BYJUS FOUNDER
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MCA probe report on Byju’s; Walmart on Flipkart, PhonePe profitability
An investigation by the central government into Byju's cleared the edtech firm of financial fraud charges, according to a report by Bloomberg. The Ministry of Corporate Affairs, however, denied it on Wednesday evening. This and more in today's ETtech Top 5.
![Probe finds Byju’s failed investors but didn’t commit fraud](https://img.etimg.com/thumb/msid-111276097,width-100,height-75,resizemode-4/tech/startups/probe-finds-byjus-failed-investors-but-didnt-commit-fraud.jpg)
Probe finds Byju’s failed investors but didn’t commit fraud
Byju's governance lapses led to financial troubles, legal battles, and Raveendran's efforts to innovate and manage debts for the ed-tech company's survival.
![Byju’s challenges NCLT order restricting fund use in Karnataka High Court](https://img.etimg.com/thumb/msid-111206533,width-100,height-75,resizemode-4/tech/startups/byjus-challenges-nclt-order-restricting-fund-use-in-karnataka-high-court.jpg)
Byju’s challenges NCLT order restricting fund use in Karnataka High Court
Byju’s faces protests from investors over $200 million rights issue conducted at 99% discount. Lenders within consortium loaned $1.2 billion to Byju’s file bankruptcy petition in US court.
![NCLT directs Byju’s to maintain status quo, halts $200 million rights issue](https://img.etimg.com/thumb/msid-110970782,width-100,height-75,resizemode-4/tech/technology/nclt-tells-byjus-to-maintain-status-quo-halting-rights-issue.jpg)
NCLT directs Byju’s to maintain status quo, halts $200 million rights issue
The National Company Law Tribunal (NCLT) has directed edtech major Byju's to maintain status quo in its shareholding, pausing its controversial rights issue conducted at a 99% discount to its last peak valuation of $22 billion. Byju's faces a petition from investors in the NCLT and is restrained from proceeding with the rights issue. The matter will be heard next on July 4, and the tribunal has asked for details of Escrow bank accounts and US court actions.
![NCLT directs Byju’s to maintain status quo; ETtech Done Deals](https://img.etimg.com/thumb/msid-110972129,width-100,height-75,resizemode-4/tech/newsletters/tech-top-5/nclt-directs-byjus-to-maintain-status-quo-ettech-done-deals.jpg)
NCLT directs Byju’s to maintain status quo; ETtech Done Deals
NCLT has asked Byju's to maintain status quo in its shareholding, pausing its controversial rights issue, this and more in today’s ETtech Top 5.
![Prosus stake in Byju’s worth zero: HSBC](https://img.etimg.com/thumb/msid-110775955,width-100,height-75,resizemode-4/tech/startups/prosus-stake-in-byjus-worth-zero-hsbc.jpg)
Prosus stake in Byju’s worth zero: HSBC
This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.
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NCLAT dismisses appeal by investors against Byju’s
The National Company Law Appellate Tribunal has rejected an appeal filed by a group of investors of Byju’s seeking intervention in the case between the two parties in the National Company Law Tribunal (NCLT). These investors had requested an order to halt the ongoing proceedings at the NCLT’s Bengaluru bench.
New-age stocks recover post poll results; Ixigo IPO launch
A day after election results, shares of new-age companies like Zomato and Delhivery made a sharp recovery on the bourses. A look at the numbers and more in today’s ETtech Top 5.
Byju’s lenders petition to put subsidiaries in bankruptcy in the US
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
US court says Riju Ravindran’s testimony “lacks credibility”, imposes penalty: Byju’s lender group
An Indian tech firm, Think & Learn Pvt, faces penalties for concealing $533 million from lenders. Riju Ravindran, a director, failed to locate the funds, prompting US Bankruptcy Judge Dorsey to call his testimony dishonest. Despite no extradition treaty, fines loom. The dispute centers on creditors versus Think & Learn, embroiled in US courts.
Cards vs UPI; Byju’s advisory council dissolved
Happy Monday! UPI's ease of use is driving a shift to cashless payments, leaving debit cards behind. This and more in today’s ETtech Morning Dispatch.
Rajnish Kumar, Mohandas Pai to exit Byju’s advisory council
Both Mohandas Pai and Rajnish Kumar had joined the advisory council after the edtech's investors–Peak XV Partners, Prosus and Chan Zuckerberg Initiative–left the board of the company last year
Byju’s unveils key changes in sales pay structures, product pricing
Byju's reduced course fees by 30-40%, raised incentives by 50-100%, shifted to a pull-based sales model, and lowered annual subscription costs for the Learning App, emphasizing flexibility and support for the sales team.
Investor group accuses Byju’s of violating NCLT order
A group of Byju’s investors led by Dutch investor Prosus is seeking to block a $200 million rights issue and the removal of founder Byju Raveendran as CEO of the edtech firm.
Byju’s pays part of March salaries to employees, yet to clear Feb payouts
Byju's CEO covers March salaries with personal debt. Blocked rights issue, $200 million raised earlier. Investors like Prosus, General Atlantic, Sofina involved in NCLT case. Partial payouts made on April 20.
De-risking startup investing; Apple eyes more India manufacturing tie-ups
Happy Tuesday! The Centre is charting a plan to cut investment risks for pension funds and insurance companies. This and more in today’s ETtech Morning Dispatch.
Byju’s India CEO out; ShareChat valuation drops 60%
Byju’s India CEO Arjun Mohan has resigned after just six months in the job. Founder Byju Raveendran will fill in the role for now. This and more in today’s ETtech Top 5.
Exclusive: Byju’s India CEO Arjun Mohan resigns, founder Raveendran to comeback at helm of daily ops
Byju Raveendran's return to the top of daily affairs after nearly four years is of significance as as a group of Byju’s investors voted in February to oust him as CEO of the company in an extraordinary general meeting.
Byju’s arranges for alternative credit, begins March salary payouts
ET had reported on April 1 that Bengaluru-based Byju's delayed salaries for workers again as amid a severe cash crunch.
Sachin Bansal’s Navi eyes $2B valuation; Byju’s seeks arbitration in investor battle
Sachin Bansal-promoted Navi Technologies is in the market to secure external funding at a valuation of around $2 billion. Details of this and more in today’s ETtech Top 5.
Byju’s fires 500 employees; India Inc and influencer marketing
Troubled edtech Byju’s has fired nearly 500 staffers amid a severe cash crunch. More details on this in today’s ETtech Top 5.
Byju’s investors vote to oust CEO Raveendran
Investors in Byju's led by Prosus filed a petition at NCLT alleging oppression and mismanagement by the present management of Byju’s. They seek to remove Raveendran as CEO, overhaul the board, conduct a forensic audit, and declare the rights issue invalid.
Face-off likely at EGM over plan to oust Byju’s CEO
Investors demand ouster of Byju Raveendran and family, accuse management of non-compliance, misinformation, and withholding information. They seek details on AESL acquisition, loan terms, investigations, audits, and board restructuring for improved oversight and governance.
Byju Raveendran, Divya Gokulnath and Riju Ravindran to skip company's EGM
Byju’s in a statement said, “This EGM is procedurally invalid, contractually in contravention of our AOA (article of association) and SHA (shareholding agreement), legally on the wrong side of the Companies Act, 2013.”
Byju’s secures stay on EGM resolutions from Karnataka HC
In a statement Wednesday evening, Byju’s said the court has passed an order saying any resolutions proposed during the EGM by investors will be considered invalid until the final hearing and disposition of the petition.
Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring
Byju Raveendran informs shareholders that the $200 million rights issue is fully subscribed, emphasizes the importance of all shareholders participating, and assures transparency in fund usage. He expresses faith in the company's resilience and commitment to creating shareholder value.
Byju'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.
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.
At AGM, Byju’s investors press for transparency from founder
Losses of the edtech company’s parent, Think & Learn, swell past Rs 8,200 crore in FY22; WhiteHat Jr written off.
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