BCCI – According to a report on Tuesday, the Board of Control for Cricket in India has taken edtech major BYJU’S to the Bengaluru bench of the National Company Law Tribunal (NCLT) over a dispute over pending dues related to sponsorship of the Indian cricket team.
According to the NCLT website, a hearing between BCCI and BYJU’s parent company, Think and Learn, took place on Tuesday, and the next hearing is scheduled for December 22, according to sources cited by CNBC TV18.
“We are in discussions with BCCI to resolve the matter, and we hope to do so soon,” said a BYJU spokesperson, according to the report.
BYJU’S took over the sponsorship of the Indian cricket team from smartphone brand OPPO in 2019 and will do so until the end of March 2022. BYJU’s then requested that the sponsorship be extended for another year, until the end of 2023.
However, BYJU’S exited its jersey sponsorship deal with the BCCI in December 2022, as the Indian startup ecosystem, particularly BYJU’S, began to experience a funding winter.
The excessive delay in releasing financial statements also resulted in the departure of auditor Deloitte, as well as three key board members.
BYJU’S has laid off over 5,000 employees since the funding crisis caused a steep drop in its valuation.
For the fiscal year ending March 31, 2022, Think & Learn’s operating losses fell 6% to Rs 2,400 crore in its core online education business, while revenue more than doubled to Rs 3,550 crore.