The World Opinion

Tag: NCLAT

  • Byju’s Employees Haven’t Received July Salaries Yet, CEO Explains Why | Economy News

    New Delhi: Employees at Edtech firm Think and Learn, the company behind Byju’s have not received their July salaries. According to CEO Byju Raveendran, the delay occurred because the company was temporarily unable to access its accounts due to a Supreme Court stay on a recent decision by the National Company Law Appellate Tribunal (NCLAT).

    The National Company Law Appellate Tribunal (NCLAT) on August 2 approved Byju’s settlement of Rs 158.9 crore in dues with the BCCI and dismissed the insolvency proceedings against the company. On August 14, the Supreme Court put a hold on this decision, followed by a plea from US-based creditor Glas Trust Company LLC, effectively reinstating the insolvency case against the ed-tech giant.

    In an email to employees, Byju Raveendran expressed that each legal hurdle has prolonged the company’s journey toward recovery and stated, “I want to address the matter of utmost concern to you – and to me as well. Your salary for July 2024 has not been credited yet.”

    He further added, “Our company recently faced a serious challenge that pushed us into insolvency due to a dispute with the BCCI. We settled the case and were on the brink of regaining control of our finances after the NCLAT ruled in our favour. The apex court has issued a temporary stay on the NCLAT’s decision, which means the control of the company’s accounts has not yet been restored to us.”

    He mentioned that some foreign lenders have been challenging the company in court and have appealed the NCLAT ruling to the Supreme Court.

  • SC to listen to evaluation plea filed by way of Cyrus Investments in open courtroom on March 9

    By means of PTI

    NEW DELHI: The Very best Courtroom has agreed to listen to in open courtroom a evaluation plea filed by way of Cyrus Investments Restricted in opposition to its order atmosphere apart appellate tribunal NCLAT’s order which had restored Cyrus Mistry as the chief chairman of the Tata crew.

    A 3-judge bench of Leader Justice N V Ramana, Justice A S Bopanna, and Justice V Ramasubramanian mentioned the petitions will probably be heard in open courtroom on March 9.

    “Programs searching for exemption from submitting affidavits are allowed. Programs searching for oral listening to of the Assessment Petitions are allowed. Record the Assessment Petitions on Wednesday, March 9, 2022,” the bench mentioned.

    Justice Ramasubramanian, on the other hand, in a minority dissenting verdict mentioned the grounds raised within the Assessment Petitions don’t fall inside the parameters of a evaluation. “With utmost recognize, I feel sorry about my lack of ability to accept as true with the order. I’ve sparsely long past in the course of the Assessment Petitions and I don’t to find any legitimate floor to study the judgement.”

    “The grounds raised within the Assessment Petitions don’t fall inside the parameters of a evaluation and therefore the packages searching for oral listening to need to be brushed aside,” Justice Ramasubramanian mentioned in an order dated February 15.

    The highest courtroom on March 26, 2021, had put aside a Nationwide Corporate Legislation Appellate Tribunal (NCLAT) order restoring Cyrus Mistry as the chief chairman of USD 100 billion salt-to-software conglomerates.

    The apex courtroom had additionally brushed aside a plea of Shapoorji Pallonji Workforce searching for separation of possession pursuits in Tata Sons Pvt Ltd (TSPL).

    Mistry had succeeded Ratan Tata because the chairman of TSPL in 2012 however was once ousted 4 years later.

    The SP Workforce had informed the highest courtroom that Mistry’s removing because the chairman of TSPL at a board assembly held in October 2016 was once similar to a “blood game” and “ambush”, in entire violation of the rules of company governance and in pervasive violation of the Articles of Affiliation within the procedure.

    The Tata Workforce had vehemently adversarial the allegations and denied any wrongdoing, pronouncing the board was once smartly inside of its proper to take away Mistry because the chairman.