Ronnie Screwvala takes jibe at Byju’s over US lawsuit, says ’not even Netflix or HBO...’
- As per the Arc report, Byju's has said that it will not make any payments to the TLB lenders till the dispute is decided.
With reports of Byju's suing the lenders of its $1.2-billion term loan B (TLB) in the United States Supreme Court, Upgrad co-founder and filmmaker Ronnie Screwvala has taken a swipe at the opponent over the controversial lawsuit.
Taking to Twitter, Screwvala wrote, “Drama with ZERO Content … not even a Netflix or HBO will buy it 🤦♂️🤦♂️. While sullying India’s name as a great investment destination ! Wonder what it’s erstwhile Board thinks of their fiduciary duties 🤔 - just asking 🤔”
Screwvala also shared the tweets by news portal The Arc's co-founder Madhav Chanchani, who revealed Byju's currently embroiled in a legal battle in US.
As per the Arc report, Byju's has said that it will not make any payments to the TLB lenders till the dispute is decided.
The primary dispute is between Byju's and hedge fund Redwood, where Byju's had accused that Redwood used 'predatory tactics and bought its distressed debt 'with the intent of making windfall gains'. According to Bloomberg, the debt is Byju's is trading at 64.5 percent of dollar, which is down from about 79 cents.
Describing Redwood as a 'hawkish trader-lender', Byju's has issued a notice to disqualify it as a creditor. Now the case is being persued in the New York Supreme Court.
Earlier in May, the lenders had filed a suit against Byju's and accused it of defaulting on payments. However, the Bengaluru-based firm claimed teh defaults were 'non-monetory and technical'.
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Business NewsCompaniesNewsRonnie Screwvala takes jibe at Byju’s over US lawsuit, says ’not even Netflix or HBO...’
First Published:6 Jun 2023, 06:10 PM IST
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