Results for: Financial difficulties

Ed-tech giant Byju’s, founded by Byju Raveendran, has been struggling financially, leading to the founder’s removal from the Forbes Billionaires list and a reduction of his net worth to zero. Previously valued at $22 billion, Byju’s valuation has plummeted to $1 billion. To support employees, Raveendran mortgaged his house to pay salaries. NCLT has directed Byju’s to maintain the status quo regarding an ongoing rights issue. A group of investors, including Prosus and General Atlantic, approached NCLT over the issue. The company claims to have received commitment for a USD 200 million rights issue but has not raised the full amount.

Padma Shri recipient and renowned musician Darshanam Mogulaiah is facing financial difficulties, despite receiving a 1 crore cash grant from the Telangana government. The 73-year-old artist used the money to cover family emergencies, including weddings and land purchase, but was unable to complete the house he started building due to lack of funds. Mogulaiah also faces monthly expenses of 7,000 for medication for himself and his son, who suffers from seizures. The state had promised a 600-square yard plot to Mogulaiah, but the allotment has yet to be completed. The issue came to light when senior journalist Sucheta Dalal highlighted the struggle of the Padma Shri awardee, and Bharat Rashtra Samiti (BRS) leader KT Rama Rao responded by promising to take care of Mogulaiah’s family.