Riju Ravindran to settle BCCI dues from personal funds: counsel

Riju Ravindran, the largest shareholder of edtech firm Byju’s and brother of its founder Byju Raveendran, is using his personal funds to settle the company’s payment arrears with the Indian cricket board, his counsel told the bankruptcy appellate tribunal Thursday.

The amount comprises funds raised by Riju Ravindran personally from the sale of shares in Byju’s parent company Think & Learn between May 2015 and January 2022, advocate Puneet Bali told the Chennai bench of the National Company Law Appellate Tribunal (NCLAT). No part of it has come from the term loan the company had raised from the US lenders opposing the settlement deal with the Board of Control for Cricket in India, he said.