On the day a judge is considering the lenders' fraudulent transfer claims against his company, Byju Raveendran outlined for the first time in court his explanation for what happened to the money, which lenders have been trying to track down for more than a year.
The company got the $1.2 billion loan nearly three years ago as it planned to use most of the proceeds on an international expansion, Raveendran claimed. More than $200 million raised with the loans was spent for marketing, including sponsoring soccer's FIFA World Cup in Qatar in 2022 and to secure star player Lionel Messi as brand ambassador. Almost $300 million were spent to fund losses for Tangible Play businesses.
“However, just as we were poised to see the returns on these strategic investments, we were hit by a liquidity crunch,” he said in a filing Wednesday morning in US Bankruptcy Court in Wilmington, Delaware.
Commercial purpose
Denne historien er fra October 10, 2024-utgaven av Business Standard.
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Denne historien er fra October 10, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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PW is able to develop set of products that are disruptive
DEBORAH QUAZZO, managing director of US-based tech investor GSV Ventures, explains to Aryaman Gupta in an interview in New Delhi on the firm's big-ticket investments in Physics Wallah (PW), and why it has shied away from ploughing funds into the beleaguered edtech firm Byju's. Edited excerpts:
Asset monetisation target for this financial year raised to ₹1.9 trn
The NITI Aayog has increased the asset monetisation target for 2024-25 (FY25) by ₹23,000 crore to ₹1.9 trillion, moving closer to the overall ₹6 trillion target set under the National Monetisation Pipeline (NMP) for a four-year period.
Samsung relocation buzz sends alarm bells ringing
Sri City, a special economic zone in Andhra Pradesh, may be seeing an opportunity next door as a strike at Samsung's Sriperumbudur plant in Tamil Nadu - which is just 75-km away - entered the second month.
RBI holds rate again, shifts stance gear to neutral
Das says inflation-growth balance well-poised; rates may start falling from Dec
Hyundai set for ₹27,856 cr IPO, India's biggest
Indian arm to be valued at ₹1.59 trn
Samsung relocation buzz sends alarm bells ringing
Sri City, a special economic zone in Andhra Pradesh, may be seeing an opportunity next door as a strike at Samsung's Sriperumbudur plant in Tamil Nadu-which is just 75-km away - entered the second month.
Brand Maggi stronger than ever as Nestlé India gears up for new leader
Nothing has presented \"two minutes\" as tastefully as Maggi since its entry into India over four decades ago.
India on top of luxury firms' 'watch' list
Country's appetite for premium watches grows as China sees a downturn
BURNING ISSUE
Minimum support price has been a bone of contention between the farmers in Punjab and the state and Centre
Missing funds went to legitimate purpose, says Byju's founder
The founder of Byju's, a once high-flying Indian education company that defaulted on its US debts, denied that he orchestrated a scheme to fraudulently transfer $533 million away from lenders.
