Vendors' claims against BYJU's at NCLT reach Rs 190 Cr
The mounting claims for the beleaguered company come at a time when it has not been able to access Rs 200 million funds raised through rights issues due to disputes with investors.
The claims raised by vendors against embattled edtech firm before the National Company Law Tribunal (NCLT) have touched Rs 190 crore, with handset maker Oppo filing a fresh claim of Rs 1 crore, according to sources.
The mounting claims for the beleaguered company come at a time when it has not been able to access Rs 200 million funds raised through rights issues due to disputes with investors.
"The total claim of Rs 190 crore has been filed against BYJU's before the NCLT. This includes Rs 1 crore claim filed by Chinese mobile company Oppo," a source said.
Queries sent to BYJU's and Oppo did not elicit any reply on the matter.
Indian Cricket Board BCCI has filed the biggest claim of Rs 158.9 crore against BYJU's, followed by Cogent E-Services for Rs 6.7 crore, and Teleperformance Business Services for Rs 5 crore, among others.
"All the claims are under dispute, and actual dues will be less," a source said.
A group of four investors--Prosus, General Atlantic, Sofina, and Peak XV--along with support from other shareholders, including Tiger and Owl Ventures, had approached the NCLT against the company management and the rights issue.
The company had closed the Rs 200 million rights issue in February at a 99% lower valuation compared to its peak enterprise value of Rs 22 billion.
A majority of shareholders of BYJU's have approved the company's resolution to increase its authorised share capital to absorb Rs 200 million raised through the rights issue.
The next date of hearing in the matter before NCLT Bengaluru is on June 6.
Edited by Megha Reddy
