Byju’s lenders accused of using bogus loan-default claims to take control

Posted By: Preeti Dabar Posted On: Aug 05, 2023
FILE PHOTO: Byju?s officials are in ongoing talks with lenders to amend terms of the $1.2 billion in loans (REUTERS)

Lenders to one of India’s hottest tech startups, Byju’s, created bogus default claims tied to $1.2 billion in loans as part of a scheme to gain control of the education technology provider, the firm’s lawyer told a judge.

The distressed-debt lenders are “playing hardball" to create leverage in negotiations to restructure the loans and causing problems for Byju's executives, Sheron Korpus, a lawyer for the Bengaluru-base company, said at a hearing in state-court in Delaware Friday.

Lenders, including US investment firms Redwood Investments LLC and Silver Point Capital LP, are “making extortionate demands" of Byju's, putting the ed-tech firm “under a lot of pressure," Korpus told Delaware Chancery Court Judge Morgan Zurn. Byju's wants the judge to rebuff the lenders' default claims. Zurn said she'd rule later on the case.

An attorney for the lenders Friday waved away Korpus's claims, noting Byju's had repeatedly violated the loan agreement's terms and acknowledged the defaults. Filing suit over the loans “is not predatory behavior," Brock Czeschin, the creditors' lawyer, told Zurn.

The dispute is another complication for the high-flying startup founded by Byju Raveendran in 2011. Byju's had already been working to appease creditors trying to restructure $1.2 billion in loans when government investigators searched company offices in April. The fight also has prompted some investors write down their stakes in the firm.

Also Friday, Aakash Educational Services — Byju's tutoring business unit — agreed to add two independent directors to its board at the behest of creditor Davidson Kempner Capital Management LP, Bloomberg News reported. Davidson Kempner, which manages more than $38 billion, forced the changes in Aaksah's board as the borrower was in breach of some covenants on a $250 million loan, according to people familiar with the deal.

Byju's officials are in ongoing talks with lenders to amend terms of the $1.2 billion in loans and Korpus said the firm “still wants to make a deal" to resolve the dispute. But lenders are trying to use the bogus default claims to wrongfully “seize control" of Byju's from its founder, Korpus added.

The case is Glas Trust Company vs Riju Ravindran, 2023-0488, Delaware Chancery Court (Wilmington).

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Source: Live Mint
Related Posts: BYJU?S,BYJU?S LENDERS,BOGUS LOAN-DEFAULT CLAIMS,BENGALURU,BYJU RAVEENDRAN

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How Bengaluru Woman's Impressive Bumble Reach Got Her Investor's Offer to Share Interest Gain Updated 16 minutes ago

Posted By: Jaydatt Chaudhary Posted On: Sep 23, 2023

In Bengaluru, seizing every opportunity to turn a profit is second nature to its residents. Known as the startup capital of India, this city is where founders and investors thrive like vibrant blooms, each desperately seeking the other. This is precisely what occurred in a recent event involving a woman who received an offer from an investor based on her impressive Bumble presence. No doubt, the conversion of a dating app profile into a business venture is, in fact, what ‘Peak Bengaluru' is all about, and it didn't go unnoticed on the internet.

The story commenced with a user, Eepsita Gupta, who took to ‘X' to share a screenshot of an anonymous investor who had approached her due to her extensive Bumble engagement. The conversation began with the investor proposing, “You know, you should monetize your Bumble profile. If you're receiving that many impressions on it.” Initially, Gupta regarded it as mere exaggeration, until the conversation took an unexpected turn.

Also Read: Bengaluru Man Asked About Startup By Landlord While Househunting, Shares ‘Gruelling' Experience

The investor continued, “You add a line plugging my fund and telling founders to reach out to me if they're raising. If I end up investing in any of them then I'll give you a percentage of the carry (carried interest)…of those companies.” Gupta couldn't believe her eyes and let it go with “Hahahahah”, but the investor assured her that he was serious!

She then shared her astonishment on social media, exclaiming, “Ya girl is being offered carry because of her Bumble reach. If this isn't @peakbengaluru, I really don't know what is.”

Check it Out:

The post quickly went viral, drawing reactions from intrigued onlookers. One user humourously remarked, “This is almost like trying to sell cricket bats to those who have walked into a baseball shop.” Another person quipped, “So if you have find somebody running a fund, bumble is the way?” A third user playfully suggested, “Ask him how he'll attribute the leads to you and see him melt lol.”

Also Read: Why Bengaluru Never Fails to Ignite Entrepreneurial Spirit? This Viral Pic is Proof

This city sure knows how to ‘raise the stakes' when it comes to progress, don't you agree?

Source: News18
Related Posts: BENGALURU,BENGALURU NEWS,BUMBLE,VIRAL NEWS

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Kerala Blasters Condemn Racial Abuse Following BFC Encounter

Posted By: Anita Mamgai Posted On: Sep 23, 2023

Kerala Blasters Football Club on Friday expressed ”deep disappointment” and concern over an incident of alleged racism during its Indian Super League match with Bengaluru FC here.

Reportedly, Bengaluru FC player Ryan Williams had allegedly racially abused Kerala Blasters defender Aiban Dohling during the inaugural match of the league's 10th season at the Jawaharlal Nehru International Stadium on Thursday.

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The alleged incident took place in the 82nd minute of the match in which Kerala Blasters won.

”It has come to our attention that during the match, one of our players was subjected to a disrespectful gesture by a Bengaluru FC player. We want to make it abundantly clear that there is absolutely no room for racist and derogatory behaviour in our club and in the sport. Racism, discrimination, and disrespectful actions have no place on the football pitch or anywhere else,” Kerala Blasters said in a statement.

The club also said that an official complaint has been lodged with the appropriate authorities urging them to conduct a thorough investigation into the incident.

”Kerala Blasters wish to express our deep disappointment and concern with a regrettable incident that occurred during our opening match against Bengaluru FC,” the statement said.

The club said that football is a sport that ”unites people from diverse backgrounds and cultures” and was a platform for mutual respect.

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”We remain committed to promoting a culture of diversity, inclusion, and respect in football and in our club,” it said, urging Bengaluru FC to take appropriate action.

The video of the alleged incident has gone viral on social media.

Source: News18
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Haldiram’s set to expand QSR footprint

Posted By: Preeti Dabar Posted On: Sep 11, 2023
Neeraj Agarwal, director, Haldiram?s Foods, says the company plans to open 150-200 more outlets in central and south India within the next two years.

Haldiram’s Foods International is planning to expand its restaurant chain in South and West India, capitalizing on the increasing demand for dining out.

The family-owned business, dating back to the 1930s, is also accelerating its growth efforts by actively exploring acquisitions in the healthy snacking market. “An announcement could be made within this fiscal year," said Neeraj Agarwal, director, Haldiram's Foods.

The Agarwal family has interests in the quick-service restaurant (QSR) space and packaged foods sector. It operates several entities including Haldiram's Foods International Pvt. Ltd in Nagpur, Haldiram's Snacks Ltd in NCR, besides Haldiram's Ethnic Foods Pvt. Ltd. While both Delhi and Nagpur function as separate operating units, they collaborate on brand decisions, said Agarwal, who is responsible for retail as well as restaurant expansion, and development of new products at Haldiram's.

Haldiram's boasts a network of over 250 outlets, with 120 in north India and 135 in central and south India. “Earlier, we were primarily concentrated in Nagpur and Delhi, but now we have expanded to different states," he said. “We have outlets in Mumbai, Pune, Hyderabad, Nashik and Bengaluru, as well as in non-metros such as Shirdi, Raipur, Jabalpur, and Indore, mostly opened in the last two to three years."

“Within the next two years, we plan to open 150-200 more outlets in central and South."

Haldiram's sells Indian fast food, snacks, and a variety of Indian sweets. The majority of its establishments are company-owned. “We believe Indian food has lot of potential. However, no single brand has a big footprint in India's QSR space, while western companies have expanded," Agarwal said.

Homegrown packaged food makers always put up a strong show against foreign snacking companies riding on the preference for diverse region-specific tastes of consumers.

Organized savoury snacks market in India was valued at ₹4,100 crore in 2021. Western snacks had a lion's share with 58.3%, and ethnic snacks and namkeens contributed 26.3%.

Agarwal also highlighted its interest in local snacking firms especially companies offering healthy snack options. Haldiram's is in the early stages of identifying the right partner.

“We are focused on increasing our footprint in the healthy snacking market, and we are in talks with many brands selling such products, especially for acquisitions or understanding a portfolio that gels well with ours. We are looking at adding new products using our own research and development."

“Acquisitions could include a regional or national brand, if it grows well, and if we believe in a product, we will definitely going to onboard the brand."

On the news of Haldiram's plans of divesting a significant stake to Tata Consumer Products and a private equity firm, Agarwal said: “As of now, we are not looking at any dilution, but of course later on, we don't know how things progress."

Last year, Haldiram's Foods International also set up a dairy plant to sell packaged lassi, flavored milk, etc. The company will scale its presence in the value-added beverages and ethnic beverages over the next two years, he added.

Source: Live Mint
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SRK's 'Jawan' fever pulls Bengaluru WFH employee to open laptop during screening

Posted By: Preeti Dabar Posted On: Sep 09, 2023

Bollywood king and superstar Shah Rukh Khan's 'Jawan' -- that created a tornado in the cinema theatres -- is not only ruling the box office collections, but also the hearts of millions of his fans worldwide.

The Atlee directed movie and Anirudh Ravichander musical is being appreciated all across by the film critics who have given it about four stars rating and even calling it the best action movie of the year.

Considering the huge demand to watch the movie, everyone in the country and abroad is looking forward not to miss the opportunity to experience the magic created on the silver screen.

Now, with the work from home culture still prevalent in some firms, Shah Rukh Khan fans are leaving no stones behind to watch the movie, no matter what even if they have to work from theatres. A picture image has emerged online that is raising eyebrows is going viral on social media.

ALSO READ: Jawan Box Office collection: ₹200 crore in just 3 days; SRK's movie sells over 11 lakh tickets in advance booking

The image, shared by a Twitter (now X) user, showcases a person working on their laptop in a darkened movie theatre during a screening of Jawan.

The picture was taken by Neelangana Noopur who said it was taken at Inox Bengaluru and labelled it a ‘Peak Bengaluru' moment. While sharing the pic, she wrote, “When Jawan first day is important but life is peak Bengaluru. Observed at Bangalore Inox. No emails or Teams sessions were harmed in taking this pic."

Source: Live Mint
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PM Modi’s roadshow in Bengaluru was politically motivated

Posted By: Tarun Kumar Posted On: Aug 26, 2023
Congress leader Vijay Wadettiwar.

Congress leader Vijay Wadettiwar on Saturday took a dig at Prime Minister Narendra Modi's visit to meet ISRO scientists after concluding his BRICS summit. He said that PM Modi's roadshow was politically motivated.

Speaking to ANI, the Congress leader said, “PM Modi went to meet scientists, it's a good thing, we are proud of scientists. The Prime Minister of the country should meet scientists, but why did he do a roadshow?"

"It would have been a matter of pride if this road show had been done with the scientists, who made this mission successful with their lots of hard work. PM Modi's roadshow was politically motivated," Wadettiwar said.

PM Modi on Saturday met ISRO scientists who were behind the success of the Chandrayaan-3 mission. He was accorded a warm reception as he arrived at the ISRO headquarters in Bengaluru today.

ISRO chairman S Somanath briefed PM Modi on the Chandrayaan-3 Mission journey and the efforts of scientists that went into the project.

Prior to meeting the ISRO scientists, the PM raised the slogan 'Jai Vigyan Jai Anusandhan' and greeted Bengaluru people outside HAL airport after his arrival in Bengaluru.

Also Read: Live Updates on PM Modi ISRO's visit

"I could not stop myself as I was not in the country, but I decided to visit Bengaluru first and meet our scientists right after visiting India," PM Modi on his arrival to the Garden City.

He said that India will celebrate August 23 as 'National Space Day' to mark the successful touchdown of the Chandrayaan-3 mission's lander. The Prime Minister said although he was abroad because of a global conference, his heart was in India and with ISRO.

PM Modi expressed pride in the Chandrayaan-3 mission success while addressing ISRO scientists in Bengaluru on Saturday. He said, "We have reached to a region that was untouched. We have accomplished an extraordinary success".

Source: Live Mint
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