So after dodging many bullets Byju's finally goes to Insolvency Trial.   Does anyone have any news of what's happening inside the company?

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So after dodging many bullets Byju's finally goes to Insolvency Trial. 

Does anyone have any news of what's happening inside the company?

Byju's & Insolvency ❌

Program Manager

Byju's & Insolvency ❌- Grapevine

Welcome to News Discussion's Private Community

Heard from a friend that Byju’s has filed for bankruptcy. Can someone from Byju’s confirm this?

Byju’s files for bankrupcy?

Product Designer

- The National Company Law Tribunal (NCLT) in Bengaluru has admitted BCCI's petition for insolvency proceedings against Byju's over unpaid dues of Rs 158 crore.
- Byju's had a sponsorship contract with BCCI for the Indian cricket team, and the petition was filed last year against its parent company, Think & Learn Pvt Ltd.
- The matter is set for further hearing on November 15, with Byju's previously stating it was in talks with BCCI to settle the issue.
- Tech investor Prosus wrote off its 9.6% stake in Byju's during the financial year 2024, citing a significant decrease in value for equity investors.
- A year-long probe by the Ministry of Corporate Affairs found lapses in corporate governance at Byju's but cleared it of financial fraud, attributing mounting losses to weak governance and compliance practices. 

 Source: Business Today, Moneycontrol

NCLT Admits BCCI Petition for Insolvency Proceedings Against Byju's

Journalist

Wtf is happening at Byjus?

Analyst

- Byju's, once valued at $22 billion, faces insolvency, causing panic among employees.
- U.S. lenders seek $1 billion in unpaid dues, leading to a court battle and asset freeze.
- Employees, unpaid for months, consider protests and lawsuits to recover dues.
- India's Supreme Court declined Byju's request to halt the insolvency process.
- Founder Byju Raveendran assures staff of prompt salary payments once control is regained. 

 Source: [Reuters](https://www.reuters.com/world/india/indian-ed-tech-giant-byjus-insolvency-case-fans-fears-employees-2024-08-22/)

Byju's Insolvency Sparks Employee Fears Amid Legal Battles

NCLT has frozen Byju's bank accounts. A big blow not to Byju's, but to those waiting for salaries and payouts. This process usually takes petitions in court to resolve and isn't straightforward.


 https://timesofindia.indiatimes.com/business/india-business/fresh-trouble-for-byjus-as-nclt-blocks-rights-issue/articleshow/110979870.cms

Byju's bank accounts frozen

Product Owner

Feedback letter from employee to Founders, CEO & CTO

Heartwarming message from ex-Byjus employee to founders.

For details just reply to this email. I will email an excel sheet of all of your failures 
 😂Lmao, that was🔥

Product Manager

Software Engineer

https://www.ndtv.com/business-news/byjus-faces-total-shutdown-if-insolvency-proceeds-says-ceo-byju-raveendran-6141875

Byju’s on the verge of shutdown

Chartered Accountant

First the audit report got delayed. Now they’ve reported a loss of over 4.5k cr. And I believe they’re like a mothership of edtech, if they gone down then the entire category goes down from an investment perspective

What’s happening with byjus?

Software Developer

With ED issuing lookout notice for the founder, is this how Byju's will go down?? Things have not been looking up for the decacorn startup since last year, but with rights issue being fully subscribed, there was hope that things might take a turn for the better.

With EGM this Friday to ouster the CEO and his family from board and ED lookout notice just prior to it, is this the end of the road for the maverick founder??

End of road for Byju Raveendran

The Morning Vine 🍇

Welcome to Office Gossip's Private Community

What is even happening there? As per newspaper article from today

https://www.thehindubusinessline.com/companies/byjus-hasnt-paid-pf-money-for-months-show-epfo-data/article67008329.ece/amp/

Byju’s hasn’t paid PF in months apparently?

Byjus has announced no further layoffs, promised the payment of incentives and increments after their employees threatened to go on strike. Huge for the Aam worker, collective bargaining in 2023 in the startup scene.

https://flip.it/bNe-Oq Byju's Averts Workers' Strike; Rules Out More Layoffs At Tuition Centres

BJYU’s employees won their rights by threatening to go on strike

Tentatively JAN third week. ( no runway left for Feb) - Employees could be paid in Esop’s valued at 2.7B $ as per internal disscussions.

CLE, Content, Tech and product teams are going to be sliced. All products are going to KTLO. This is the final round - post this the company Survives and sticks to K12 until 2026 OR it files for bankruptcy.☹️

Guys this is my last post about Byjus. All the best Soldiers ! 👋

Yet Another layoff round at Byjus - Round 7 🥲

- Byju's, once valued at $22 billion, faces insolvency proceedings, likely forcing thousands of employees to quit and shutting down services.
- The company, backed by investors like Prosus and General Atlantic, has faced job cuts, valuation collapse, and investor disputes over corporate governance.
- An Indian tribunal triggered insolvency after a $19 million payment dispute with the cricket board, freezing Byju's assets and suspending its board.
- Vendors may default, leading to a total shutdown of Byju's online platforms, according to CEO Byju Raveendran's court appeal.
- Byju's, with 27,000 employees, became popular during the pandemic for online courses and in-person coaching; the court will hear the case on Monday. 

 Source: Reuters

Insolvency Proceedings Will Force Thousands Of Employees To Quit: BYJU’S CEO

https://thearcweb.com/article/byju-raveendran-1-billion-agm-8SWZHKi0REGjA6g4

Byju’s has faced consolidated losses of nearly Rs 8,300 crore ($1 billion) in FY22... Reminds me of "जितने का बबुआ नहीं उतने का झुनझुना"

- Byju's founder, Raveendran, declared the company's worth as zero after key investors resigned from the board.
- The resignations made it impossible for the edtech firm to raise further funds.
- Raveendran expressed regret over taking the Term Loan B, which he described as the most expensive capital.
- The company is currently undergoing bankruptcy proceedings, with the National Company Law Tribunal initiating insolvency proceedings against Byju's.
- Despite the crisis, Raveendran remains optimistic about a turnaround and insists there has been no fraud within the company.

Source: [Economic Times](https://economictimes.indiatimes.com/tech/technology/investors-leaving-board-was-biggest-setback-byjus-now-worth-zero-founder-raveendran-our-bureau/articleshow/114320123.cms)

Byju's Founder Declares Company Worth Zero After Investor Exodus

"BYJU’S grew considerably since our first investment in 2018, but, over time, its reporting and governance structures did not evolve sufficiently for a company of that scale. Despite repeated efforts from our Director, executive leadership at BYJU’S regularly disregarded advice and recommendations relating to strategic, operational, legal, and corporate governance matters. The decision for our Director to step down from the BYJU’S Board was taken after it became clear that he was unable to fulfil his fiduciary duty to serve the long-term interests of the Company and its stakeholders."

https://techcrunch.com/2023/07/24/prosus-questions-byjus-governance-says-indian-edtech-regularly-disregarded-advice/?tpcc=tcplustwitter

This is major - Prosus just publically said that BYJU's had improper governance and failed to improve despite their recommendations

Largest shareholder saying this publicly, I wonder if there is any way of recovering from this point

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