The Board of Control and Cricket in India (BCCI) has moved the National Company Law Tribunal (NCLT) against edtech major Byju’s over pending dues related to the sponsorship of the Indian cricket team.
A hearing was reportedly held between BCCI and Byju’s parent company, Think and Learn on Tuesday (28th November). The next hearing has been scheduled for 22nd December.
A Byju’s spokesperson was quoted as saying, “In discussions with BCCI to settle the matter and we hope to achieve that soon.”
The case was filed on 8th September and officially registered on 15th November over pending dues amounting to nearly Rs 160 crore pertaining to the dispute around sponsorship rights of the Indian cricket team’s jerseys.
Byju’s has been a partner of the Indian cricket team since 2019 and its branding has been featured on the team’s jersey.
Byju’s sponsorship rights with BCCI were extended in June 2022 and ended this month. The company had reportedly asked the board to encash Rs 140 crore bank guarantee and the remaining Rs 160 crore was to be paid in installments.
Reports quoting sources in the BCCI cited that the board confirmed the development but added that they have not arrived at any solution.
Along with BCCI, Byju’s also had branding partnerships with International Cricket Council (ICC) and FIFA. All three were up for renewal this year but the company confirmed that it would not renew any partnership.
Recently, reports claimed that the Enforcement Directorate (ED) has issued a notice to the firm asking it to pay Rs 9,000 crore for allegedly violating foreign funding laws.
The company has also failed to clear the dues of its employees who were laid off.
Meanwhile, Byju’s Chief Technology Officer (CTO) Anil Goel is staging an exit after three years with the firm and will be replaced by Jiny Thattil.
