New Delhi: The <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> on Wednesday said it will hear on September 17 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 insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. "We will hear both the pleas on September 17," the CJI said. Senior advocate Shayam Divan, appearing for the US-based creditor, said let the matters be heard together on September 17. 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 <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (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.

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

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>

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

Byju's Founder <keyword id="1702989" type="General" weightage="100" keywordseo="Byju-Raveendran" source="Orion">Byju Raveendran</keyword>'s plea against the insolvency of <keyword id="19901241" type="General" weightage="20" keywordseo="Think-Learn" source="keywords">Think &amp; Learn</keyword> before the NCLAT was adjourned on Monday, as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by <keyword id="19916403" type="General" weightage="20" keywordseo="National-Company-Law-Appellate-Tribunal" source="keywords" meta.keywordsubtype="org" meta.entityname="National Company Law Appellate Tribunal" meta.hostid="345" meta.entityid="National Company Law Appellate Tribunal">National Company Law Appellate Tribunal</keyword> (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of <keyword id="19965539" type="General" weightage="20" keywordseo="insolvency-proceedings" source="keywords">insolvency proceedings</keyword> against Think &amp; Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (<keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="345" meta.entityid="BCCI">BCCI</keyword>) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take this up," said Sharma. The Bengaluru bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="NCLT" source="keywords">NCLT</keyword>) on July 16 directed Corporate Insolvency Resolution Proceedings (CIRP), admitting the plea filed by the BCCI. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of Rs 158.9 crore by Think &amp; Learn -- once India's most valuable startup worth an estimated $22 billion. NCLT has suspended the board of Think &amp; Learn Pvt Ltd as per the provisions of the IBC and had appointed an interim resolution professional (IRP) to take care of the debt-ridden firm. Raveendran challenged the NCLT order before the appellate tribunal NCLAT. He has also approached the Karnataka High Court. The high court had, on July 26 deferred Raveendran's plea to July 30. At the high court, Raveendran challenged the validity of the order and suspension of the NCLT order till the NCLAT hears the appeal.

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

New Delhi, <keyword id="20374452" type="General" weightage="20" keywordseo="think" source="keywords">Think</keyword> and Learn Private Limited (TLPL), the parent company of Byju's, on Monday announced to raise $200 million by way of a rights issue to all its equity shareholders, in its bid to achieve operational sustainability. The proposed rights issuance aims to fund the ongoing capital expenditure and support general corporate purposes, the company said in a statement. According to reports, the edtech major is going to raise funds at a drastic valuation cut of around $250 million, from its all-time high of $22 billion market valuation in 2022. As the largest shareholders, the founders of BYJU'S have invested more than $1.1 billion in the last 18 months. In a note addressed to shareholders, the founders expressed the challenges the company has faced in recent months and their unflinching belief in the mission of Byju's. "The funds raised will be exclusively utilised to clear immediate liabilities and meet operational requirements, while maintaining the current rights of our valued shareholders," said <keyword id="19901244" type="General" weightage="20" keywordseo="byju-raveendran" source="keywords">Byju Raveendran</keyword>, Founder of the edtech major. "I am also happy to share that Byju's is now less than a quarter away from achieving operational profitability, reflecting the effectiveness of our strategic initiatives and the resilience of our business model," he added. This rights issue aims to offer all existing shareholders the chance to participate in this proposed capital raise to maintain shareholding without the need to ascribe valuations. Meanwhile, overseas lenders of Byju's $1.2 billion term loans last week said they have filed a petition before the Bengaluru Bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="nclt" source="keywords">NCLT</keyword>) to initiate corporate insolvency resolution proceedings against Think &amp; Learn Pvt Ltd. The GLAS Trust Company LLC (as administrative agent and collateral agent of the Term Loans) filed a petition pursuant to Section 7 of the Insolvency and Bankruptcy code of India, 2016. "The myriad issues facing Byju's are entirely self-inflicted. For months, we sought to avoid this exact situation, repeatedly attempting to engage constructively with Byju's management and other stakeholders and providing them with multiple paths to reach a mutually agreeable resolution, even including after the Delaware court confirmed the validity of Byju's' defaults," the Ad Hoc Group said in a statement. Byju's had secured $1.2 billion in debt through a term loan facility from a consortium of foreign investors in November 2021. Byju's had said in a statement that the validity of lenders' actions, including acceleration of the term loan, "is pending and under challenge in several proceedings, including before the <keyword id="20336646" type="General" weightage="20" keywordseo="new-york-supreme-court" source="keywords">New York Supreme Court</keyword>". "Hence, any proceedings by lenders before NCLT are premature and baseless," it added. Byju's said that the timing of the lenders' proceedings coincides with the commencement of a rights issue by the company.

Byju's aims to raise $200 mn via rights issue at drastic valuation cut

New Delhi, In a determined pursuit of a fair resolution, education technology giant <keyword id="6384897" type="General" weightage="20" keywordseo="BYJUS" source="Orion">BYJU'S</keyword> finds itself pushing back against "unrealistic and unacceptable terms" made by its US lenders of Term Loan B (TLB) during the ongoing renegotiation of their contract. The lenders, employing the threat of litigation, have exerted pressure on BYJU'S to drastically alter the core of the contract, which had been agreed upon in 2021. Despite BYJU'S willingness to step up to a higher interest rate and offer partial payment of the principal, the lenders proceeded with litigation, intensifying the ongoing back-and-forth between the two parties. BYJU'S has maintained a flawless track record of meeting its interest payments without any defaults. The situation between BYJU'S and a group of its hawkish TLB lenders, who trade in distressed debt, highlights the challenges faced by startups navigating the complex and opportunistic world of finance, where negotiations can quickly turn adversarial. As a non-operative entity in the United States, BYJU'S Alpha, a subsidiary of BYJU'S, has become the target of the lenders' legal actions. BYJU'S Alpha was solely created as a borrowing entity, to facilitate the borrowing process of the TLB. "The genesis of this conflict lies in the renegotiation of the TLB contract, which was signed in good faith by both parties in 2021. However, the lenders' subsequent demands have been nothing short of egregious. As a global leader in <keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">edtech</keyword>, BYJU'S has decided to take a stand against these unreasonable tasks, demonstrating its unwavering commitment to safeguarding the interests of its stakeholders," explained a source close to the legal proceedings on the condition of anonymity. "This litigation is specific to BYJU'S Alpha, which is a non-operative US entity of BYJU'S with no employees. No Indian entity is a party to these proceedings," the source clarified. BYJU'S maintains that it has consistently met all its financial and fiduciary obligations. As evidence of its financial strength, BYJU'S recently concluded a successful funding round, securing a remarkable $250 million. The company is reportedly on the verge of closing an even larger funding round in the coming weeks, further solidifying its financial position. Recognising the importance of maintaining financial prudence and protecting the long-term interests of the company, BYJU'S recently offered to pay a much higher interest rate along with a partial payment of the principal. These concessions demonstrated the company's willingness to find a middle ground and maintain a constructive relationship with its lenders. However, the lenders remained unmoved, proceeding with litigation against BYJU'S Alpha. The litigants have also made a bewildering claim suggesting that BYJU'S "moved" $500 million from BYJU'S Alpha, alleging a breach of the existing arrangement. BYJU'S has vehemently denied this "baseless" allegation, emphatically stating that it has meticulously adhered to the terms of its contractual obligations, in complete compliance with the agreed-upon rights and responsibilities outlined in the contract. It is crucial to underscore that BYJU'S entered into the TLB agreement in 2021 with a clear and mutually-agreed upon objective of utilising the capital raised for driving growth and expansion in its global operations. The very essence of BYJU'S commitment to the lenders was to deploy the funds to fuel the advancement of its business objectives. The decision to file a case against a non-operative entity suggests a calculated move by the lenders, aiming to exert pressure on BYJU'S and potentially force them to capitulate to their demands. Industry observers view it as an attempt to intimidate BYJU'S and bring them back to the negotiating table on unfavourable terms. Flush with funds, BYJU'S is unlikely to accede to such tactics and remains steadfast in its commitment to pursuing fair negotiations that align with its long-term strategic goals. The event serves as a stark reminder of the potential pitfalls faced by Indian companies raising capital in the US and underscores the need for transparent and fair lending practices. The ability of the EdTech giant to emerge stronger in this renegotiation with its lenders will undoubtedly have a profound impact on the global growth trajectory of India's EdTech industry. 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BYJU'S challenges lenders' unrealistic terms amid contract renegotiations

<ul><li>Five Star Business Finance plans to raise ₹1,960 crore through a complete offer for sale by the company’s promoters and existing shareholders.</li><li>The price band of the IPO is set at ₹450-474 a share.</li><li>The non-banking lender provides secured loans to micro-entrepreneurs and self-employed individuals.</li></ul>The initial public offering (IPO) of non-banking financial corporation Five Star Business Finance, is set to open on November 9 and close on November 11. The Chennai-based lender plans to raise ₹1,960 crore through a complete offer for sale by the company’s promoters and existing shareholders. The price band of the IPO is set at ₹450-474 a share. The company, which provides secured loans to micro-entrepreneurs and self-employed individuals, will not receive any funds raised from the IPO as all the shares are being sold by promoters. Here are the promoters selling shares via the IPO: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Promoters </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer for sale </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SCI Investments V </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹166.74 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Matrix Partners India Investment Holdings II, LLC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹719.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Matrix Partners India Investments II Extension, LLC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.08 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Norwest Venture Partners X – Mauritius </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹361.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TPG Asia VII SF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹700.3 crore </td></tr></tbody></table> The company has a strong presence in south India with assets under management (AUM) of ₹5,100 crore as of March 31, 2022 compared to ₹4,400 crore a year ago. It has a network of 311 branches in 150 districts, 8 states and 1 union territory and a workforce of 6,077 employees. Tamil Nadu, Karnataka, Andhra Pradesh and Telangana account for 85% of its overall portfolio. The company plans to deepen its presence in existing geographies through increasing the number of field officers and setting up new branches. The NBFC’s total income grew 19.5% from a year earlier to ₹1,254 crore in FY22, while its net profit grew 26.5% to ₹453 crore. While the pandemic seems to have ended, it impacted the NBFC by reducing disbursements from ₹2,408 crore in FY20 to ₹1,245 crore in FY21. “The effects of the Covid-19 pandemic on our future results of operations, cash flows and financial condition could adversely impact our ability to service our debt obligations and comply with the covenants in our credit facilities and other financing agreements and could result in events of default and the acceleration of indebtedness, which could adversely affect our results of operations and financial condition and our ability to make additional borrowings,” said the company in its draft red herring prospectus. Besides, a substantial portion of its customers are first time borrowers which increases risks of non-payment or default for the NBFC. “As of September 30, 2021, we had 25.09% of customers, who were new to the lending ecosystem. Such customers generally may have higher risk of non payment or default due to a number of reasons,” said the company. The non-banking lender’s total borrowings have fallen to ₹2,558 crore in FY22 from ₹3,425 crore in FY21. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,254 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹453 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,049 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹358 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹786 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹261 crore </td></tr></tbody></table> Some of the peer companies of Five Star Business Finance are AU Small Finance Bank, Aavas Financiers, and Aptus Value Housing Finance India. It also competes with unlisted companies like Lendingkart Technologies and Digikredit Finance. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Peer companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Income in FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% returns in 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Five-Star Business Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,254 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aavas Financiers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,305 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-28% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aptus Value Housing Finance India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹840 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Au Small Finance Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,915 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr></tbody></table>(Source: Red Herring Prospectus) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/football-icon-lionel-messi-is-global-brand-ambassador-for-byjus-education-for-all-social-initiative/articleshow/95296172.cms">Football icon Lionel Messi is global brand ambassador for Byju’s ‘Education for all’ social initiative</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-trend-lower-as-global-cues-weigh-on-sentiments/articleshow/95293082.cms">Indian markets trend lower as global cues weigh on sentiments</a>

Five Star Business Finance IPO set to open on Nov 9; price band at ₹450 to ₹474 a share

The <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> Tuesday extended the stay on criminal proceedings against former <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> chairman <keyword id="6419840" type="General" weightage="20" keywordseo="azim-premji" source="Orion">Azim Premji</keyword>, his wife and others on their plea seeking quashing of summons issued by a Bengaluru court on a "frivolous" and "mischievous" complaint filed by an NGO alleging breach of trust and corruption in merger of three companies with a Premji group firm. A bench of justices S K Kaul and M M Sundresh was hearing an appeal filed by Premji challenging the Karnataka High Court order of May 15 which had rejected their pleas for quashing of the January 27 summons issued by the trial court. "We would not like to spend considerable judicial time on these proceedings in the context of some of the orders read against the respondent in the present proceedings, more so, in view of the criminal contempt proceedings initiated against the complainant, the volunteer and Mr. R. Subramanium vide order dated July 6, 2021 by a Bench of the Karnataka High Court," the bench said. The apex court was told that the next date in those proceedings is October 19. "Both the parties assure us that they will fully cooperate to see that a final view is taken by the division bench in those proceedings and we are placing the present matters for directions, by which date possibly, the view of the Karnataka High Court would be placed before us," the bench said. The top court was informed that the contemnors have not filed any reply to the contempt notice but have filed an application seeking recall of the order issuing notice. "In that application, the petitioner(s) before us have to file a reply and that application will come up for consideration. "We see no reason why the contemnors should not file a reply to the contempt notice, without prejudice to their claims made in the application seeking recall of the order and such a reply be filed by October 18, 2021 before the High Court and be brought on record and it will be thereafter for the High Court to proceed in the manner deemed appropriate qua the contempt notice as well as the application for recall," the bench said. The matter is listed for next hearing on December 2. The apex court had earlier issued notice to an NGO, <keyword id="12251067" type="General" weightage="20" keywordseo="indian-awake-for-transparency" source="Orion">Indian Awake for Transparency</keyword> and others and sought their response. Premji and others have challenged the high court order of May 15 which had rejected their pleas for quashing of the January 27, summons issued by the trial court. Others who had challenged the high court order include Pagalthivarthi Srinivasan, then regional director in the ministry of corporate affairs M R Bhat and chartered accountant G Venkateshwara Rao. The summons were issued by the trial court on the basis of a complaint filed by India Awake for Transparency alleging illegality in the transfer of assets worth Rs 45,000 crore from three companies into a private trust and a newly formed company. In their appeals, Premji and others have said that the complainant NGO had suppressed material facts and documents including that the scheme of amalgamation had already been sanctioned by Karnataka High Court by order dated March 26, 2015. They said that the trial court order of January 27, taking cognizance and summoning the accused has been passed without judicial application of mind and without considering the fact that the scheme of amalgamation had already been approved by the High Court. Rao in his appeal has said that the record clearly shows that complainant is linked to one R Subramanian-former promoter and director of a company known as <keyword id="350533" type="General" weightage="20" keywordseo="Subhiksha-Trading-Services" source="Orion">Subhiksha Trading Services</keyword> Ltd, which is a defaulter of Premji's companies and complaint under section 138 of the Negotiable Instruments Act is pending against it. "Therefore there is clear animosity and bad blood between R Subramanian and Mr Azim Premji and the subject complaint appears to be one in line of many frivolous complaints and litigations instituted by R Subramanian against Azim Premji and his companies, many of which stand dismissed with cost by different courts/tribunals", the appeal of Rao said. The complainant India Awake for Transparency (IAT) had alleged that Azim Premji, Yaseem Azim Premji and Pagalthivarthi Srinivasan were entrusted with the dominion over the properties and assets of three companies Vidya Investment and Trading Company Private Limited, Regal Investment and Trading Company Private Limited and Napean Investment and Trading Company Private Limited as directors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ongc-spicejet-aurobindo-pharma-and-other-stocks-to-track-as-sensex-looks-set-to-continue-rebound/slidelist/86800196.cms">ONGC, SpiceJet, Aurobindo Pharma and other stocks to track as Sensex looks set to continue rebound</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/byjus-paytm-oyo-and-ola-are-currently-valued-higher-than-ashok-leyland-indian-hotels-and-escorts/articleshow/86782880.cms">India's largest two-wheeler maker, biggest beer brewer and aluminum producer are smaller than startups like Byju's, Paytm, and OYO</a>

Supreme Court extends stay on criminal proceedings against Azim Premji, others

<ul><li><keyword id="3244240" type="PERSON" weightage="20" keywordseo="Facebook-India-Head">Facebook India Head</keyword> <keyword id="3056724" type="PERSON" weightage="20" keywordseo="Ajit-Mohan">Ajit Mohan</keyword> has filed a petition in the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> that the Delhi Assembly’s ‘Peace and Harmony’ committee cannot force him to appear before it. </li><li>According to the petition, Delhi’s <keyword id="6354944" type="DEFINITION" weightage="20" keywordseo="aam-aadmi-party">Aam Aadmi Party</keyword> (AAP) cannot declare Facebook guilty prima facie, since it’s not a court of law. </li><li>A three-member bench of the top court — consisting of Justices SK Kaul, Aniruddha Bose, and Krishna Murari — will hear the plea via video conferencing.</li></ul><keyword id="736869" type="COMPANY" weightage="20" keywordseo="Facebook-India">Facebook India</keyword>’s vice president and managing director, Ajit Mohan, has filed a petition with the Supreme Court against the Delhi Assembly’s ‘Peace and Harmony’ committee. Mohan had been asked to appear before the committee today. Instead, a three-member bench of the top court — consisting of Justices SK Kaul, Aniruddha Bose and Krishna Murari — will hear the plea via video conferencing. Mohan is to be represented by former Attorney General Mukul Rohatgi. Why did Mohan file the Supreme Court petition? Mohan’s petition asserts that since he is already appearing before the Parliamentary Panel on Information Technology — headed by Congress Member of Parliament (MP) Shashi Tharoor — the committee cannot compel him to appear before it. In his petition, Mohan questioned the national capital’s Aam Aadmi Party (AAP) was declaring Facebook guilty prima facie — based on the first impression. According to him, the AAP cannot issue such statements since it’s not a court of law. What are the accusations leveled against Facebook India? The Peace and Harmony committee asserts that the social networking giant was ‘complicit’ in the north Delhi violence that broke out during the Citizenship Amendment Act (CAA) protests in February. The incident left over 50 people dead and injured hundreds. The committee’s premise is that they have ‘incriminatory material’ that has been produced on the record by witnesses, which can be used to prove that Facebook’s ‘deliberate and intentional inaction to contain hateful content’ in India led to the outbreak. On Sunday, the committee sent a fresh and ‘final’ summons to the company. “Any rebuttal or disregard to this subsequent notice shall be deemed as a wilful act of breach of privilege and thus, shall entail various proceedings initiated against Facebook India,” it said in a statement. (With agency inputs) SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byjus-onboards-new-investors-edtech-decacorns-paid-subscriber-base-jumps-by-a-million-in-a-month/articleshow/78267761.cms">BYJU’S onboards new investors – edtech decacorn’s paid subscriber base jumps by a million in a month</a> <a href="https://www.businessinsider.in/finance/banks/news/yes-bank-ceo-prashant-kumar-clarifies-that-the-forensic-investigation-isnt-restricted-to-the-top-10-defaulters/articleshow/78255868.cms">EXCLUSIVE: YES Bank CEO Prashant Kumar clarifies that the forensic investigation isn't restricted to the top 10 defaulters</a> <a href="https://www.businessinsider.in/tech/apps/news/dailyhunt-to-launch-family-of-bharat-apps-claiming-it-can-push-a-new-mobile-app-every-three-days/articleshow/78250283.cms">EXCLUSIVE: Dailyhunt is curating an entire family of 'Bharat' apps — claims it can push a new mobile app every three days</a>

Facebook India Head goes to Supreme Court against Delhi Assembly Panel's summons on 'hate speech'

<ul><li><keyword id="11618280" type="UNKNOWN" weightage="20" keywordseo="birla-brainiacs">Birla Brainiacs</keyword> is looking to raise $5-10 million in an external round of funding and is in talks with investors, according to the founder of the company.</li><li>The e-learning startup, which was launched last year in April, is also planning to hire 1500 teachers in the next two years.</li><li>A report by PGA Labs and IVCA says that India’s education sector is poised to grow from the current $117 billion to $225 billion in FY25.</li></ul>Mumbai-based edtech startup Birla Brainiacs is looking to raise $5-10 million in an external round of funding and is in talks with investors, according to the founder of the company. <keyword id="6623023" type="UNKNOWN" weightage="20" keywordseo="nirvaan-birla">Nirvaan Birla</keyword> — the founder of the startup who is the son of Yashovardhan Birla, the chairman of the Yash Birla group — said that the company is in “the market for funding” and that it has appointed an investment agency for the fund raise. He did not reveal an exact timeline on the closing of the funding round. He also said that the startup has “approached a couple of investors” without disclosing further details. The e-learning startup, which was launched last year in April, is also planning to hire 1500 teachers in the next two years, according to Birla. “In the next two years we plan to hire 1000 plus teachers actually only for the tuition segment. Other than that we will be recruiting 100-200 teachers for other courses as well. Total 1500 teachers will be hired in the next two years,” Birla added. At present it has around 50 staff members onboard with a mix of research and development, subject heads and experts, counsellors, and sales and marketing teams. The platform caters to the needs of students from grade 1 to 12 with live sessions, video content in the form of “Flip Tales” — using cartoons and action heroes to explain the concepts. Other than that, there are also added skill development courses like vedic maths, coding, and communicative English. Due to the global pandemic, some parents have been seemingly expressing their concerns for the safety of their children while sending them to tuition centres. “The idea behind this is to give them the holistic platform on which they can not only progress academically, but also completely replace the needs of tuitions, because I believe after they take the app they don’t need tuitions,” Birla told Business Insider over a phone call. Birla Brainiacs, which was incorporated in July 2019, is registered as Birla Brainiacs LLP. It is a partnership firm with two designated partners — Nirvaan Birla and Narrindraa Mohan Shetty. He told Business Insider that the company, which initially got funded by his sister company, is now looking at an acquisition of a gamification company or a tie-up with them. Birla said he is already in talks with an Australian company, which is in the preschool space, for the same. He did not reveal the name of the firm. The Yash Birla group has been at the centre of a storm in the not-so-distant past. Yash Birla, who runs the Yash Birla Group, was declared a wilful <a href="https://www.livemint.com/news/india/uco-bank-declares-yashovardhan-birla-willful-defaulter-1560660742531.html">defaulter</a> by lender UCO bank with an outstanding dues of over ₹67 crores. During the pandemic-induced lockdown when all schools were shut, most school-going kids stayed at home and learned online. This gave birth to the demand for homeschooling. It is also known as home-education in which parents choose to educate their children at home only rather than sending them to schools. Homeschooling is still a relatively new concept in India. According to research done by the company, big cities like Pune, Mumbai and Hyderabad were the biggest markets for homeschooling. Birla Brainiacs claims to be the first edtech platform to introduce the concept of homeschooling. The homeschooling feature is available only till class 8, which includes all subjects along with development skill courses. When asked about what makes Birla Brainiacs different from other edtech players in the market, he said that, “If you look at other edtech players, they either teach in huge masses where they have one teacher over 100-200 students together or they have one teacher over a student... where one teacher teaches only one child at a time. It’s not a two way interactive class. It's more like pre-recorded classes where the teacher is mainly talking.” It is through collaborative learning style and using Flip Tales for video content that Birla Brainiacs is trying to stand out from other edtech biggies like Byju’s, Vedantu, Unacademy and so on. However, the startup is still a newbie in the edtech sector and still has to go a long way to survive amidst cut-throat competition. Birla Brainiacs currently has around 5,000 paid users out of which 2,000 users have subscribed to the basic package. The company claims that they add close to 2,000 paid users every month and now are targeting 5,000 paid users from next month onwards. “In the next 3-5 years, we’re looking [at a] turnover of ₹4-5 hundred crores and in terms of revenue [growth of] around 50-60% year on year, and we are planning to reach around 10 lakh paid users in the next 3-5 years,” says Birla. Birla also told Business Insider about his plans to get the company listed in the future. “Once we hit our 5 year target turnover and 10,00,000 users… we could probably look to get into [an] IPO,” he added. India stands second after the United States in the number of edtech startups, according to an <a href="https://community.nasscom.in/communities/product-startups/india-and-edtech-a-post-pandemic-potential-growth-story.html">Inc42 analysis</a>. A report by PGA Labs and Indian Private Equity and Venture Capital Association (IVCA) says that India’s <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shift-to-online-learning-meant-money-valuation-and-users-for-the-likes-of-byjus-unacademy-and-others/articleshow/80040270.cms">education sector</a> is poised to grow from the current $117 billion to $225 billion in FY25. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/news/indians-planning-to-travel-more-as-covid-19-restrictions-relaxed-in-many-states/articleshow/83867486.cms">Indians are making big plans of ‘revenge travel’ as COVID-19 restrictions get lifted in many states</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/if-you-want-to-work-from-home-these-are-some-of-the-hottest-freelancing-jobs-in-high-demand/articleshow/81228585.cms">If you want to work from home, these are some of the hottest freelancing jobs in high demand</a>

You Searched For "byju s default" and got 9 results

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

PTI

Supreme Court agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

PTI

NCLAT judge recuses from hearing Raveendran's plea against insolvency proceedings of Byju

PTI

Byju's aims to raise $200 mn via rights issue at drastic valuation cut

IANS

BYJU'S challenges lenders' unrealistic terms amid contract renegotiations

IANS

Five Star Business Finance IPO set to open on Nov 9; price band at ₹450 to ₹474 a share

Bhakti Makwana

Supreme Court extends stay on criminal proceedings against Azim Premji, others

PTI

Facebook India Head goes to Supreme Court against Delhi Assembly Panel's summons on 'hate speech'

Prabhjote Gill

Nirvaan Birla’s edtech startup Birla Brainiacs plans to raise up to $10 million, to hire 1500 teachers in the next two years

Vaamanaa Sethi