“Byju’s Resolves ₹158 Crore Dispute with BCCI, Commits to Payment by August 9”
Byju’s has reached an agreement to settle its long-standing dispute with the Board of Control for Cricket in India (BCCI), committing to pay ₹158 crore in dues by August 9. The payment will be made in two installments on August 2 and August 9 by Riju Raveendran, the brother of Byju’s founder Byju Raveendran and one of the company’s largest shareholders.
Byju’s has reached an agreement to settle its long-standing dispute with the Board of Control for Cricket in India (BCCI), committing to pay ₹158 crore in dues by August 9. The payment will be made in two installments on August 2 and August 9 by Riju Raveendran, the brother of Byju’s founder Byju Raveendran and one of the company’s largest shareholders.
The settlement, confirmed by Byju Raveendran’s lawyers to the National Company Law Appellate Tribunal (NCLAT), aims to resolve the financial disagreements that led to insolvency proceedings initiated by NCLAT following BCCI’s complaint. The dispute centered around unpaid sponsorship payments, which had led to significant legal and financial challenges for Byju’s.
However, the settlement has faced scrutiny from Byju’s US-based lenders. Advocate Mukul Rohatgi, representing the American creditors, has criticized the agreement, labeling it as a “tainted settlement” and alleging that it is funded by “stolen money.” Rohatgi questioned how Byju’s, which is reportedly struggling to pay salaries, could suddenly afford such a large payment. He further alleged that Byju and Riju Raveendran conspired to misappropriate $500 million, claiming it as stolen funds.
This development adds to the mounting difficulties faced by Byju’s, which was valued at $22 billion in 2022 but has since encountered numerous setbacks. The company has experienced a collapse in valuation to under $3 billion, job cuts, boardroom exits, and disputes over corporate governance.
Sources By Agencies
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