BCCI Apex Council to Discuss Byju's Matter, NCA Inauguration

BCCI Apex Council to Discuss Byju’s Matter, NCA Inauguration

The Board of Control for Cricket in India (BCCI) Apex Council will convene on Wednesday to address various matters pertaining to the Board’s operations. However, the appointment of a new secretary to succeed Jay Shah, who was recently elected as the next ICC Chairman, is not on the agenda.

This meeting marks the final Apex Council gathering before the Board’s 93rd Annual General Meeting (AGM) in Bengaluru, scheduled to take place in five days. The appointment of a new secretary has become imperative following Shah’s unanimous election as ICC Chairman. However, he will continue in his current role as BCCI Secretary during the upcoming AGM, as he is set to assume his new position only from December 1.

Despite the need for a new secretary, the eight-item agenda for the Apex Council meeting does not include any discussion on the nomination process. Instead, the agenda focuses on other matters, including an update on the Byju’s matter. The BCCI has an outstanding payment settlement issue with its former title sponsor, Byju’s, which ended its sponsorship deal in March 2023.

The Apex Council will also discuss the inauguration of the state-of-the-art National Cricket Academy (NCA) on the outskirts of Bengaluru. Currently, the NCA operates from the M Chinnaswamy stadium premises, where it has been based for over two decades.

Other agenda items include approval for the commencement of renovation work on the exteriors of the BCCI headquarters in Mumbai and the North East development project.

Byju's Settles $19 Million Dispute with BCCI, Escapes Insolvency

Byju’s Settles $19 Million Dispute with BCCI, Escapes Insolvency

Byju’s Settles $19 Million Dispute with BCCI, Averts Insolvency

Indian ed-tech giant Byju’s has reached a settlement with the Board of Control for Cricket in India (BCCI) in a $19 million payments dispute, averting an insolvency process that threatened to freeze its assets.

The settlement was confirmed by Arun Kathpalia, a senior lawyer involved in the case. According to Kathpalia, Byju’s founder’s brother, Riju Raveendran, will make the payment to BCCI. While the exact amount to be paid is not yet known, Kathpalia revealed that 500 million rupees (around $6 million) has already been disbursed to the Indian cricket board.

The dispute stemmed from unpaid sponsorship payments by Byju’s, which led BCCI to initiate insolvency proceedings against the company earlier this month. The situation marked a significant setback for Byju’s, which has faced numerous challenges in recent years.

Once a darling of investors, Byju’s has experienced significant turmoil, including changes in its board of directors, conflicts with investors, and a dramatic drop in its valuation from $22 billion in 2022 to under $3 billion in 2023. Despite these challenges, Byju’s has denied any wrongdoing.

The National Company Law Appellate Tribunal, which is currently handling the case, has announced that it will continue to hear the matter on Thursday. The settlement with BCCI is expected to provide some relief to Byju’s, which has been struggling to raise funds and restructure its operations.

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