BCCI takes edtech firm BYJU'S to NCLT over sponsorship dues

The Board of Control for Cricket in India has dragged edtech major BYJU'S to Bengaluru bench of National Company Law Tribunal (NCLT) over a dispute on pending dues related to sponsorship of the Indian cricket team, said a report on Tuesday. 

According to NCLT website, a hearing between BCCI and BYJU'S parent company, Think and Learn, took place on Tuesday and next hearing has been scheduled for December 22, reported CNBC TV18 quoting sources. 

"In discussions with BCCI to settle the matter and we hope to achieve that soon," the report quoted a BYJU'S spokesperson.

In 2019, BYJU’S took over the sponsorship of the Indian cricket team from smartphone brand OPPO till the end of March 2022. Subsequently, BYJU’S sought an extension of the sponsorship for an additional year till 2023-end.

However, BYJU’S exited its jersey sponsorship deal with the BCCI in December 2022 as the funding winter began to hit the Indian startup ecosystem, especially BYJU'S, which has had a tumultous time ever since.

Inordinate delay in releasing the financial statements also led to the departure of auditor Deloitte apart from three key board members. 

Meanwhile, the Enforcement Directorate recently sent a showcause notice to the company for allegedly flouting anti-money laundering norms.

BYJU'S has fired over 5,000 employees ever since the funding winter led to steep decline in its valuation as well.

Byju’s parent Think & Learn’s operating losses fell 6% to Rs 2,400 crore for its core online education business, while revenue more than doubled to Rs 3,550 crore for the year ended March 31, 2022.