Latest news with #Raveendran
The Hindu
a day ago
- Entertainment
- The Hindu
AMMA election: Raveendran withdraws nomination to president's post, Jagadeesh may follow suit
Actor Jagadeesh is likely to withdraw his nomination to the post of president of the Association of Malayalam Movie Artistes (AMMA). Jagadeesh said that he would withdraw the nomination with the concurrence of actors, including Mohanlal, Mammootty and Suresh Gopi, whom he had consulted before filing the nomination. The actor's move to withdraw the nomination emerged amidst speculations that a woman candidate may be considered for the post. Actor Swetha Menon is among the six who had filed nominations to the post of the president. Besides Jagadeesh and Swetha Menon, the others who had filed nominations to the post are Raveendran, Devan, Anoop Chandran, and Jayan Cherthala. Raveendran withdrew his nomination on Tuesday while stating that he would contest for the post of general secretary. Mr. Raveendran welcomed the reports that a woman could be considered as the president of the actors' body. Polls on August 15 The last date for withdrawal of nominations is July 31 and the election is scheduled on August 15. The association continued to remain a divided house on whether the members accused of misconduct in the K. Hema Committee report (on the issues faced by women in the Malayalam film industry) or cases registered in its wake should contest the election. The issue came to the fore after Baburaj, who had faced allegations of sexual assault, filed his nomination to the post of the general secretary. While actors such as Sarayu and Ansiba had stated that there was nothing wrong in the accused members contesting, others, including Mallika Sukumaran, Maala Parvathi, Anoop Chandran have opposed it, stating that it may set a wrong precedent as actors had stayed away on earlier occasions after facing such allegations.
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Business Standard
2 days ago
- Business
- Business Standard
Byju's founder alleges hostile takeover, to sue debt buyers for $2.5 bn
Byju Raveendran, founder of the embattled Indian education technology company, has accused opportunistic debt buyers of orchestrating a 'hostile takeover' through bankruptcy proceedings, claiming they purchased distressed loans at deep discounts to seize control of his once-$22 billion startup. In a lengthy statement on LinkedIn marking one year since Think & Learn Pvt, which operates as Byju's, entered insolvency proceedings, Raveendran said the company was current on interest payments when creditors triggered bankruptcy over what he called a 'technical default' related to delayed audit filings. 'This was not a routine insolvency. This was a corporate raid. A hostile takeover bid by opportunistic secondary debt buyers, masquerading as lenders, trying to double their money by destroying a company,' said Raveendran. The entrepreneur said he and his family injected over $800 million of personal funds to keep the company operating. He announced plans to seek $2.5 billion in damages against what he characterised as 'financial predators' who destroyed value at the expense of 85,000 employees and 250 million students. 'What happened to Byju's can happen to anyone building something valuable,' he said. 'This is not just about me. It's about the 85,000 people who once worked at Byju's, the 250 million students who learn with us, and the idea that entrepreneurs should not be bullied into submission by financial predators.' Some claims have already been filed in Indian courts against Glas Trust, a former subsidiary that now seeks control over parts of the business. There is an ongoing battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm's insolvency. The worth of what was once India's most-valued startup is now zero. Raveendran claimed that the loan was not even due until 2026. He said the so-called 'default' was technical—a delay in audit filings due to global operations and regulatory complexity. 'But that was used to manufacture a crisis and accelerate the loan,' he alleged. 'The so-called lenders bought the loan at deep discounts in the secondary market. The credit agreement explicitly disqualified such distressed asset funds from asserting control. Yet, through collusion and procedural manipulation, they seized control of Byju's US subsidiary and unleashed chaos.'
The Hindu
2 days ago
- Entertainment
- The Hindu
Actor Raveendran withdraws his nomination for AMMA president post
Actor Raveendran has withdrawn his nomination to the post of president of the Association of Malayalam Movie Artistes (AMMA). However, he will contest for the post of general secretary in the election for the executive committee of the association to be held on August 15. The actor said on Tuesday (July 29, 2025) that it was his personal decision to withdraw the nomination to the post of president. He was among the six actors who had filed the nominations for the post of president on the last day for filing nominations on July 24. The others included Jagadeesh, Shweta Menon, Devan, Anoop Chandra, and Jayan Cherthala. On speculations that a consensus may emerge to support a woman to the post of president, Mr. Raveendran said it should be welcomed. The last date for withdrawal of nominations is July 31. As many as 74 nominations were filed for the election scheduled for August 15. Though there were reports that Mr. Jagadeesh may withdraw his nomination to the post of president, there was no official confirmation yet from the actor. It was stated that he may withdraw to support the candidature of Swetha Menon, the lone woman candidate in the fray for the post of president. A divided house The association continued to remain a divided house on whether the members accused of misconduct in the Hema Committee report (on the issues faced by women in the Malayalam film industry) or cases registered in its wake should contest the election. The issue came to the fore after actor Baburaj, who had faced allegations of sexual assault, filed his nomination to the post of general secretary. While actors such as Sarayu and Ansiba had stated that there was nothing wrong in the accused members contesting, others, including Mallika Sukumaran, Maala Parvathi, and Anoop Chandran, have opposed it, stating that it may set a bad precedent as actors had stayed away on earlier occasions after facing such allegations. Actor Vijay Babu, an accused in a rape case filed by a woman actor, said in a social media post on Tuesday that he had stepped down from the executive committee of the association following the allegations and that Mr. Baburaj should stay away this time as the latter has cases pending against him.
Hans India
22-07-2025
- Business
- Hans India
No relief for BCCI in Byju's insolvency battle
New Delhi: The Supreme Court on Monday upheld the National Company Law Appellate Tribunal's (NCLAT) order rejecting the appeals filed by the Board of Control for Cricket in India (BCCI) and Byju's co-founder Riju Raveendran seeking withdrawal of insolvency proceedings initiated against the embattled edtech company. A bench comprising Justices J B Pardiwala and R Mahadevan dismissed the joint appeals challenging the April 17 decision of the Chennai bench of NCLAT, which had affirmed the order passed by the National Company Law Tribunal (NCLT) in Bengaluru. The NCLT had on February 10 directed that the settlement proposal submitted by BCCI and Raveendran be placed before the newly constituted Committee of Creditors (CoC) of Byju's parent entity, Think & Learn Pvt the heart of the dispute was whether the withdrawal application for insolvency under Section 12A of the Insolvency and Bankruptcy Code (IBC) was filed before or after the formation of the CoC. Section 12A provides that withdrawal of insolvency requires the consent of 90% of the CoC if filed after the committee's constitution. BCCI and Raveendran had argued that the application — submitted via Form FA — was made before the CoC's formation and thus did not require such approval, invoking Regulation 30A(1)(a) of the IBBI regulations. However, the NCLAT noted that Form FA was submitted on November 14, 2024 — after the CoC was formed — making the application subject to the requirements of Section 12A and Regulation 30A(1)(b), thereby necessitating 90% creditor approval. The tribunal rejected the claim that the delay was caused by the Interim Resolution Professional (IRP), holding that the statutory timelines had already lapsed. The Corporate Insolvency Resolution Process (CIRP) against Byju's was triggered on July 16, 2024, based on BCCI's Rs 158.9 crore operational creditor claim arising out of a 2019 team sponsorship deal. A settlement between the two parties was later reached, prompting Raveendran to seek withdrawal of the insolvency proceedings.
India Today
21-07-2025
- Business
- India Today
Supreme Court dismisses Byju's and BCCI pleas against insolvency withdrawal
The Supreme Court on Monday upheld an order rejecting the appeals of the BCCI and Byju's co-founder Riju Raveendran seeking withdrawal of insolvency proceedings against his company.A bench comprising Justices J B Pardiwala and R Mahadevan dismissed the appeals filed by the Board of Control for Cricket in India (BCCI) and Raveendran challenging the National Company Law Appellate Tribunal (NCLAT) verdict on April thoughts on the verdict, the counsel representing Byju's founders expressed disappointment. An official statement issued by Byju's read, "The termination would have benefitted millions of students who are being deprived of BYJU'S learning system, and thousands of employees."It added, "We are examining the implications of today's order and will decide the future course of action after due consideration. BYJU'S Founders will not stop their efforts to terminate the company's bankruptcy and remain confident that eventually justice will be found through the courts."The BCCI and Raveendran had previously challenged an order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which on February 10 directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju's owes USD 1.2 billion, is a Chennai bench comprising Justices Rakesh Kumar Jain and Jatindranath Swain upheld the directions passed by the NCLT and said the settlement proposal was filed after the formation of the CoC, hence as the provisions of Section 12 A of the Insolvency & Bankruptcy Code, it requires the approval of the lender's BCCI and Raveendran contended that since the application under Section 12A was filed before the constitution of the CoC, the provisions of Section 12A coupled with Regulation 30A(1)(a) shall apply and not Regulation 30A(1)(b).Section 12 A of the IBC prescribes an exit route from insolvency. It mandates that NCLT may allow the withdrawal of insolvency initiated by any financial or operational creditor under Sections 7,9 or section 10, based on an application made with the approval of 90 per cent voting share of the 30A(1)(a) deals with the provision of filing Section 12 A proceedings through the interim resolution profession before formation of CoC, whereas 30A(1)(b) deals with provision of filing after formation of BCCI and Byju's contending Form FA, which is an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP), was submitted before the formation of CoC of Byju' rejecting the plea, NCLAT said, "Form FA, admittedly having been filed on November 14, 2024, is post (formation of) CoC.""If the application under Section 12A is filed under Regulation 30A(1)(a) before the constitution of the CoC, then Section 12A, which mandates the approval of such an application for withdrawal by a 90 per cent voting share of the CoC, shall not apply, but if the application is filed after the constitution of the CoC then the provisions of Section 12A shall apply with full force," said CIRP against Byju's was initiated on July 16, 2024 by NCLAT admitting a Rs 158.90 crore claim from BCCI as an operational creditor of edtech major. An IRP was also appointed by the NCLT in this a settlement arrived between the parties and Raveendran approached appellate tribunal set aside the insolvency proceedings against Byju's on August 2, 2024 after approving dues settlement with the BCCI, which had entered into a Team Sponsor Agreement with the cricket body in was challenged by Glas Trust before the Supreme Trust, a financial creditor, also filed a separate petition before NCLT seeking resolution of its debt of USD 984.3 million (approximately Rs 8,200 crore).advertisementThe apex court on October 23, 2024, set aside the NCLAT order staying the CIRP against Think & Learn, which owns edtech brand Byju's and asked BCCI to approach NCLT for the BCCI submitted Form FA to the Interim Resolution Professional (IRP) on August 16, 2024, it had instructed the IRP to file it only after the resolution of an appeal pending before the Supreme contended before NCLAT there was a delay on the part of the IRP in filing the withdrawal NCLAT, however, rejected the plea.- EndsTune InMust Watch IN THIS STORY#Supreme Court
