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Lenders accused one of India's hottest tech companies, Byju's Alpha, of hiding $500 million as part of a fight between creditors and the self-proclaimed biggest education technology company in the world.
Last month, regulators in India raided Byju’s offices, seizing documents and digital data
'The litigants have made bewildering claims that BYJU'S 'moved' USD 500 million from BYJU'S Alpha, insinuating that these acts were somehow wrongful. We deny these allegations'
The lenders allegations which also we dispute concern merely insignificant technical and non-monetary defaults, BYJUS said.Further, the company said that a Delaware court in the US has passed an interim order to maintain the status quo in relation to BYJUS Alpha.
The lawsuit has been filed as Glas Trust Company vs Riju Ravindran, 2023-0488, Delaware Chancery Court (Wilmington)