In a significant move in the continuing legal battle between Byju’s and the BCCI (Board of Control for Cricket in India), the edtech company announced to the National Company Law Tribunal (NCLT) on Wednesday, January 17, that arbitration has been ordered in relation to its disagreement with the BCCI.
The parent firm of Byju’s, Think & Learn Pvt. Ltd., is reportedly in talks with the BCCI to try and settle the disagreement peacefully and without any complications.
The National Company Law Tribunal (NCLT) has served the company with a notice of default over payment of INR 158 crore. It’s also noteworthy to mention that Byju’s counsel notified the NCLT of objections lodged against the BCCI’s request for the commencement of proceedings against Byju’s.
The supreme cricket body has filed a petition under Section 9 of the Insolvency and Bankruptcy Code 2016 seeking INR 158 crore in dues as an operating creditor. It is important to note that Byju joined the BCCI in 2019 following Oppo and remained there till Dream 11 took control.
Aditya Birla Group wants to sponsor the IPL for the 2024–2028 season.
In other news, international conglomerate Aditya Birla Group is far ahead of the competition in the race to win the IPL title sponsorship for the 2024–28 cycle, ahead of the 17th season of the Indian Premier League (IPL).
The group reportedly made an enormous offer of Rs 500 crore annually. It is noteworthy that the cycle has a reserve price of INR 350 crore, or INR 1750 crore spread over five years.
Tata was the tournament’s sponsor in 2022 and 2023, but with the current bid, it appears that this may change for the competition’s 17th edition. As per the regulations, Tata Sons is entitled to reject the rights, but to keep the rights, they will need to match the highest proposal.
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