Articles for tag: Arrests, Ashneer, BharatPe, Disputes, Fund, Grover, Legal, Misappropriation, Related, settled, severing, Significant, Ties

September 30, 2024

Ashneer Grover and BharatPe settled legal disputes, following arrests related to significant fund misappropriation, severing all ties.

BharatPe’s former co-founder Ashneer Grover and the company have settled a long-standing legal dispute following recent arrests linked to financial misappropriation at the fintech firm. As part of the settlement, Grover will no longer have any involvement with BharatPe and will transfer certain shares to the Resilient Growth Trust. Previously, allegations arose when co-founder Bhavik ...

September 29, 2024

Market News

Business

The Indian Consulate in New York disputes false claims about new restrictions on OCI cardholders, affirming existing rights remain unchanged.

The Consulate General of India in New York has clarified that there are no new restrictions on Overseas Citizen of India (OCI) cardholders. Recent reports claiming otherwise are false, and the consulate reassures the Indian American community that the rights outlined in a March 4, 2021 notification remain unchanged. OCI cardholders enjoy many benefits, including ...

September 26, 2024

Market News

Business

Byju’s struggles as the Supreme Court halts NCLAT relief, placing founder Byju Raveendran’s control in jeopardy amid insolvency disputes.

The Supreme Court has reserved its ruling on a US firm’s appeal against the NCLAT decision that halted insolvency proceedings for Byju’s, the prominent ed-tech company. The court is maintaining the current status until it issues its judgment, preventing any creditor meetings related to Byju’s case in the meantime. Previously, the NCLAT had provided Byju’s ...

September 19, 2024

Market News

Business

Tensions escalate as China deploys 20 warplanes and 10 vessels near Taiwan, marking another provocative military maneuver amidst ongoing territorial disputes.

Taiwan’s Ministry of National Defence recently reported heightened military activity from China, detecting 20 Chinese military aircraft and 10 naval vessels around Taiwan over a 24-hour period. Fifteen of these aircraft crossed the median line of the Taiwan Strait, entering Taiwan’s Air Defence Identification Zone. This escalation is part of a series of provocations by ...

September 15, 2024

Market News

Business

BYJU’S faces a $1.2 billion lawsuit from lenders as founder disputes debt claims amid allegations of financial mismanagement.

BYJU’S is facing legal challenges from US lenders represented by Glas Trust, who demand repayment of a $1.2 billion Term Loan B. The founder, Byju Raveendran, claims the company’s verified debt is only around Rs 20 crore, arguing this means he may not owe anything. However, the lenders insist that both Raveendran and the Insolvency ...

September 14, 2024

Market News

Business

The NCLT reverses approval of the Zee-Sony merger as parties agree to withdraw due to unresolved disputes. Dramatic fallout ensues.

The National Company Law Tribunal (NCLT) recently approved the withdrawal of its order regarding the merger between Zee Entertainment and Sony Pictures Networks India. This decision follows an agreement between the two companies to resolve their six-month dispute over a failed USD 10 billion merger. The NCLT recalled its earlier approval from August 10, 2023, ...

September 14, 2024

Market News

Business

Byju’s faces a shocking bankruptcy ruling in the U.S., conflicting with ongoing insolvency proceedings in India, igniting creditor disputes.

Byju’s, the Indian ed-tech giant, faces a surprising US court ruling that placed its subsidiaries into involuntary Chapter 11 bankruptcy due to non-compliance with creditor demands. This decision impacts companies like Neuron Fuel Inc. and Epic! Creations Inc., conflicting with ongoing insolvency proceedings in India. Byju’s Interim Resolution Professional, Pankaj Srivastava, is seeking to halt ...

September 11, 2024

Market News

Business

Supreme Court to hear Byju’s insolvency case amid creditor disputes and a critical Rs 158.9 crore settlement with BCCI.

The Supreme Court is set to hear an appeal on September 17 from Glas Trust Company LLC, a US-based creditor, regarding the ed-tech firm BYJU’s. This follows a previous National Company Law Appellate Tribunal (NCLAT) decision that paused insolvency proceedings against BYJU’s and approved a Rs 158.9 crore settlement with the Board of Control for ...

September 11, 2024

Market News

Politics

Adityanath’s Airport Ambitions: Will Land Disputes Ground UP’s Golden Dream?

Uttar Pradesh Chief Minister Yogi Adityanath visited Greater Noida to assess the progress of the Noida international airport in Jewar and to prepare for Prime Minister Modi’s upcoming visit. During his visit, he reviewed the development projects and stressed the importance of timely and quality completion of the airport. Adityanath announced the creation of a ...

September 6, 2024

Market News

Business

Byju’s faces a $101 million tax claim amid $1.5 billion in creditor disputes, sparking turmoil for its thousands of employees.

Byju’s, once India’s leading ed-tech startup, is facing severe financial challenges, with Indian tax authorities claiming $101 million in dues as it enters insolvency. Valued at $22 billion in 2022, the company’s fortunes have plummeted due to regulatory issues and a dispute with U.S. lenders over $1 billion in unpaid debts. A court-appointed resolution professional ...