On Thursday, Senior Advocates Punit Bali and Arun Kathpalia told the NCLAT that Raveendran’s brother Riju, who is the largest shareholder of Byju’s, had filed an undertaking submitting details of the source of money from which BCCI was being repaid.
They also told the Appellate Tribunal that Riju was paying such money from his personal account. They said that Riju had sold his shares, paid income tax on the same, and therefore, there was no question of any roundtripping, as alleged by the company’s financial creditors.
“This is all tax paid money. It is my money, my personal shares, and money that I have infused back into the company. This money is also not part of the 533 million. So, at this stage, any third-party intervention is not warranted,” Bali said.
Source: Barandbench
