Byju’s investors vote to remove CEO after ‘rowdy’ Zoom call. What next?
Major investors of Byju's voted for the ouster of the edtech firm's CEO Byju Raveendran following a meeting that lasted for hours. Read to know what happens next. Key Points
India TodayED seeks look out circular against Byju Raveendran
An LOC 'on intimation' has already been issued against Raveendran. It was opened more than one and a half years ago at the request of the ED's Kochi office. However, the investigation was later transferred to the Bengaluru office of the agency. The LOC 'on intimation' results in immigration authorities informing a probe agency about the individual going overseas but the person is not stopped from leaving the country. Key Points
Economic TimesByju Raveendran’s upbringing was remarkably unremarkable—only two things stood out
In 'The Learning Trap', Pradip K. Saha anaylses the rise of Edtech giant Byju's and its charismatic founder, Byju Raveendran. Key Points
ThePrintLiquidity crisis to ease in 45-60 days, says Byju's
India Business News: Byju's expects the liquidity crisis to ease in 45-60 days. The firm is working to close the audit of its FY23 accounts. The litigation surrounding ter Key Points
Times Of IndiaByju Raveendran broke down in tears as crises engulfed ed-tech startup
Byju Raveendran, founder of ed-tech startup Byju's, reportedly broke down in tears after a probe agency raided the company's offices, linking it to possible foreign exchange violations. The company has faced a series of crises including financial irregularities and legal battles. Key Points
mint
Byju’s strikes a deal: will insolvency relief by NCLAT hold against billions debt claims?
Byju Raveendran may be breathing a sigh of relief after the National Company Law Appellate Tribunal (NCLAT) halted insolvency proceedings and approved a settlement between the BCCI and Byju's. However, the decision has raised serious questions about the state of insolvency proceedings in India. Key Points
Business TodayByju’s unable to pay salaries as rights issue funds locked in separate a/c 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... Key Points
The Tribune IndiaByju Raveendran broke down defending his crisis-hit edtech startup: Report
Raveendran had been in crisis mode for months. Apart from the ED raids, his once high-flying tutoring startup failed to file its financial accounts on time. Key Points
Hindustan TimesInvestors leaving board was biggest setback; Byju's now worth zero: founder Raveendran
The founder of the once-most-valued Indian startup said investors threw Byjus under the bus at the first sign of crisis. While sounding optimistic about a turnaround, Raveendran said the edtech had taken the best decision in the world when it took the Term Loan B (TLB), which was the easiest capital. However, it turned out to be the most expensive one, he rued. Key Points
Economic TimesByju's EGM: Investors vote to remove founder from board, edtech says resolutions ‘invalid’
Investors led by Prosus filed a petition at NCLT alleging oppression and mismanagement by the present management of Byjus. They seek to remove Raveendran as CEO, overhaul the board, conduct a forensic audit, and declare the rights issue invalid. Key Points
Economic Times
ED seeks lookout notice against BYJU’s founder
The Enforcement Directorate (ED) has requested the Bureau of Immigration to issue a lookout circular against Byju Raveendran, the CEO of ed-tech... Key Points
The Tribune IndiaNCLT to hear investors' oppression, mismanagement plea against Byju’s today. Here's what you need to know
The plea will be heard by a bench comprising judicial member K. Biswal and technical member Manoj Kumar Dubey. This is the fifth plea filed against Byju's in NCLT and the fourth one filed in 2024. Key Points
Business TodayByju’s to put footballer Lionel Messi’s contract on hold: Report
Byju Raveendran-founded company had signed Messi as its global ambassador in November 2022 for three years for its ‘education for all’ campaign. It was estimated that Messi was roped in for an estimated $5-7 million per year. Key Points
Business TodayLook out circular issued against Byju’s founder Raveendran to prevent him from leaving India
Edtech firm Byju’s is under ED scanner for alleged FEMA violation through remittance of Rs 9362.35 crore which the agency believes may have caused a loss to the exchequer. Key Points
ThePrintByju’s promoters have sold shares worth $408.53 million since 2015: PrivateCircle
Since 2015, founder and CEO Byju Raveendran individually sold 29,306 shares worth $3.28 million, whereas his wife and co-founder Divya Gokulnath sold 64,565 shares worth $29.40 million, and brother Riju Ravindran sold 337,911 shares worth $375.83 million. Key Points
Economic Times
Byju’s rights issue offer to estranged investors; TCS kicks off fresh hiring
Byjus held an extraordinary general meeting (EGM) this morning to increase its authorised share capital. None of the participating investors objected to the proposal. Key Points
Economic TimesByju’s shareholders vote to oust CEO; company calls it ‘invalid’
The majority of Byju’s shareholders on Friday voted unanimously for removing founder CEO Byju Raveendran and his family from the board over... Key Points
The Tribune IndiaByju's investors call for EGM on Friday to oust founder, his family members
Investors at Byju's are calling for an extraordinary general meeting to oust founder CEO Byju Raveendran and his family members over alleged mismanagement and failures. The shareholders listed financial mismanagement, erosion of value, and concealment of material information as reasons for seeking ouster. Key Points
Economic TimesByju's Alpha sued by loan agent for $1.2 billion
The lawsuit was filed by Glas Trust Company and investor Timothy R. Pohl against Byjus Alpha, Tangible Play, Inc. and Riju Ravindran. The two companies being sued are units of Think and Learn Private, the edtech empire founded by Byju Raveendran. Ravindran is a director of Think and Learn, according to a regulatory filing. Key Points
Economic TimesByju’s ED probe: Byju Raveendran tells staff all cross-border transactions duly vetted
The ED has conducted search and seizure actions on several premises linked to the company in Bengaluru. ED had conducted these searches as part of a probe into alleged violation of foreign exchange rules around the investments received and transfer of funds abroad by the edtech firm. Key Points
Economic Times
Byju’s to raise $200 million through rights issue at a valuation of under $250 million
India Business News: Byju’s is planning to raise $200 million through a rights issue at a valuation of under $250 million. The funds will be used to clear immediate liabilities and meet operational requirements. Key Points
Times Of IndiaByju’s sued by loan agent tied to $1.2 billion
The lawsuit was filed by Glas Trust Company and investor Timothy R. Pohl against Byju’s Alpha, Tangible Play, Inc. and Riju Ravindran. The two companies being sued are units of Think and Learn Private, the edtech empire founded by Byju Raveendran Key Points
mint'EGM a farce; did not stick to established rules': Byju Raveendran to employees
India Business News: Byju Raveendran, the founder of Byju's, has called the extraordinary general meeting (EGM) a farce and challenges the resolutions passed. He states that the meeting did not stick to established rules. Read more. Key Points
Times Of IndiaGovt expedites inspection of crisis-hit Byju's books amid growing troubles
Byju's crisis: The corporate affairs ministry expedited the inspection of Byju's books and submitted a report on Think & Learn Pvt Ltd. Trouble continues at the edtech firm as shareholders voted to remove founder CEO Byju Raveendran from the board. Key Points
Economic TimesByju’s investors vote to oust CEO from troubled ed-tech startup
India Business News: Major Byju’s shareholders vote to oust CEO from the troubled ed-tech startup. Find out more about the escalating battle and the fate of the online tutoring startup. Key Points
Times Of India
Paytm-Byju’s crisis: Alphas, cowboys and the strong, silent types
Two of the biggest names in the Indian startup world, Paytm's Vijay Shekhar Sharma and Byju's founder Byju Raveendran, face an existential challenge to their businesses. The recent challenges faced by these founders reflect the excesses of the hyper-funding period and highlight issues of governance, compliance, and transparency. Key Points
Economic TimesTCS jobs scam: IT firm fires six employees and staffing firms; Upgrad, Udacity in deal talks
N Chandrasekaran, Tata Sons chairperson, informed shareholders during the TCS Annual General Meeting (AGM) that the company has sacked six employees and banned as many staffing firms after allegations by a whistleblower surfaced a recruitment scam. This and more in todays ETtech Morning Dispatch. Key Points
Economic Times