US-based lenders initiated bankruptcy proceedings against Byju's to recover outstanding loans, and back home, the ministry of corporate affairs launched investigations into its financial practices. Shareholders, including prominent investors like Prosus NV, voted to remove Raveendran as CEO—a decision he legally contested. The Institute of Chartered Accountants of India found Byju's auditors guilty of gross negligence, recommending punitive measures.
These crises forced the company to scale down, laying off thousands of employees and shuttering multiple offices and tuition centers. BlackRock, one of its key investors, slashed the company's valuation from $22 billion in 2022 to a mere $1 billion, exposing the inflated metrics upon which its growth was predicated.
Esta historia es de la edición December 28, 2024 de Financial Express Ahmedabad.
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Esta historia es de la edición December 28, 2024 de Financial Express Ahmedabad.
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Farewell, Dr Manmohan Singh
FORMER PM CREMATED WITH FULL STATE HONOURS
Putin Apologizes for 'Tragic' Azerbaijani Airplane Crash
But stops short of admitting airliner was shot down
Hallucinatory AI May Not Necessarily Be a Bad Thing
The smart machines, it turns out, are dreaming up riots of unrealities that help scientists track cancer, design drugs, and even win the Nobel Prize
Genome reveals how a small group burst out of Africa
DNA from European fossils dating back 45,000 years offers new clues to how our species spread across the world
What does the future hold for out-of-form India captain Rohit Sharma?
India captain Rohit Sharma's current form is a cause for concern, as he has only managed one 50-plus score in his last 14 innings. His last Test century was in March against England, and his recent performances in Australia have been particularly disappointing. Questions are being raised about his future in the game, especially given his age and the team's struggles.
Defiant push to change Constitution
Support of two-thirds of the members present and voting required to pass a Constitution Amendment Bill. The Opposition needs only 182 votes in the Lok Sabha to defeat the Bill. The I.N.D.I.A. bloc has 234 seats.
Heavy snowfall throws life out of gear in J&K
Cold wave grips entire north India
Punjab Farmers Call For Kisan Mahapanchayat On January 4
FARMERS, on a warpath against the Centre, on Saturday called for a \"Kisan Mahapanchayat\" at the Khanauri protest site on January 4.
Relief for Vi; DoT waives bank guarantee
VODAFONE IDEA HAS been granted waiver of bank guarantee for spectrum auctions held in 2012, 2014, 2016, and 2021, the telco informed the exchanges on Saturday.
Retail investors pump in ₹1.5 L cr into cash market
IN LINE WITH domestic institutional investors, retail investors also pumped in a record ₹1.55 lakh crore into the cash market during January-November, as per NSE data.
