Edtech agency Assume and Be taught, which owns Byju’s model, has been requested by an emergency arbitrator to not promote round 6 per cent stake in its subsidiary Aakash Schooling Companies Restricted because it has did not pay again round ₹350 crore raised from billionaire physician Ranjan Pai-led MEMG Household Workplace. Additionally learn:Byju’s vs Traders: … Read more
The Bengaluru Bench of Nationwide Firm Regulation Tribunal (NCLT) reserved judgement on interim orders within the oppression and mismanagement plea filed by 4 buyers towards edtech firm Byju’s. The buyers had hunted for a keep of $200 million rights problem that’s to shut on February 29. The buyers alleged that they have been being compelled … Read more
In yet one more setback for Byju’s, a choose group of traders of Assume & Study (T&L), the mother or father firm of Byju’s, voted on and handed a number of resolutions, together with the elimination of chief govt officer (CEO) Byju Raveendran from the corporate and the change of the board, which at the … Read more
A gaggle of 4 buyers of the embattled edtech main Byju’s on Friday moved the Bengaluru bench of the Nationwide Firm Regulation Tribunal (NCLT), submitting a petition in opposition to oppression and mismanagement by the corporate. Additionally learn: Byju’s abroad lenders file insolvency proceedings in India The buyers are looking for to declare the founders … Read more
A gaggle of traders of Byju’s, the edtech main are in search of to oust the highest brass of the corporate led by Byju Raveendran, saying they’re ‘deeply involved’ about future stability beneath the present management. Additionally learn:Byju’s launches rights subject to boost $200 million from current traders at $230-$250 mn valuation The traders are … Read more
Edtech main Byju’s abroad lenders, who’ve prolonged greater than 85 per cent of $1.2-billion time period mortgage, have filed an insolvency petition in opposition to the edtech main. Additionally learn: Byju’s earmarks ₹18.8 cr as potential penal liabilities for non-compliance The chapter petition was filed within the Bengaluru bench of the Nationwide Firm Regulation Tribunal … Read more
Embattled edtech main Byju’s filed its FY22 financials with the Ministry of Company Affairs, and has mentioned that losses ballooned to ₹8,245 crore in FY22 from ₹4,564 crore in FY21. businessline had earlier reported that the FY22 financials tabled through the firm’s annual normal assembly in December 2023, confirmed that consolidated income from operations stood … Read more
In 2023, the edtech sector has been a roller-coaster 12 months as a result of funding decline as companies realised the necessity for strategic enterprise enhancements and prudent cost-cutting measures to tide over the liquidity disaster. Because the pandemic waned, so did the demand for on-line studying as faculties, schools and centres reopened for offline … Read more