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NEW DELHI: Byju’s founder Byju Raveendran is preparing to file a $2.5 billion damages claim, alongside new evidence in a US court that he says disproves Glas Trust’s allegations that $533 million in ‘alpha funds’ was diverted by the company’s founders.A US bankruptcy court had, in a default ruling last week, ordered Raveendran to pay…
Once the face of India’s digital education boom, Byju’s rose from a modest learning app to a global edtech powerhouse valued at $22 billion at its peak. Its branding dominated cricket jerseys, international billboards, backed by aggressive expansion and pandemic-fuelled demand.However, the company that once symbolised India’s growing edtech aspirations is now mired in lawsuits,…
BENGALURU: A previously unseen figure has stepped into the centre of the Byju’s funding dispute: Oliver Chapman, the UK-based head of supply-chain firm OCI, which first received the $533 million moved out of Byju’s Alpha in 2022. His emergence comes through a motion filed on Nov 15 by Byju’s Alpha, now acting through a court-supervised…
BENGALURU: Manipal Education and Medical Group India (MEMG) submitted an expression of interest (EoI) to participate in corporate insolvency resolution process (CIRP) of Think & Learn, the parent company of Byju’s.In a statement on Thursday, MEMG India said it sought inclusion in list of prospective resolution applicants and requested access to company’s financial and operational…
BENGALURU: The Supreme Court has rejected petitions filed by Think & Learn, the parent of Byju’s, and its US-based lender GLAS Trust Company, giving its subsidiary Aakash Educational Services (AESL) the green signal to proceed with its planned rights issue and raise funds.The dismissal of the civil appeals upholds the National Company Law Appellate Tribunal’s…
