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Says, ‘As a commercially prudent borrower and like any other large corporate treasury, Byju’s Alpha has made investments in a multi-hundred billion dollar fund with high security fixed income instruments’ ....
Byju's Allegedly Hid ₹4,586 Cr In Hedge Fund Linked To Miami IHOP: Report freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
Byju's denied any wrongdoing and emphasised that the transaction was carried out within the terms of its credit agreement with lenders, which explicitly allows the movement and investment of funds disbursed under its terms. ....
Lenders have alleged that Byju s hid $533 million in an obscure three-year-old hedge fund to avoid it being seized to make up for a loan default, but the ed-tech titan claimed its agreement with lenders did not explicitly proscribe movement of funds.
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.
The investment firm, founded by William C Morton when he was just 23 years old, received the funds despite an apparent lack of formal training in investment. ....