16 July 2024
The National Company Law Tribunal (NCLT) has admitted the BCCI's petition for insolvency proceedings against Byju's due to unpaid dues of Rs 158 crore related to sponsorship rights. The case will be further heard on November 15. Additionally, tech investor Prosus has written off its 9.6% stake in Byju's, citing a significant decrease in value. A Ministry of Corporate Affairs probe found governance lapses but no financial fraud at Byju's, contributing to the company's mounting losses and internal conflicts.
The National Company Law Tribunal (NCLT) has admitted the BCCI's petition for insolvency proceedings against Byju's due to unpaid dues of Rs 158 crore related to sponsorship rights. The case will be further heard on November 15. Additionally, tech investor Prosus has written off its 9.6% stake in Byju's, citing a significant decrease in value. A Ministry of Corporate Affairs probe found governance lapses but no financial fraud at Byju's, contributing to the company's mounting losses and internal conflicts.
Stay Connected, Stay Informed –
Don’t miss out on exclusive updates, market trends, and real-time investment opportunities. Be the first to know about the latest unlisted stocks, IPO announcements, and curated Fact Sheets, delivered straight to your WhatsApp.