Byju’s refer dispute with BCCI for arbitration

In a major development in the ongoing case between Byju’s and the BCCI (Board of Control for Cricket in India), the edtech firm on Wednesday, January 17 informed the National Company Law Tribunal (NCLT) on Wednesday, January 17, that its dispute with the BCCI has been referred to arbitration.

According to a report, Think & Learn Pvt. Ltd., the parent company of Byju's, is currently in negotiations with the BCCI as they look to solve the dispute amicably and without any hassles.

The firm recently received a notice for defaulted payment from the National Company Law Tribunal (NCLT) worth INR 158 crore. It is also interesting to note that the counsel of Byju’s also informed the NCLT that objections were filed to the BCCI’s plea for initiation of solvency against Byju’s.

The apex cricketing body had filed a petition claiming dues of INR 158 crore as an operational creditor under Section 9 of the Insolvency and Bankruptcy Code 2016. It is worth mentioning that Byju’s came on board with the BCCI in 2019 after Oppo, and stayed with the board until Dream 11 took over.

Aditya Birla Group aim to grab IPL title sponsorship for 2024-28 cycle

In other developments, ahead of the 17th edition of the Indian Premier League (IPL), multinational conglomerate Aditya Birla Group is way ahead of the competition in the race to secure the IPL title sponsorship for the 2024–28 cycle.

According to reports, the group has put forth a mammoth bid of Rs 500 crore per year. It is notable that the reserve price of the cycle is INR 350 crore, which comes to INR 1750 crore for five years.

Tata was the sponsor of the tournament in 2022 and 2023, and with the current bid, it seems that it could change in the 17th edition of the tournament. According to the rules, Tata Sons do have the right of refusal for the rights, but they will have to match the highest bid in order to retain the rights.