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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
Reports also surfaced that Byju's investors are seeking to oust the top bosses of the company led by Byju Raveendran, saying they are 'deeply concerned' about future stability under the current leadership. �� BYJU’s Salary Delay: Edtech Major Delays Salaries of Employees for January, US Unit Files for Bankruptcy, Says Report.
Happy Wednesday! Beleaguered edtech major Byjus finally filed its much-delayed audited FY22 results with the Registrar of Companies. Its also holding talks to float a rights issue at a valuation of less than $1 billion. Yes, you heard it right. More on that in todays ETtech Morning Dispatch.
According to Prosus, BYJU’S executive leadership “regularly disregarded advice and recommendations relating to strategic, operational, legal, and corporate governance matters.”
According to private market intelligence firm PrivateCircle Research, BYJU's promoters -- Byju Raveendran, Divya Gokulnath and Riju Ravindran -- have together sold shares worth around USD 408.53 million in 40 secondary transactions since 2015.