Supreme Court to pronounce verdict in Byju’s case on October 23
The Hindu
Supreme Court to pronounce its verdict on Byju's-BCCI settlement appeal against Glas Trust Company LLC on October 23.
The Supreme Court is scheduled to pronounce on Wednesday (October 23, 2024) its verdict in an appeal filed by U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal (NCLAT) allowing ed-tech firm allowing Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India (BCCI).
A three-judge Bench headed by Chief Justice of India D.Y. Chandrachud had reserved the case for judgment after directing the Insolvency Resolution Professional (IRP) to maintain status quo in the interregnum.
During back-to-back hearing in the case, the apex court had questioned whether the BCCI could be allowed to strike a “personal agreement” with Byju’s promoter and “walk away” with its money.
The U.S. lender had said, as a major financial creditor, it should have got priority in repayments.
Solicitor General Tushar Mehta, appearing for the BCCI, had submitted that the ₹158 crore was offered by Riju Raveendran, Byju’s brother, from his personal assets. The money was not tainted.
The NCLAT, on August 2, granted relief to the embattled ed-tech firm by setting aside the insolvency proceedings after approving a ₹158.9 crore dues settlement with the BCCI. Byju’s had entered into a Team Sponsor Agreement with the BCCI in 2019.
Meta plans to cut around 10% of the employees in its Reality Labs division who work on products including the metaverse, the New York Times reported
Trump's Iran tariff threat poses limited risk to India's trade, affecting only select sectors like rice and fresh fruits.
Trump said on Monday that Microsoft will make “major changes” this week to ensure U.S. consumers do not pay more for electricity because of data centres’ power consumption
Stock markets decline after initial gains due to foreign fund outflows and blue-chip selling, highlighting key laggards like TCS and HCL Tech.
The rupee declines to 90.22 against the dollar, influenced by global trade uncertainties and rising crude oil prices.
Google parent Alphabet Inc. on Monday became the fourth Big Tech powerhouse to be valued at $4 trillion
Fed's Williams emphasizes a favorable economic outlook, asserting monetary policy is well-positioned to balance inflation and job market stability.
As India’s solar energy capacity continues to accelerate, the domestic industry is seeking an enhanced Production-linked incentive scheme, second instalment of PM-Kusum and viability gap funding to accelerate potential for energy storage, in the upcoming Union Budget.
HCL Tech, a Noida-based tech firm promoted by Shiv Nadar, on Monday posted third-quarter net profit of ₹4,076 crore, a 11% decline from ₹4,591 crore it reported a year earlier.
Public sector banks appeal against a stay on fraud classification proceedings against Anil Ambani, citing legal flaws in interim relief.
Sensex rebounds 300 points after five-day decline, driven by bargain hunting amid geopolitical tensions and foreign fund outflows.
BSE warns investors about a fraudulent deepfake video of its CEO offering unauthorized stock recommendations on social media.
Rupee recovers 2 paise to close at 90.16 against the dollar amid improved market sentiment and trade deal discussions.