Tag Archives: Byju's

In a fresh legal development, Byju Raveendran, the founder of the embattled ed-tech giant Byju's, has been accused of attempting to secretly regain control of the company using hidden loan funds. According to a recent Bloomberg report, Raveendran allegedly hid millions of dollars of loan proceeds to purchase back a software company that had been taken over by an American trustee.

In a recent media call, Byju Raveendran, the founder of the beleaguered edtech company Byju's, expressed his commitment to repaying all outstanding debts to lenders, provided they are willing to collaborate with him. Raveendran's remarks come as the company faces ongoing insolvency proceedings triggered by a dispute with the Board of Control for Cricket in India (BCCI) over unpaid dues.

In a significant legal victory for Byju's and its founder Byju Raveendran, an appeals tribunal has overturned the insolvency proceedings that had been initiated against the education technology giant. The ruling comes as a major relief for Byju's, which has faced various challenges in recent months.

Gaurav Munjal, Co-founder and CEO of Unacademy, has openly criticized Byju Raveendran, Founder and Group CEO of Byju's, attributing the edtech firm's recent setbacks to Raveendran's failure to heed advice from others.

Byju's, the embattled edtech giant, announced on Sunday that two of its senior advisory board members, Rajnish Kumar and Mohandas Pai, have chosen not to renew their contracts, which are set to expire on June 30. This development comes as the company faces multiple challenges, including delayed salaries due to a cash crunch.

Edtech giant Byju's has made headlines as its founder and CEO, Raveendran, personally took on debt to ensure partial salary payments for March ahead of the National Company Law Tribunal (NCLT) hearing scheduled for April 23rd. This move comes amidst a backdrop of financial challenges and legal proceedings involving Byju's.

In a significant development, the founder of edtech giant Think and Learn, Byju Raveendran, is set to step into the role of handling the company's day-to-day operations following the resignation of CEO Arjun Mohan. This leadership transition marks a pivotal moment for Byju's as it embarks on a strategic overhaul aimed at consolidating its business into three key divisions.

Edtech giant Byju's has reportedly initiated layoffs via phone calls, opting to release employees without putting them through a performance improvement plan (PIP) or requiring them to serve a notice period. The company's decision has raised concerns and drawn attention to the impact on affected staff.

The National Company Law Tribunal (NCLT) has declined investors' request to halt Byju's extraordinary general meeting (EGM), slated for March 29, despite ongoing legal challenges. The Bengaluru bench of the tribunal also dismissed the plea for an independent overseer, setting the stage for a crucial legal battle in the corporate world.

Edtech giant Byju's has made the decision to shift its workforce to remote work, vacating all its office spaces across the country except for its headquarters in Bengaluru. With approximately 14,000 employees affected by this move, the company aims to navigate through its ongoing financial crisis.