“We are in discussions with the BCCI to settle the matter and we hope to achieve that soon,” a Byju’s spokesperson told ET. The BCCI did not immediately respond to ET’s request for comment.
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The complaint has been registered with the Bengaluru bench of the National Company Law Tribunal (NCLT). To further decide on the case, Justices K Biswal and Manoj Dubey have scheduled the next hearing for December 22.
The complaint representing BCCI was filed by Argus Partners’ associate Ann Pereira in September. This comes as a one of many recent legal blows to have hit the Bengaluru-based edtech startup.
The development was first reported by The Morning Context.
In November 2022, BCCI had received an email from Byju’s requesting terminating an association post the recently concluded T20 World Cup. This was against BCCI’s wishes, which was to ask Byju’s to continue the partnership until at least March 31, 2023.
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Last week, the Enforcement Directorate (ED) said it has issued show cause notices to edtech firm Byju’s parent Think & Learn and its chief executive Byju Raveendran for alleged violations of Foreign Exchange Management Act (FEMA) involving an amount of Rs 9,362.35 crore.Earlier in the month, the troubled edtech firm finally reported its delayed audited financial accounting for the year ended March 2022 – in parts – showing a 2.3 times growth in revenue to Rs 3,569 crore in its core business. Ebitda loss of the core business — financials for which were reported — was down to Rs 2,253 crore in FY22, from Rs 2,406 crore in the previous year. The company has yet to make its financials for 2021-22 available to the Registrar of Companies.
The financials were made public on the back of chief financial officer Ajay Goel’s resignation on October 24 — after a just about six-month stint — to return to mining conglomerate Vedanta.
The delay in furnishing audited FY22 financials had been a core cause of concern for the edtech firm’s investors as well as creditors, from whom the firm has raised $1.2 billion in term loan B.
Meanwhile, the beleaguered startup is continuing with its restructuring plans to save costs. It has cut headcount by a third — or at least 4,500 people — for the India business. The most recent round of layoffs came after the appointment of new chief executive Arjun Mohan, previously of Upgrad India.