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<ul><li><keyword id="19938729" type="General" weightage="20" keywordseo="ather-energy" source="keywords">Ather Energy</keyword> has filed draft papers for a ₹3,100 crore IPO with SEBI.</li><li>Ola Electric had raised ₹5,500 crore in its IPO in August.</li><li>Ather Energy plans to set up a new manufacturing facility in Maharashtra.</li></ul>Electric two-wheeler manufacturer Ather Energy has announced that it is going public and raising ₹3,100 crore in its initial public offering (IPO). The Tarun Mehta-led company has filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors. <keyword id="20253467" type="General" weightage="20" keywordseo="tarun-mehta" source="keywords">Tarun Mehta</keyword> and <keyword id="19993824" type="General" weightage="20" keywordseo="swapnil-jain" source="keywords">Swapnil Jain</keyword> will offload 10 lakh shares each. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, Internet Fund III Pte Ltd and 3State Ventures Pte. Ltd are among the investors selling their shares. <div type="Article" hostid="261" msid="109128809" title="Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment" mstype="2" mssubtype="0"></div> Ather Energy’s IPO is nearly half of what its rival Ola Electric raised through its <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms">IPO</a> last month. This will make Ather Energy the second electric two-wheeler maker in India to go public. Ather Energy is backed by Hero MotoCorp, which has a 37.2% stake in the EV maker. Hero MotoCorp will not sell its shares in the IPO. Apart from Hero MotoCorp, Flipkart co-founders Sachin Bansal and Binny Bansal have also invested in Ather Energy. The EV maker will use the funds raised in the IPO to establish a manufacturing facility in Maharashtra and invest in research and development. The proposed manufacturing facility in Maharashtra will come up in Chattrapati Sambhaji Nagar district. The company currently has a manufacturing facility at Hosur, Tamil Nadu. Ather Energy sells four electric scooters: the 450S, 450X, 450 Apex and the recently launched <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Rizta</a>, a family scooter. The company also sells products like the Halo smart helmet and other scooter accessories. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a> <a href="https://www.businessinsider.in/stock-market/news/shree-tirupati-balajee-agro-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113196203.cms">Shree Tirupati Balajee Agro IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

India's two-time <keyword id="19986816" type="General" weightage="20" keywordseo="Olympic" source="keywords">Olympic</keyword> medal-winning <keyword id="19934351" type="General" weightage="20" keywordseo="javelin-throw" source="keywords">javelin throw</keyword> star <keyword id="19968766" type="General" weightage="20" keywordseo="Neeraj-Chopra" source="keywords">Neeraj Chopra</keyword> has qualified for this month's season finale of the prestigious <keyword id="21269820" type="General" weightage="20" keywordseo="Diamond-League" source="keywords" meta.keywordsubtype="org" meta.entityname="Diamond League" meta.hostid="153" meta.entityid="Diamond League">Diamond League</keyword> after finishing fourth in the overall standings at the end of its 14 series meetings across the world. The season finale will be a two-day affair on September 14 and 15 in <keyword id="20168467" type="General" weightage="20" keywordseo="Brussels" source="keywords">Brussels</keyword>. Chopra accumulated 14 points from his two second-place finishes in the one-day meets held in Doha and Lausanne. He skipped the last series meet in Zurich on Thursday. The 26-year-old is two points adrift of Czechia's Jakub Vadlech. Grenada's Anderson Peters and German star Julian Weber occupy the top two spots with 29 and 21 points respectively. Peters had pipped Weber in the Zurich meet. Chopra, who won gold in the Tokyo Olympics in 2021 and added a silver to his kitty in the Paris edition last month, has been struggling with his fitness this season. The Haryana-lad has talked about a groin injury troubling him since before the Olympic Games that has come in the way of his quest to hit the 90m mark. The Indian finished second in the Lausanne Diamond Leg, bested by Peters, who threw 90.61m. In Paris Olympics, Pakistan's Arshad Nadeem had taken the gold with a monster throw of 92.97m. "First goal, go to the doctor and make my groin 100 per cent fit and also I will be technically better and try to throw far again," he had said last month about his plans for this year and the coming one. Chopra had won the Lausanne leg in 2022 and 2023 and finished second behind Vadlejch in the winner-takes-all finale in Eugene, USA, last year. Each Diamond League season finale champion is awarded a prestigious "Diamond Trophy", USD 30,000 prize money and a wild card for the <keyword id="20013163" type="General" weightage="20" keywordseo="World-Athletics-Championships" source="keywords" meta.keywordsubtype="org" meta.entityname="World Athletics Championships" meta.hostid="153" meta.entityid="World Athletics Championships">World Athletics Championships</keyword>. The DL finale will mark the end of Chopra's season. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Neeraj Chopra qualifies for Diamond League season finale in Brussels

Boeing's Starliner spacecraft is set to detach from the orbiting <keyword id="19985509" type="General" weightage="20" keywordseo="International-Space-Station" source="keywords">International Space Station</keyword> on Friday (local time) and return to Earth, without the astronauts <keyword id="21544825" type="General" weightage="20" keywordseo="Sunita-Williams" source="keywords">Sunita Williams</keyword> and Butch Wilmore as per the US space agency <keyword id="19935155" type="General" weightage="20" keywordseo="NASA" source="keywords" meta.keywordsubtype="org" meta.entityname="NASA" meta.hostid="261" meta.entityid="NASA">NASA</keyword>. The unscrewed spacecraft is targeting a landing at the White Sands Space Harbor in New Mexico on Saturday. NASA astronauts Barry "Butch" Wilmore and Sunita "Suni" Williams launched aboard Boeing's Starliner spacecraft on June 5 for its first crewed flight, arriving at the space station on June 6. It was expected that the two astronauts would have returned in the same flight. As Starliner approached the orbiting laboratory, NASA and Boeing identified helium leaks and experienced issues with the spacecraft reaction control thrusters. For the safety of the astronauts, NASA announced on August 24 that Starliner will return to Earth from the station without a crew. Butch Wilmore and Suni Williams finished packing Starliner with cargo and configuring its cabin for return. The duo closed Starliner's hatch for the final time on Thursday afternoon readying the spacecraft for its uncrewed departure, NASA said. Wilmore and Williams will remain aboard the International Space station and return home in February 2025 aboard the <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword> Dragon spacecraft with two other crew members assigned to NASA's SpaceX Crew-9 mission. "Starliner is scheduled to autonomously undock from the space station at approximately 6:04 pm EDT Friday, September 6, to begin the journey home, weather conditions permitting. NASA and Boeing are targeting approximately 12:03 am, Saturday, September 7, for the landing and conclusion of the flight test," NASA said. SpaceX and Boeing are the two commercial vendors who have been tasked by NASA to send American-launched astronauts to the ISS. Both Williams and Wilmore are not expected to use the Crew Dragon spacecraft of Crew-9 the next SpaceX astronaut mission for NASA that is set to launch later this month of a ISS half year mission. To make space for the <keyword id="21541868" type="General" weightage="20" keywordseo="Boeing-Starliner" source="keywords">Boeing Starliner</keyword> astronauts who are now on the ISS, Crew 9's Crew Dragon will launch from earth with only two astronoauts instead of the planned four. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

Boeing's Starliner to return to Earth from ISS without Sunita Williams

<ul><li><keyword id="20025925" type="General" weightage="20" keywordseo="auto-sales" source="keywords">Auto sales</keyword> in August 2024 recorded a month-on-month decline.</li><li>One of the reasons for the decline in sales was excessive rainfall in the country.</li><li><keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> has urged banks and NBFCs to tighten funding for dealers with excessive inventory.</li></ul>Auto sales in India experienced a significant decline in August 2024, primarily due to excessive rainfall during this monsoon season, according to a report by the Federation of Automobile Dealers Associations (FADA). The report highlighted a 7.01% month-on-month (MoM) decline in overall retail auto sales, falling from 20.34 lakh units in July to 18.91 lakh units in August. Despite this monthly decline in sales, the auto sector witnessed a modest 2.88% year-on-year (YoY) growth compared to August 2023. "India saw 15.9% <keyword id="22508938" type="General" weightage="20" keywordseo="excess-rainfall" source="keywords">excess rainfall</keyword>, with a significant surplus in key regions, disrupting auto retail performance," said a report by FADA. <h2>Decline in sales</h2>The report added that the two-wheeler (2W) segment, despite showing a 6.28% year-on-year growth, registered a 7.29% month-on-month decline. As per the report, market saturation and weather disruptions were the key factors behind the decline in two-wheeler sales. <div type="Article" hostid="261" msid="113016216" title="August auto sales – Maruti Suzuki, Tata Motors and others report a decline in sales" mstype="2" mssubtype="0"></div> In the passenger vehicle (PV) segment, there was a 4.53% YoY and 3.46% MoM decline, while the commercial vehicle (CV) segment recorded an 8.5% MoM and 6.05% YoY decline. FADA noted that weak industrial demand and weather-related challenges were major contributors to the significant drop in commercial vehicle sales. <h2>Inventory levels continue to be a challenge</h2>FADA also highlighted growing inventory challenges in the PV segment, with stock days ranging between 70-75 days, representing approximately 7.8 lakh vehicles valued at ₹77,800 crore. The report noted that these high inventory levels, combined with aggressive OEM dispatches have created cash flow pressures for dealers, impacting their profitability. "Dealers under pressure due to aggressive OEM dispatches, with dealers facing cash flow challenges and reduced profitability" the report said. <h2>FADA urges banks to tighten funding</h2>To address this, FADA has urged banks and NBFCs to tighten funding for dealers with excessive inventory. Additionally, the report emphasized the need for dealers and OEMs to recalibrate their supply strategies to avoid a potential inventory crisis. For the upcoming months, the report paints an optimistic picture with the festive season offering growth opportunities. However, it also noted that the auto retail market must navigate challenges posed by weather uncertainties and inventory management. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

FADA urges banks to tighten funding to dealers as rains play spoilsport in August

<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has overtaken the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> to become the second biggest market for <keyword id="20704187" type="General" weightage="20" keywordseo="5G-smartphones" source="keywords">5G smartphones</keyword>.</li><li><keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> leads 5G smartphone shipments with a 25% market share.</li><li>The share of 5G smartphones is expected to rise to 65% in 2025.</li></ul>India has emerged as the second biggest market for 5G smartphones in the world, beating the US to take its spot, amid a rise in 5G smartphone shipments across the world. According to a report by Counterpoint Research, global 5G smartphone shipments recorded a 20% growth in the first six months of 2024 amid a decline in 5G smartphone prices. <h2>5G smartphone share crosses 50%</h2>For the first time, the share of 5G smartphones in the overall smartphone shipments crossed 50% in the first half of 2024. <div type="Article" hostid="261" msid="113091114" title="Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far" mstype="2" mssubtype="0"></div> “5G handset shipments have been growing steadily and with the increased availability of 5G handsets in the budget segment, the emerging markets have witnessed high growth in this segment,” said Prachir Singh, senior analyst, Counterpoint Research. <h2>India emerges as the second biggest market for 5G smartphones</h2>India has emerged as the second biggest market for 5G smartphones behind <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> in the first six months of 2024, overtaking the US. As per the report, strong shipment of 5G devices from Xiaomi, <keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword> and Vivo, among other brands in the budget segment helped fuel the rise of 5G devices in the country. “Other emerging markets also witnessed high growth in 5G handsets. Consumers in emerging markets are looking at 5G handsets as an upgrade to their devices, even in the lower price segments,” Singh added. India recorded the highest growth in 5G smartphone shipments among the top five countries. India’s 5G smartphone shipments increased by 60% from H1 2023 to H1 2024. During the same period, China recorded a 14% growth, while the US recorded a mere 2% growth. Out of the total 5G smartphones shipped globally, 32% were shipped to China, followed by 13% each to India and the US. <h2>Apple leads 5G smartphone shipments</h2>With all of Apple’s smartphones being 5G enabled, the Cupertino tech giant leads the 5G race, accounting for over 25% of 5G smartphone shipments. Samsung comes in second with a 21% share. “ As the democratisation of 5G handsets increases with increasing 5G penetration in lower price segments as well as increasing expansion of 5G networks, this trend will further grow. The ongoing global premiumization trend will further fuel this growth. According to our market outlook, 5G share will cross 57% in 2024 and 65% in 2025,” said Tarun Pathak, research director, Counterpoint Research. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/news/gopro-hero-13-black-and-hero-launched-starting-at-23990/articleshow/113067269.cms">GoPro Hero 13 Black and Hero launched starting at ₹23,990</a>

India beats the US to emerge as the second-biggest market for 5G smartphones

<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords">Apple</keyword> is all set to launch the <keyword id="19899647" type="General" weightage="20" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> series globally on September 9.</li><li>The Cupertino tech giant has posted a teaser with the tagline “It’s Glowtime”.</li><li>Here’s everything you need to know about the upcoming iPhone 16 series.</li></ul>Cupertino tech giant Apple is all set to launch the iPhone 16, the company’s latest iPhone series on September 9. Ahead of the launch, some of the information about the device has surfaced, giving us a look at the device. The iPhone 16 series launch teaser has the tagline “It’s Glowtime”, hinting at a major overhaul for <keyword id="20024792" type="General" weightage="20" keywordseo="Siri" source="keywords">Siri</keyword>, the company’s voice assistant. It is expected to get several new AI-powered features to take on the recently launched <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-pixel-9-pro-and-pixel-9-pro-xl-launched-in-india-starting-at-79999/articleshow/112512198.cms">Pixel 9 series</a>. <h2>iPhone 16 series launch date and time</h2>The <keyword id="13674434" type="General" weightage="20" keywordseo="iPhone-16-launch" source="Orion">iPhone 16 launch</keyword> is scheduled for September 9 at 10:30 PM IST. <h2>How to watch the Apple iPhone 16 launch</h2>The Apple event will be streamed from the Steve Jobs Theater at Apple Park. The event will be streamed on the company’s website, Apple TV and YouTube channel. <h2>iPhone 16 expected price</h2>While there is no confirmation yet, the prices of the iPhone 16 series are expected to remain the same as the iPhone 15 series. This means that the iPhone 16 will start at ₹79,900 and the iPhone 16 Plus will start at ₹89,900. Coming to the Pro models, the <keyword id="16032878" type="General" weightage="100" keywordseo="iPhone-16-pro" source="Orion">iPhone 16 Pro</keyword> is expected to be priced starting at ₹1,34,900, while the iPhone 15 Pro Max is expected to be priced starting at ₹1,59,900. <h2>What to expect from the iPhone 16 launch event</h2>Apple is expected to launch four <keyword id="19934037" type="General" weightage="20" keywordseo="iphones" source="keywords">iPhones</keyword> at the event, including the vanilla iPhone 16, iPhone 16 Plus, iPhone 16 Pro and iPhone 16 Pro Max. <h2>iPhone 16 and iPhone 16 Plus roundup</h2>The iPhone 16 and iPhone 16 Plus are expected to feature a revamped design, offering The action button, which was earlier limited to the Pro models is expected to be added to the iPhone 16 and iPhone 16 Plus models. The iPhone 16 is expected to come with a vertical camera module setup. The new lens setup is expected to slim down the camera bump, enhancing the device’s rear design. The iPhone 16 series is expected to feature a new capture button on the right side, that will allow users to shoot images or record videos with just a tap. The iPhone 16 and iPhone 16 Plus are expected to be powered by the Apple A18 chipset. The device is expected to offer a host of AI features, including improved Siri, AI summary and object detection. The iPhone 16 and iPhone 16 Plus are expected to feature a similar camera setup as their predecessor. The iPhone 16 and iPhone 16 Plus are expected to be available in seven colour options – Black, Blue, Green, Pink, Purple, White and Yellow. <h2>iPhone 16 Pro and iPhone 16 Pro Max roundup</h2>The iPhone 16 Pro and iPhone 16 Pro Max are expected to feature larger displays. While the iPhone 16 Pro is expected to feature a 6.3-inch display and the iPhone 16 Pro Max is expected to feature a 6.9-inch display. The devices are expected to be equipped with Samsung’s new M14 OLED panel, which is expected to offer higher brightness. The iPhone 16 Pro and iPhone 16 Pro Max are expected to be equipped with a new chipset built on the latest N3E 3-nanometer node. The devices are expected to be equipped with the A18 Pro chipset. Like the iPhone 16 and iPhone 16 Plus, the iPhone 16 Pro and iPhone 16 Pro Max will also feature a new capture button on the right side. The devices are expected to feature an improved camera setup. The iPhone 16 and iPhone 16 Pro Max are expected to be equipped with a triple camera setup consisting of a 48MP primary camera, a 48MP ultra-wide-angle lens and a telephoto lens. While the iPhone 16 Pro is expected to feature a 3,355mAh battery, the iPhone 16 Pro Max is expected to feature a 4,676mAh battery. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/news/gopro-hero-13-black-and-hero-launched-starting-at-23990/articleshow/113067269.cms">GoPro Hero 13 Black and Hero launched starting at ₹23,990</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-declined-in-august-2024-but-year-on-year-growth-continues/articleshow/113050150.cms">Electric two-wheeler sales declined in August 2024, but year-on-year growth continues</a>

Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far

The <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="NCLAT" source="keywords">NCLAT</keyword>, which had stayed <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against ed-tech firm <keyword id="19958178" type="General" weightage="20" keywordseo="Byjus" source="keywords">BYJU's</keyword> and approving its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="153" meta.entityid="BCCI">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, "The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is." "I will get it listed as early as possible," the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal NCLAT. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/india-beats-the-us-to-emerge-as-the-second-biggest-market-for-5g-smartphones/articleshow/113095322.cms">India beats the US to emerge as the second-biggest market for 5G smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-launch-on-september-9-design-specs-and-everything-we-know-so-far/articleshow/113091114.cms">Apple iPhone 16 to launch on September 9 – design, specs and everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/webstories/shree-tirupati-balajee-agro-trading-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113082663.cms">Shree Tirupati Balajee Agro Trading IPO – Price band to risk factors, all you need to know</a>

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