Edtech company Byju’s has agreed to pay the outstanding sponsorship contract amount of Rs 158 crore to BCCI. The lawyers of the company’s founder Ravindran informed this in the National Company Law Appellate Tribunal (NCLAT) on 31 July.
Byju’s will pay this amount in 2 installments on 2 and 9 August. Byju Ravindran’s brother Riju will make this payment. Riju is one of the largest shareholders of the company. Riju is one of the largest shareholders of the company.
Byju’s parent company Think and Learn Private Limited and BCCI had a sponsorship contract for Team India’s jersey in 2019.
Byju conspired, stole 500 million dollars
This agreement has been questioned by Byju’s US-based lenders. These lenders have asked NCLAT not to accept the agreement. Lawyer Mukul Rohatgi, representing the US lenders, has called it a ‘tainted agreement’.
Rohatgi said that it is being paid from ‘stolen money’. How can a person who cannot even pay salaries suddenly pay Rs 150 crore. Byju and Riju conspired and stole $500 million. This is our money which these people have withdrawn.
Defaulted for the first time on 21 August 2022
Think and Learn did not make payment to BCCI after several international tours and series of the Indian cricket team. The board said that the company defaulted in making payment for the first time on 21 August 2022.
NCLT admitted Byju’s did not pay
Hearing the case, the Bengaluru bench of NCLT had said that the conversation between BCCI and Byju’s through email makes it clear that Think and Learn (Byju’s) has not made the payment on time. Therefore, the petition to take insolvency proceedings against the company was also accepted.
Investment firm Prosus’s investment of Rs 4,115 crores was lost
Recently, investment firm Prosus had written off its investment in Byju’s. That is, the investor had accepted that his investment of about Rs 4,115 crores in edtech was lost. He had a 9.6% stake in the edtech company. The investor had given this information in his annual report.
