Win Projections to be updated soon
In the most recent development, the National Company Law Tribunal (NCLT) has sent a notice of delayed payment totaling INR 158 crores to the parent company of Ed-tech platform BYJU, Think and Learn Private Limited. Following the filing of a complaint by the plaintiff, the Board of Control for Cricket in India (BCCI), the notice of default was impacted. It’s important to note that before Dream Sports took control, Byju’s served as the Indian Cricket Team’s primary sponsor.
The defendant will have two weeks, following standard process, to provide an official response refuting the complainant’s allegations. Following Byju’s response, if any, the BCCI would have a week to submit a rejoinder pertaining to the case.
According to the NCLT portal, “BYJU’s were issued a general notice via email on January 6, 2023, and the default amount of Rs. 158 crore, which excludes TDS, is reflected.”
The next hearing for BCCI-BYJU’s is scheduled for December 22.
On November 15, the BCCI and Think and Learn Pvt. Ltd. officially filed their complaint, and on November 28, the first hearing was held. In the meantime, at the following hearing, the parties will now submit relevant evidence. It is important to note that the matter’s next hearing is set for December 22. An official from BYJU’s stated, “We are in talks with the BCCI to settle the matter, and we hope to achieve that soon,” in an interview with Moneycontrol on November 28.
The business has been through multiple restructurings throughout difficult times with regard to its expenses and outlays. This was made clear in June when the Bengaluru-based company decided not to extend its yearly sponsorship agreement with the BCCI. At that point, Dream11, a fantasy sports website that Harsh Jain co-founded, obtained the license to use the name from the Indian cricket board.
The business also had the choice to extend its multi-year agreement with the International Cricket Council (ICC), but ultimately decided against it.
India
