- By Kamal Kumar
- Wed, 29 Nov 2023 10:56 AM (IST)
- Source:JND
BCCI-Byju's Row: The Board of Control for Cricket in India (BCCI) has taken edtech giant Byju to the National Company Law Tribunal (NCLT) in an undisclosed matter, revealed the latest release on the NCLT website. The case was filed on September 8 and officially registered on November 15. The BCCI and Byju's parent company, Think and Learn Pvt Ltd, are set for a hearing on December 22 according to the details of the case on the website.
Earlier this year, Byju announced that it would not be renewing its three major branding partnerships with the BCCI, ICC, and FIFA, all of which were set to expire in 2023. It's not clear if the recently filed lawsuit is connected to this decision or if it involves a different issue.
Byju has faced recent challenges, including the Enforcement Directorate issuing a notice for FEMA violations. The company has also been criticised for delaying settlements for laid-off employees and faced issues with Davidson Kempner, resolved by Manipal Group chairman Ranjan Pai's debt buyout. Byju aims to repay its $1.2 billion loan within six months and has put assets like Great Learning and Epic up for sale to raise funds.
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The company faced setbacks like delayed financial results, auditor Deloitte's resignation, and board member resignations. Byju's, valued at $22 billion after an $800 million funding round in March 2022, is undergoing a strategic review amid various challenges.
Once hailed as the role model of edu startups in India, the company has become a sinking ship as many compatriots are jumping off amid the continued woes. The latest name in the tally is Anil Goel, who is leaving the company after three years in the role of Chief Technology Officer. A day later company announced the elevation of Jiny Thattil as its Chief Technology Officer.
Established by former IIT-JEE teacher Byju Raveendran over a decade ago, Byju's reached unprecedented heights in March 2022 when it secured a whopping $800 million funding round, valuing the company at $22 billion and making it India's most valuable startup.
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However, the company has faced criticism since then due to various issues, including delayed financial results, the departure of its auditor Deloitte, and resignations from three key board members: GV Ravishankar of Peak XV Partners (Sequoia Capital India), Russel Dreisenstock of Prosus, and Vivian Wu of the Chan Zuckerberg Initiative.