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Byju’s CEO Raveendran says unable to pay salaries, lambasts investors for blocking funds

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Raveendran said the rights issue, which was launched a month ago, has been successfully closed.

Byju’s founder and CEO Byju Raveendran on Saturday lashed out at investors saying that the company has been unable to pay salaries to employees as the funds have been locked in a separate account “at the behest” of investors.

On February 27, the National Company Law Tribunal (NCLT) directed Byju’s to keep funds received from the rights issue in an escrow account till the disposal of “the oppression and mismanagement” plea filed by four of the company’s investors. Think & Learn Pvt Ltd, the parent company of Byju’s, had last month raised $ 200 million (around Rs 1,660 crore) through a rights issue of shares to the existing investors. It was hoping to salvage the operations through the funds raised through the rights issue.

“Unfortunately, a select few (4 out of our 150 plus investors) have stooped to a heartless level, ensuring that we are unable to utilize the funds raised to pay your hard-earned salaries,” Raveendran said in a letter to the employees. “At their behest, the amount raised through the rights issue is currently locked in a separate account,” he said.

“It is an agonizing reality that some of these investors have already reaped substantial profits – in fact, one of them has made a staggering eight times their initial investment in Byju’s. And yet, their actions convey a callous disregard for our lives and livelihoods,” he said.

“Despite our best efforts, we are left with no option but to confront the heart-wrenching reality that we are temporarily unable to provide you with the financial support you deserve,” Byju’s CEO said. “We are striving to ensure that your salaries are paid by the 10th of March. We shall make these payments the moment we are permitted to do so as per law.”

On February 23, investors said they “unanimously passed all resolutions”, including the reconstitution of the board of directors and ouster of founder and CEO Byju Raveendran and family members, put forward for vote at the Extraordinary General Meeting of Think & Learn Pvt Ltd.

These resolutions included a request for the resolution of the outstanding governance, financial mismanagement and compliance issues at Byju’s, the reconstitution of the board of directors so that it is no longer controlled by the founders of Think & Learn and a change in the leadership of the company, said statement from Prosus, a leading global technology investor. While allowing the EGM to be held, Karnataka High Court had recently granted interim relief to Byju’s, stating that any decisions made during the meeting would not be given effect until the next hearing.

Raveendran said the rights issue, which was launched a month ago, has been successfully closed. “After all, we now have funds to meet our short-term needs and clear our liabilities. However, I regret to inform you that we will still be unable to process your salaries. Last month, we faced challenges due to a lack of capital, and now we are experiencing a delay despite having funds,” he told the employees.

“Countless hours have been spent exploring every possible avenue, engaging our legal teams, and advocating for your rights. We are actively pursuing every available means to rectify this situation at the earliest and restore stability to our lives,” he said.

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MPB College: Nurturing Tomorrow’s Healthcare Leaders Through Excellence in Education and Patient-Centered Care

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MPB College is a renowned institution of higher education located near Nainital in Uttarakhand,  India. Established with a commitment to academic excellence and compassionate care, MPB College offers a diverse range of undergraduate programs in the field of healthcare.

History

MPB College was founded with the vision of redefining the landscape of medical education. Over the years, it has emerged as a leading institution known for its dedication to quality education, innovative research, and community engagement.

Academics

MPB College offers a comprehensive range of undergraduate programs, including Bachelor of Science in Nursing (BSc Nursing), Bachelor of Physiotherapy (BPT), General Nursing Midwifery (GNM), and Bachelor of Medical Laboratory Technology (BMLT). The curriculum is designed to provide students with a strong foundation in their chosen field, combining theoretical knowledge with practical training.

Facilities

The college boasts state-of-the-art facilities, including well-equipped classrooms, laboratories, libraries, and auditoriums. Additionally, hostel accommodation, sports facilities, and a cafeteria are available to cater to the diverse needs of students.

Faculty

The faculty at MPB College comprises highly qualified and experienced professionals dedicated to delivering quality education. With a focus on mentorship and guidance, the faculty ensures a supportive learning environment where students can thrive.

Research and Innovation

MPB College fosters a culture of research and innovation, encouraging scientific inquiry and technological advancements in healthcare. Through groundbreaking research, the college aims to contribute to the understanding, prevention, and treatment of diseases.

Community Engagement

Recognizing the importance of community engagement, MPB College actively collaborates with local communities to address healthcare disparities, implement health promotion initiatives, and improve access to quality healthcare for all members of society.

Scholarships and Financial Assistance

MPB College offers government-funded scholarships to deserving students based on merit and financial need. These scholarships provide vital financial aid, enabling students to pursue their educational dreams without financial constraints.

Contact Information

For inquiries and further information, individuals can contact MPB College through the following channels:

– Phone: +91 9410324768, +91 9634748867, +91 9759903536, +91 7060906032

– Email: mail.mpbimer@gmail.com

– Address: Talla Gethiya, Near Pilot Baba Ashram, Jeolikote, Nainital, Uttarakhand 263127

Apply Now to Begin Your Educational Journey at MPB College

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Astronaut Crew’s Mission to the International Space Station Begins

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A groundbreaking chapter in space exploration unfolds as a team of four astronauts commences their journey to the International Space Station (ISS). Led by Nasa’s Matthew Dominick, alongside Michael Barratt, Jeanette Epps, and Russia’s Alexander Grebenkin, this diverse crew embarks on a six-month mission brimming with anticipation and scientific endeavors.

Scheduled to dock at the ISS on Tuesday, this new crew marks the transition from the previous expedition, comprising members from the US, Denmark, Japan, and Russia, who have diligently occupied the space station since August.

The commencement of their mission coincided with the successful joint launch of Crew-8 by SpaceX and Nasa on March 3, lifting off from the Nasa Kennedy Space Center in Florida. Throughout their half-year tenure aboard the ISS, the crew will witness the arrival of two significant rocketships commissioned by Nasa.

First in line is Boeing’s Starliner capsule, slated to arrive in late April with test pilots onboard. Following closely is Sierra Space’s Dream Chaser, an innovative mini shuttle set to deliver cargo in the subsequent months, albeit without passengers.

Matthew Dominick, a distinguished navy pilot turned astronaut, assumes the role of commander for Crew-8, marking his inaugural journey into space after his selection by Nasa in 2017. Hailing from Wheat Ridge, Colorado, Dominick brings a wealth of expertise, holding a bachelor’s degree in electrical engineering and a master’s in systems engineering.

Joining Dominick is Michael Barratt, Crew-8’s pilot, making his third voyage to the ISS. With prior experience as a flight engineer for Expeditions 19/20, Barratt, who is set to turn 65 in April, will become the oldest full-time astronaut to venture into space, underscoring his unwavering commitment to exploration.

Notably, Jeanette Epps, an accomplished engineer and the second Black woman designated for a prolonged mission on the ISS, brings a message of inspiration to aspiring astronauts worldwide. Originally slated for Boeing’s Starliner, Epps’ transition to SpaceX highlights the adaptability and resilience inherent in space exploration. She fervently advocates for inclusivity, serving as a beacon of hope for aspiring Black girls who dare to dream of reaching for the stars.

Rounding out the team is Roscosmos cosmonaut Alexander Grebenkin, embarking on his maiden voyage to space. Armed with a background in engineering from Irkutsk High Military Aviation School, Grebenkin embodies the spirit of international collaboration as he contributes to the collective pursuit of scientific discovery.

As the new crew acclimatizes to their celestial abode, they bear the responsibility of overseeing the influx of new rocketships and spearheading a myriad of scientific experiments during their transformative tenure aboard the ISS. Embarking on this odyssey, they embody the epitome of human ingenuity, pushing the boundaries of exploration beyond the confines of Earth.

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UNVEILING THE ENTREPRENEURIAL INSIGHTS: WHY EVERY BUSINESS OWNER SHOULD WATCH SHARK TANK INDIA

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Shark Tank India has emerged as a beacon of entrepreneurial inspiration, offering invaluable insights and practical wisdom for business owners and aspiring entrepreneurs alike. Here’s why every entrepreneur should tune in to this groundbreaking show.

1. Learning from Seasoned Investors

One of the key highlights of Shark Tank India is the presence of seasoned investors who bring a wealth of knowledge and experience to the table. From industry veterans to successful entrepreneurs, the panel of investors offers invaluable insights into the world of business, providing aspiring entrepreneurs with a unique opportunity to learn from the best in the field.

2. Understanding the Investment Landscape

Shark Tank India provides a firsthand look into the investment landscape, showcasing the dynamics of venture capital and angel investing. By observing the negotiation process between entrepreneurs and investors, viewers gain a deeper understanding of investment criteria, valuation methodologies, and deal structuring, empowering them to make informed decisions in their own entrepreneurial journey.

3. Real-World Case Studies

Each episode of Shark Tank India features real-world case studies of entrepreneurs pitching their business ideas to potential investors. These case studies offer a glimpse into the challenges and opportunities faced by entrepreneurs in various industries, shedding light on the strategies and tactics employed to navigate the competitive business landscape.

4. Inspirational Success Stories

Shark Tank India is replete with inspirational success stories of entrepreneurs who have turned their dreams into reality with the support of savvy investors. These success stories serve as a source of motivation and encouragement for aspiring entrepreneurs, demonstrating that with dedication, resilience, and strategic thinking, anything is possible in the world of business.

5. Exposure to Diverse Business Models

One of the most compelling aspects of Shark Tank India is the diversity of business models and ideas showcased on the show. From innovative tech startups to traditional businesses with a modern twist, Shark Tank India exposes viewers to a wide range of entrepreneurial ventures, fostering creativity and innovation in the entrepreneurial ecosystem.

6. Identifying Investment Opportunities

For entrepreneurs seeking funding for their ventures, Shark Tank India serves as a platform to pitch their business ideas to potential investors. By observing the types of businesses that attract investment and the criteria that investors look for in prospective ventures, entrepreneurs can gain valuable insights into positioning their own businesses for success.

In conclusion, Shark Tank India offers a treasure trove of entrepreneurial wisdom and practical advice for business owners and aspiring entrepreneurs. By tuning in to this groundbreaking show, entrepreneurs can gain invaluable insights, learn from real-world case studies, and identify potential investment opportunities, paving the way for success in their entrepreneurial journey.

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