The BCCI filed this petition over unpaid dues amounting to ₹158 crore, linked to a sponsorship contract with the Indian cricket team. The case is scheduled for further hearing on November 15, with ongoing discussions between Byju's and BCCI regarding the insolvency matter.Background and Recent Developments Financial and Operational ChallengesByju’s, once valued at $22 billion in 2022, has faced significant financial and operational challenges.
The company previously had key branding partnerships with the BCCI, the International Cricket Council (ICC), and the Federation Internationale de Football Association (FIFA). However, these partnerships, which were up for renewal in 2023, were not processed.Prosus Writes Off Investment Investor Concerns Pro Sus, a tech investor, recently wrote off its 9.6% stake in Byju's, citing a significant decrease in equity value.
This makes Prosus the first major investor to fully write off its investment in the company. Ministry of Corporate Affairs Probe Findings of the Investigation year-long investigation by the Ministry of Corporate Affairs found corporate governance lapses at Byju's but did not uncover any financial fraud.
The probe highlighted weak governance and compliance practices as factors contributing to Byju’s growing losses. Disagreements over business processes and internal controls led to the departure of three major investors from Byju’s board, including Prosus and Peak XV Partners.