Byju's Settles Dispute With France-Based Teleperformance
Previously, the tribunal had encouraged Byju's to consider settling with Teleperformance.
The National Company Law Tribunal in Bengaluru was informed on Wednesday that edtech company Byju's has settled its dispute with France-based Teleperformance Business Services.
Previously, the tribunal had encouraged Byju's to consider settling with Teleperformance. The development came after a joint request was made by both sides in the earlier hearings, after submitting that positive resolutions might be on the way.
Teleperformance signed a service agreement with Byju's in April 2022 and sent over 20 invoices totaling Rs 4.84 crore between March and August 2023. These invoices went unpaid, and Byju's admitted to the default without disputing the claims.
Byju's agreed to pay the amount in three installments: Rs 1.5 crore in the first tranche, Rs 2 crore in the second, and Rs 2.2 crore in the final tranche.
Other entities, including Surfer Technologies Pvt. and the Board of Control for Cricket in India have also filed claims against Byju's for various defaults, including Rs 2 crore and Rs 158 crore, respectively. Other entities pursuing similar cases are Glas Trust Co. Llc and Oppo Mobiles Pvt. Other disputes have emerged with its lenders as well.
Additionally, as reported earlier, a probe by the Ministry of Corporate Affairs has found that while Byju's experienced governance lapses during its rapid expansion, allegations of siphoning funds and account manipulation are unfounded. The findings, as seen in a sourced document by NDTV Profit, suggested that these allegations do not warrant referral to the Serious Fraud Investigation Office or other authorities.
