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Byju Raveendran is facing legal action from Delaware SPV lenders, who allege that he misappropriated $533 million. The lawsuit highlights significant financial concerns surrounding the prominent education technology entrepreneur and his business practices.
Byju Raveendran has challenged a National Company Law Tribunal (NCLT) order that mandates the inclusion of Glas Trust and Aditya Birla Finance in the Committee of Creditors (CoC). This legal move highlights ongoing disputes regarding financial restructuring and creditor rights.
Byju’s, facing a $1.2 billion debt crisis, has been ordered by a U.S. court to return ownership of two lucrative education apps after they were improperly transferred. The ruling follows a finding of fraud involving $533 million by Riju Ravindran, the CEO's brother, and highlights ongoing legal battles with U.S. lenders amid insolvency proceedings in India. Court-appointed trustee Claudia Springer is overseeing the bankruptcy of Byju’s U.S. units, which have been accused of misappropriating funds and manipulating ownership records.
Byju’s, facing a $1.2 billion debt crisis, has been ordered by a U.S. court to return ownership of two lucrative education apps after they were improperly transferred. The ruling follows a finding of fraud involving $533 million by Riju Ravindran, the CEO's brother, and highlights ongoing legal battles with U.S. lenders amid insolvency proceedings in India. Court-appointed trustee Claudia Springer is overseeing the bankruptcy of Byju’s U.S. units, which have been accused of misappropriating funds and manipulating ownership records.
Byju’s CEO, Byju Raveendran, has alleged misconduct in the company's insolvency proceedings, claiming evidence of "criminal collusion" involving EY India, lenders, and Interim Resolution Professional Pankaj Srivastava. Following these allegations and a whistleblower report regarding a conflict of interest, the National Company Law Tribunal has replaced Srivastava with Shailendra Ajmera from EY India as the new resolution professional.
Shailendra Ajmera has been appointed as the new Interim Resolution Professional (IRP) for BYJU’S, despite objections from former directors Byju Raveendran and Riju Raveendran. This decision follows a recent NCLT ruling deeming the previous IRP's conduct as “unfit” and “improper,” prompting disciplinary action. Raveendran has also claimed to possess evidence of alleged criminal collusion involving EY India, lenders, and the outgoing IRP.
Byju Raveendran, founder of Byju’s, allegedly attempted to persuade Nebraska businessman William R. Hailer to flee the U.S. to avoid testifying in federal court. Hailer claimed Raveendran sent him a nearly $10,700 plane ticket to Dubai and offered a $500,000 salary to join him, urging him not to testify about Raveendran's efforts to regain control of Byju’s assets.
Byju Raveendran, founder of Byju’s, allegedly urged a Nebraska businessman to flee the US to avoid testifying in federal court about questionable activities he witnessed involving Raveendran. Just two days before the hearing, Raveendran sent the businessman a plane ticket to Dubai, as new allegations emerged regarding his attempts to use concealed loan proceeds to secretly repurchase a software company.
Byju’s founder, Byju Raveendran, is accused of attempting to regain control of his bankrupt education technology firm by secretly using hidden loan proceeds to buy back a software company, Epic!, from US creditors owed over $1.2 billion. A court filing reveals that Raveendran enlisted Nebraska businessman William R. Hailer in this scheme, which ultimately failed. Hailer claims he was manipulated in Byju’s legal maneuvers and is set to testify in federal court regarding the sale of Epic! to benefit creditors.
Byju Raveendran, the founder of the bankrupt Indian tech firm Byju’s, is accused of attempting to regain control of his struggling education empire by using hidden loan proceeds to secretly buy back a software company. This move comes as the company faces court supervision in both India and the US, as detailed in a recent court filing by Nebraska businessman William R. Hailer.
Byju Raveendran
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