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Byju’s founder accused of using hidden funds to regain firm
Byju’s founder, Byju Raveendran, is accused of using loan funds to secretly repurchase a software company under American trustee control, a court filing reveals.
A recent court filing suggests efforts to regain Epic!, an educational software company, with funds allegedly hidden from US creditors.
The filing by William R. Hailer indicates that Raveendran engaged him to initiate a buyout of United States creditors owed over US$1.2 billion under a loan agreement.
The plan aimed to convert this debt, valued at around 0.24 cents on the dollar, into ownership of Epic!. The strategy reportedly failed.
Recent Byju’s developments
| Timeline |
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18-Oct-2024 📉 Byju’s CEO vows to return to India from Dubai
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18-Oct-2024 📉 Byju’s $22b valuation ‘worth zero’ amid governance crisis
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05-Jun-2024 📉 Byju’s US affiliates slapped with involuntary bankruptcy cases from creditors
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15-Apr-2024 📚 Byju’s India CEO steps down, co-founder Raveendran takes charge
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08-Apr-2024 📈 Byju’s-owned test prep company names ex-Pearson India head as CEO
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