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Time of India
10-07-2025
- Business
- Time of India
EY-backed RP sues Byju's Dubai-based marketing agent for Rs 1,597 crore
Academy Empower your mind, elevate your skills The resolution professional (RP) of Think and Learn , an insolvent company which houses the Byju's brand of products, has filed a Rs. 1,597 crore lawsuit against a Dubai-based marketing agent that dealt in the company's products in that jurisdiction, according to people familiar with the matter. The lawsuit was filed at India's National Company Law Tribunal ( NCLT ).Think and Learn's insolvency proceedings at NCLT are ongoing at the behest of GLAS Trust , a custodian claiming to represent an aggrieved set of international lawsuit filed by Shailendra Ajmera , the EY-backed resolution professional of Think and Learn, claims that Byju's had a commercial arrangement with Dubai-based More Ideas General Trading and the latter has failed to repatriate payments to the former, as per those in the lawsuit also implicates Byju's former directors Byju Raveendran , Riju Ravindran and Divya Gokulnath , pinning responsibility on them for making good the claim, they Ideas General Trading had not responded to ET's queries until press time.'Byju's founders vigorously dispute all claims made against them by the Resolution Professional (RP) of Think & Learn in the CIRP procedure,' said a statement made on their behalf. Byju's founders claimed they had filed cases in court challenging developments related to the insolvency proceedings and that the RP was trying to shift attention from those.'The latest case is similar to a series of baseless and false cases filed by the RP in the last few months in an attempt to shift the attention from the two main cases filed by the founders in NCLT — The first one for the RP's removal on grounds of collusion and fraud and the second one challenging the authority of GLAS to represent the lenders'As per sources familiar with the lawsuit filed by Think and Learn's RP, More Ideas General Trading had the rights to market the Byju's range of products in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates on a revenue sharing lawsuits were filed through Ajmera's lawyers Chandhiok and Ajmera and Chandhiok and Mahajan had not responded to ET's queries until press time on Ravindran had in early April filed a petition with the NCLT claiming Ajmera should be removed as the RP of Think and Learn because EY has been an adviser to the company prior to its admission into insolvency proceedings, raising the issue of conflict of interest. He has also claimed that EY's appointment is a has also claimed that the insolvency proceedings of Think and Learn are a sham because GLAS Trust which claims to represent the company's lenders did not have a locus standi to enforce claims against the company because it does not have the backing of majority of the Trust was entrusted with acting as a custodian for a $1.2 billion term loan that was taken by Think and Learn's US subsidiary. That loan was guaranteed by Think and Learn. This is why Glas Trust claims it has rights to enforce insolvency proceeding against the company in the loan was a key clause that said that any action to enforce repayment of the loan will require consent of majority of lenders. Byju's former directors have repeatedly claimed that this clause is unmet and hence the insolvency proceedings in India are void.'Byju's founders reserve all rights to bring actions against those parties that have caused damage to them personally and their businesses. Claims have been raised in India against Glas Trust, the former subsidiary of Think & Learn, that Glas Trust now claims to control and others. Claims are being contemplated against those parties in other jurisdictions,' as per the statement made on behalf of the founders.
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Business Standard
09-07-2025
- Business
- Business Standard
UAE Golden Visa scam: ₹23 lakh offer for Indians is fake, warns govt
Indians have been warned not to fall for a supposed new route to the United Arab Emirates' Golden Visa, after Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) debunked a viral press release as false and misleading. The press release, circulated by a consultancy called Rayad Group, claimed that Indians could now apply for a 'nomination-based' Golden Visa without having to invest crores in property or business. It said eligible applicants could secure lifelong residency and even citizenship by paying AED 100,000 (around ₹23.3 lakh). The release also named visa processing firm VFS Global as a partner and claimed India and Bangladesh were part of the pilot phase, with China and other CEPA countries to follow. 'Absolutely fake,' says immigration lawyer 'This is absolutely fake—generated by those wanting to scam Indians,' Prashant Ajmera, immigration attorney at Ajmera Law Group told Business Standard. 'Such entities target Indians because they understand that there's a market here for those who wish to live abroad, particularly in countries like the UAE,' he said. Ajmera questioned the logic behind the offer. 'The categories of golden residence, their conditions and controls are determined in accordance with the UAE laws, legislation and official ministerial decisions,' the authority added. 'Those wishing to know the requirements for UAE Golden Visa can obtain them through the ICP website or smart application.' The ICP confirmed it had monitored press releases from a consulting office abroad claiming to offer lifetime Golden Visas through nomination. While the statement did not name the entities involved, it warned of legal action against those spreading false information to extract money from unsuspecting applicants. 'We are fully committed to providing a safe and clear environment for customers,' the authority said in a press release accessed by Business Standard. 'We are working to enhance transparency and continuously update our services through official digital platforms only.' The statement urged the public not to respond to 'inaccurate rumours and false news with the aim of quick profit' and reiterated that all authentic procedures are listed on its official website. Individuals can also contact the ICP helpline at 600522222 for clarification. Rayad Group calls it an 'opportunity' On Monday, speaking to news agency PTI, managing director of Rayad Group, Rayad Kamal Ayub called nomination-route a golden opportunity for Indians to get the UAE's Golden Visa. According to the release, Rayad Group had partnered with VFS Global's Education, Trade & Migration (ETM) Services to roll out the programme across cities including Delhi, Mumbai, Ahmedabad, Chennai, Hyderabad and Pune. On June 1, VFS Global had announced its collaboration with Rayad Group to provide immigration advisory services in India.
Time of India
19-06-2025
- Business
- Time of India
Byju's RP's suit claims directors owe compensation to company under IBC laws
An EY-backed resolution professional (RP) has filed lawsuits at the National Company Law Tribunal (NCLT) claiming former Byju's directors owe compensation to the company for fraudulent transfers of the company's assets, according to people familiar with the matter. The lawsuits invoke a provision under the Insolvency and Bankruptcy Code which provides legal recourse to reverse transactions undertaken by a company's previous management. Shailendra Ajmera, the RP of Think and Learn, which houses Byju's ed tech business and is undergoing insolvency, has claimed in the lawsuits filed in late April that two separate sets of transactions were detrimental to the company. One of them resulted in a $533 million investment held by a US subsidiary moving to related companies and the other involved a sum of Rs 130 crore moving from Think and Learn to its subsidiary in India, said the people. Think and Learn was, therefore, deprived of these funds, it is claimed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo The lawsuits implicate the company's three former directors – Byju Raveendran , Riju Ravindran and Divya Gokulnath . Ajmera has demanded that the sums be made good to the company by the former directors. ETtech Live Events Riju Ravindran had in early April filed a petition with the NCLT claiming Ajmera should be removed as the RP of Think and Learn because EY has been an adviser to the company prior to its admission into insolvency proceedings, raising the issue of conflict of interest. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Further, he claimed that EY was perpetuating a fraud and acting in the interest of Glas Trust, which claims to be representing the majority of Think and Learns creditors, and not in the interest of the company. In a recent petition filed with the NCLT, Riju Ravindran claimed that Glas Trust, which is the lenders' agent that forms 99% of the committee of creditors of Think and Learn, is not legally entitled to represent the lenders. He claimed that Glas Trust didn't have the support of 50% of the lenders as required in the borrowing agreements entered between Think and Learn and its lenders. He also claimed that it had no authority to instruct Ajmera or undertake any acts towards the company's insolvency. Ajmera, his lawyers Chandhiok and Mahajan, Byju Raveendran and Riju Ravindran did not respond to ET's queries. One of Ajmera's two lawsuits follows a recent Delaware court ruling in the US where Byju's Alpha's move to transfer a $533 million ownership interest in a set of funds called Camshaft Funds to related entities was under question. Byju's Alpha is a US subsidiary of Think and Learn. The Delaware court termed the transfers illegal and demanded their reversal. The former directors have appealed the ruling.
Time of India
06-06-2025
- Business
- Time of India
NCLAT rejects EY partner's plea in Byju's-Aakash case
Bengaluru: The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Shailendra Ajmera, resolution professional for Think & Learn (Byju's) and a partner at Ernst & Young (EY), in the ongoing dispute over Aakash Educational Services (AESL). Ajmera challenged an April 30 order by the NCLT Bengaluru that directed all parties to maintain the status quo on Byju's 25% stake in AESL. The NCLAT held that the order was interim and passed with the consent of all parties, making it ineligible for appeal. The tribunal's bench, comprising Justice Sharad Kumar Sharma and technical member Jatindranath Swain, sided with arguments presented by senior counsels for AESL and the Manipal Group, which is the largest shareholder in AESL. They said Ajmera's appeal was not legally maintainable and that the underlying company petition under Sections 241–242 of the Companies Act was itself questionable given the ongoing insolvency proceedings. The appellate bench also noted that the April 30 order stemmed from a prior arrangement recorded by the Karnataka High Court on April 8, following the quashing of an earlier NCLT order that was passed without hearing all stakeholders. The matter will now return to the NCLT Bengaluru for a full hearing. Among the issues to be decided are whether the interim arrangement should continue, whether EY should be made a party to the proceedings due to its advisory role to multiple stakeholders, and whether Ajmera's petition is maintainable. The dispute follows a series of transactions that led to the Manipal Group acquiring a controlling stake in AESL. Byju's acquired AESL in 2021 in a deal valued at around $1 billion. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
03-06-2025
- Business
- Time of India
Aakash moves NCLT to implead EY, alleges conflict in Byju's petition
BENGALURU: Aakash Educational Services Ltd (AESL) has filed an application before the National Company Law Tribunal (NCLT), Bengaluru, seeking to dismiss a petition filed by Byju's and calling for the impleadment of consultancy firm Ernst & Young (EY) and its partner Ajay Shah. AESL has alleged a conflict of interest, citing EY's past advisory roles in transactions now being challenged by the Resolution Professional (RP) of Think & Learn Pvt Ltd, Byju's parent entity. In its June 1 application, AESL claimed that EY and Shah had played a central role in financial, legal, and compliance-related matters for the company, including the structuring of non-convertible debentures (NCDs), their conversion to equity, and other board-level decisions. The same transactions are now under challenge by the RP, Shailendra Ajmera, who AESL alleges is also affiliated with EY. 'The RP has suppressed material facts and is acting in excess of his statutory powers under the Insolvency and Bankruptcy Code,' AESL said in its filing. It further alleged that Ajmera's position as RP is 'severely compromised' due to EY's historical involvement with multiple parties in the dispute, including AESL, Byju's, and Davidson Kempner. The impleadment plea includes internal communications between AESL and Shah, such as cash flow discussions, equity restructuring guidance, and audit-related representations. AESL claimed that Ajmera failed to disclose these associations and filed the petition without requisite approvals from Byju's Committee of Creditors or the NCLT. The filing comes days after Ajmera, in a letter dated May 28, wrote to the AESL board questioning the status and independence of its directors, particularly those aligned with Manipal Group, which acquired a significant stake in AESL last year through a debt-to-equity transaction. AESL has also stated it may escalate the matter to regulatory bodies including the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India. The tribunal is yet to decide on the maintainability of Byju's original petition. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
