Byju’s representatives stated that their funds are currently held in an escrow account with the National Company Law Tribunal (NCLT), with a hearing scheduled for July 4. They promised to update the Labour Department following the hearing, media reports revealed
Read MoreMeanwhile, global investment giant Prosus has written off the value of its shareholding in Byju's, recording a loss of USD 493 million
Read MoreThe company's rapid expansion led to a cash shortage and a decline in valuation, resulting in multiple lawsuits in India and the US
Read MoreHSBC's latest note revealed that the ongoing cash crunch and multiple legal cases have rendered this investment worthless. Previously, HSBC had valued Prosus' stake by applying an 80 per cent discount to Byju's latest publicly disclosed valuation
Read MoreBlackstone and Chaudharys are exploring a sale to private equity investors keen to get a foothold in the company, which is currently a subsidiary of Think & Learn
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