju Raveendran

A day after investors of the troubled edtech firm Byju's voted for a leadership change, Byju Raveendran has penned a note to employees saying he continues to remain CEO and the management remains unchanged, as he dubbed Friday's EGM as a "farce". The note to employees assumes significance as it comes after Byju's shareholders (prominent investors) on Friday voted for removing Founder-CEO Raveendran and his family from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in absence of founders as invalid and ineffective. In a note to employees on Saturday, Raveendran alleged that a lot of essential rules were "violated" at Friday's Extraordinary General Meeting (EGM). "This means that whatever was decided in that meeting does not count, because it didn't stick to the established rules... It is crucial for everyone to understand the specific issues that make this EGM a farce," he ..

Best of BS Opinion: Byju's spectacular meltdown, Putin already lost & more

Here is the best of Business Standard's opinion pieces for today

Byju's EGM: Investors vote to remove CEO Byju Raveendran from board

Company calls resolutions at EGM 'invalid'; shareholders move NCLT