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Edtech major BYJU'S on Friday said it has not defaulted on repayment of loans raised from American lenders and USD 500 million worth of loans were transferred from the group's US entities to fund growth plans. The statement comes against the backdrop of lender Glas Trust company and investor
The lawsuit was filed by Glas Trust Company and investor Timothy R. Pohl against Byju’s Alpha, Tangible Play, Inc. and Riju Ravindran. The two companies being sued are units of Think and Learn Private, the edtech empire founded by Byju Raveendran
One of India’s hottest tech companies, Byju’s Alpha, was sued by an agent for lenders owed $1.2 billion after months of negotiations between creditors and the education technology firm.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
Since the ED has not filed any direct allegation against the company, shareholders may not be immediately worried. “But the fact that founder and CEO Byju Raveendran is evasive is worrying. That raises questions. Is he hiding something? This might be concerning them,” said an investor