Investors, who are seeking the ouster of Raveendran and family from the Byju's board at an extraordinary general meeting of shareholders for alleged "mismanagement and failures" at what was once India's hottest tech startup, have also sought a forensic audit of the company
Byju's US-based subsidiary Alpha Inc transferred more than half a billion dollars to Camshaft Capital Fund in 2022, Bloomberg reported, citing a lawsuit in US court.
BYJU'S founder Byju Raveendran sounded optimistic about the viability of edtech as an industry and said that it is not a ‘pandemic phenomenon’ but a permanent fixture.
Deloitte and three board members of Byju's severed ties with the company on Thursday amid an escalating legal battle with its lenders and its plummeting valuation in the eyes of some investors.
Byju's, which filed the suit in the New York Supreme Court, said Redwood purchased a significant portion of the loan while primarily trading in distressed debt, which was contrary to the conditions of the term loan facility.