Byju’s had taken a loan from certain US-based lenders in November 2021. For that purpose, an SPV named Byju’s Alpha was incorporated in Delaware in which the loan amount was transferred.
On Monday, the ministry sought to expedite the inspection and submission of the report regarding BYJU's. Specific details about the inspection could not be immediately ascertained.
Ahead of the EGM, a group of four investors of Byju's filed an oppression and mismanagement suit against the management of the company in the Bengaluru bench of the NCLT
Byju Raveendran stated in an internal letter to shareholders that to ensure transparency regarding the usage of funds raised through the rights issue, the company will appoint a third-party agency to monitor it.
BYJU'S floated a rights issue in January to raise $200 million through an equity rights issue at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction in its peak valuation of $22 billion.
The extraordinary meeting, expected to convene on Friday, will see the company's major shareholders voting to remove Byju Raveendran, Divya Gokulnath, and Riju Ravindran from the board of Think & Learn.
Manipal Group chairman Ranjan Pai is set to become the largest shareholder in Aakash Institute with a 40 percent stake in the company after the legal win.
BYJU's stated that the company is committed to having a dialogue, even as the founders and leadership work on finding ways to address its increasing obligations.
According to court filings, Byju's Alpha Inc has total assets between $500 million and $1 billion, with listed liabilities ranging from $1 billion to $10 billion
