BCCI takes BYJU'S to NCLT over unsettled sponsorship dues

The Board of Control for Cricket in India (BCCI) has initiated legal action against edtech major BYJU'S, bringing the matter to the Bengaluru bench of the National Company Law Tribunal (NCLT) due to a disagreement over outstanding sponsorship payments for the Indian cricket team, as reported on Tuesday. A hearing between BCCI and BYJU'S parent company, Think and Learn, occurred recently, with the next hearing set for December 22, according to sources quoted by CNBC TV18.

A spokesperson from BYJU'S stated, "In discussions with BCCI to settle the matter, and we hope to achieve that soon," as per the report. In 2019, BYJU’S took over the sponsorship of the Indian cricket team from smartphone brand OPPO, with the sponsorship initially scheduled to conclude in March 2022. Later, BYJU’S sought an extension until the end of 2023. However, in December 2022, BYJU’S terminated its jersey sponsorship deal with BCCI amid financial challenges faced by the Indian startup ecosystem during the funding winter.

The prolonged delay in releasing financial statements resulted in the departure of auditor Deloitte and three key board members. Additionally, the Enforcement Directorate recently issued a showcause notice to the company for alleged violations of anti-money laundering norms.