Byju’s, the Indian edtech giant, has faced another setback as a US court ruled in favor of its lenders. The court stated that the lenders’ move to replace Riju Raveendran with their representative as the director of Byju’s Alpha, the US subsidiary, is valid. The ruling comes after instances of default by Byju’s, including a failure to provide audited annual financial statements and a guarantee default by its subsidiary WhiteHat Jr. Byju’s is currently selling assets to repay the loan.
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