This is the first that we have heard of these proceedings. For the record, the BYJU’S entities are not parties to the proceedings mentioned in the recent media reports and have not been served with copies of the complaint or motion. part of the funds received by BYJU'S Alpha, the borrowing entity under the TLB. As a matter of fact, the Delaware court ruling in June this year rejected the lenders’ application for information in relation to the amount in question i.e. There is no requirement for BYJU’S to maintain cash as collateral. Our Credit Agreement with the lenders does not prohibit or restrict the movement or investment of monies disbursed thereunder. As a commercially prudent borrower and like any other large corporate treasury, Byju’s Alpha has made investments in high-security fixed-income instruments with a multi-hundred-billion-dollar fund, through Camshaft. The recent reportage by the media appears maliciously instigated, and we strongly condemn these instigations which seek to destabilize a company that is attempting a turnaround. The efforts of BYJU’S has been in good faith to continue engaging in negotiations to settle the dispute, and it remains committed to an amicable outcome. Furthermore, contrary to the false allegations, BYJU’S would like to clarify that there is no requirement to maintain cash as collateral for the lenders under the Credit Agreement. Accordingly, as a commercially prudent borrower and like any other large corporate treasury, in compliance with the Credit Agreement, BYJU’S has safe-guarded the referenced funds with the global fund. BYJU’S would like to emphasise that its Credit Agreement with the lenders does not prohibit or restrict the usage, movement or investment of funds disbursed thereunder. ![]() The company categorically denies media reports which insinuated that BYJU’S was no longer a beneficiary owner of the funds. When CNBC-TV18 reached out to BYJU’S, the venture said, “BYJU’S said an offshore subsidiary remains the beneficiary of the money invested in high security fixed income instruments invested with a multi-hundred billion dollar fund in the US.
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