Byju’s Alpha Secured Creditors Appoint Kroll Executives to Safeguard Assets, India

Date:

Great Learning Education and Byju’s Alpha, two troubled edtech companies, have taken steps to safeguard their assets by appointing two senior executives from risk and financial advisory firm Kroll. The move comes as the secured creditors of Byju’s Alpha exercise their security rights following the company’s defaults. Cosimo Borrelli, Kroll’s global co-head of restructuring, and Jason Kardachi, its Singapore and Southeast Asia lead, have been tasked with protecting and preserving the charged assets of Great Learning and Byju’s.

The appointment of Kroll executives aims to ensure the continuity of operations for Great Learning and its subsidiary, Northwest Education. This development is significant as Byju’s seeks to generate $800 million to $1 billion by selling assets like Epic and Great Learning in order to repay its controversial $1.2 billion term loan B. Great Learning was acquired by Byju’s last year in a deal worth $600 million.

The decision to bring in Kroll executives reflects the ongoing challenges faced by both Byju’s and Great Learning. Byju’s Alpha, in particular, is under pressure to settle its substantial loan, and the appointment of experts from Kroll demonstrates a proactive approach to safeguarding assets and addressing the company’s financial issues.

In related news, Tata Consultancy Services (TCS), a prominent Indian IT services company, has reported a 9% year-on-year growth in its consolidated net profit for the quarter ended September. TCS recorded a consolidated revenue growth of nearly 8% compared to the previous year. The company’s operating margin also improved, indicating positive financial performance during the quarter. TCS has recommended the payment of a second interim dividend and has approved a share buyback.

See also  Mark Zuckerberg Expands Meta's LLaMA 2 to Developers, Directly Competing with ChatGPT and Google's Bard

Additionally, the Indian government has collected Rs 600 crore in tax deducted at source (TDS) from eGaming companies and Rs 105 crore from cryptocurrency exchanges this fiscal year. The Central Board of Direct Taxes (CBDT) chairman, Nitin Gupta, announced the figures and highlighted the efforts to simplify tax rules and enhance compliance. The introduction of TDS for online gaming companies aims to address the issue of tax evasion and ensure fair taxation in the sector.

In the media industry, private equity firm Blackstone is reportedly in discussions with The Walt Disney Company regarding a potential acquisition of Disney’s India streaming and television business. Meetings between senior executives from both companies have taken place, with Blackstone considering the purchase of the entire portfolio or specific assets, including sports properties, media rights, and the Disney+ Hotstar streaming service. Former Disney executives Kevin Mayer and Tom Staggs are believed to have played significant roles in bringing Blackstone to the negotiating table.

Finally, while Google has achieved success in the Japanese smartphone market, experts suggest that replicating that success in India may be challenging. Despite the premiumization trend in the Indian smartphone market, Google’s new Pixel smartphones may struggle to compete with Apple and other established brands. The launch of the Google Pixel 8 series in India aims to target consumers who are considering the latest iPhone models.

In conclusion, the appointment of Kroll executives to protect the assets of Byju’s Alpha and Great Learning reflects the ongoing challenges faced by these edtech companies. TCS has reported positive financial performance for the quarter, while the Indian government has collected significant tax amounts from eGaming companies and cryptocurrency exchanges. Blackstone’s discussions with Disney regarding a potential acquisition and Google’s efforts to establish a presence in the Indian smartphone market are also notable developments.

See also  US Consulate Explores Collaboration with OurPass to Drive Nigerian Economic Growth

Frequently Asked Questions (FAQs) Related to the Above News

Why have Great Learning Education and Byju's Alpha appointed executives from Kroll?

Great Learning and Byju's Alpha have appointed executives from Kroll, a risk and financial advisory firm, to safeguard their assets and address their financial issues.

What are the charged assets that the Kroll executives will be protecting for Great Learning and Byju's?

The Kroll executives will be protecting and preserving the charged assets of Great Learning and Byju's to ensure the continuity of their operations.

Why does Byju's need to generate $800 million to $1 billion?

Byju's needs to generate $800 million to $1 billion in order to repay its controversial $1.2 billion term loan B.

What is the significance of the appointment of Kroll executives for Great Learning?

The appointment of Kroll executives for Great Learning signifies the ongoing challenges faced by the company and the proactive approach taken to safeguard its assets.

How has Tata Consultancy Services (TCS) performed financially in the recent quarter?

TCS has reported a 9% year-on-year growth in its consolidated net profit and a consolidated revenue growth of nearly 8% compared to the previous year.

What steps has the Indian government taken to enhance tax compliance?

The Indian government has collected Rs 600 crore in tax deducted at source (TDS) from eGaming companies and Rs 105 crore from cryptocurrency exchanges this fiscal year in an effort to enhance compliance.

What potential acquisition is Blackstone discussing with The Walt Disney Company?

Blackstone is reportedly in discussions with The Walt Disney Company regarding a potential acquisition of Disney's India streaming and television business.

Will Google's new Pixel smartphones be successful in the Indian smartphone market?

Experts suggest that Google's new Pixel smartphones may face challenges in the Indian smartphone market due to competition from established brands like Apple.

Who is the target audience for Google's Pixel 8 series in India?

The launch of the Google Pixel 8 series in India aims to target consumers who are considering the latest iPhone models.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

Chongqing Brands Go Global: Insights from 2024 Land-Sea Economic Forum

Discover the insights from the 2024 Land-Sea Economic Forum as Chongqing brands make a global impact. Learn more here.

Microsoft Build 2024 Unveils Future of AI: What to Expect – Day 1 Highlights & Keynotes

Discover the future of AI at Microsoft Build 2024 - Day 1 highlights, keynotes, and exciting updates await! Tune in online.

Elon Musk Praises Apple Headphones, Sparks Talk of Tesla Headphones

Elon Musk's praise for Apple headphones sparks talk of potential Tesla collaboration, driving curiosity in the tech community.

Breakthrough Study Finds Machine Learning Can Efficiently Diagnose Glioma Mutations

Discover how machine learning can efficiently diagnose glioma mutations, paving the way for personalized treatment options. Reduce uncertainty with AI.