OPPO Mobiles filed a petition on May 1 in the Bengaluru bench of the National Company Law Tribunal (NCLT), seeking initiation of insolvency proceedings against troubled edtech major Byju’s. OPPO is the latest in the growing list of entities, who dragged Byju’s to the NCLT
In April 2021, Byju’s acquired Aakash in a deal that had a 70 per cent cash component and 30 per cent equity component. The merger was planned as a part of the cash-and-stock deal, when Byju’s had acquired the brick-and-mortar test prep company for $940 million.
Byju's crisis: An arbitrator, appointed under Singapore International Arbitration Centre rules, has ordered Byju’s not to dispose of 4 million shares of Aakash, which amounted to a 6 per cent stake as per the loan agreement.
The company had held back February salaries mid-March. It later paid a part of the dues. Byju's and its investors are involved in a dispute over the company's $200 million rights issue.
The embattled edtech firm has called the extraordinary general meeting (EGM) on March 29, to increase authorized share capital of the company following the recent $200 million rights issue.
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.
Investors, who are seeking the ouster of Raveendran and family from the Byju's board at an extraordinary general meeting of shareholders for alleged "mismanagement and failures" at what was once India's hottest tech startup, have also sought a forensic audit of the company
Byju's crisis: Investors are seeking the ouster of Byju Raveendran and family from the board of the company at an extraordinary general meeting of shareholders.
Last November, ED had issued showcause notices to Think & Learn Private Limited, the parent company of Byju’s, and Raveendran over alleged contraventions of FEMA to the tune of Rs 9,362.35 crore.