Updated News Around the World

Byju’s allegedly owes ₹86.21 crore to BCCI, Paytm wants to exit as title sponsor – Firstcricket News, Firstpost

New Delhi: Indian cricket team’s jersey sponsor Byju’s allegedly owes ₹ 86.21 crore as dues to the BCCI while title sponsor Paytm has requested the board to transfer its rights to a third party.

It was only in April that the Edtech company and the BCCI had agreed on the extension of their partnership until the end of the 2023 ODI World Cup in India at a 10 percent increment.

Cricbuzz has reported that the BCCI mentioned the amount due in a note put up before the Apex Council on Thursday. The note mentioned –

“As of 16.7.2022, Bjyu’s following payments have been overdue:

* Rs. 22,22,76,000 (Net of TDS) March 2022 as of (previous contract term)

* Invoice amounting to Rs. 106.49 crore from June – July 2022 (new term) are raised out of which Rs 86.21 Crores is due (as on 21 July 2022)

* Bjyu’s hasn’t furnished the new bank guarantee yet.

* Bjyu’s have been insisting on agreeing to the revised payment arrangement i.e. via a third party which shall be mentioned in the contract. BCCI’s last communication to Byju’s on 12.7.2022 has been to sign the amendment as per the agreed revisions mentioned above.”

However, the company has categorically denied any pending dues. “We’re extremely proud to be the principal sponsor of the Indian cricket team,” a spokesperson of the Edtech company told Cricbuzz on Thursday night. “No outstanding payment is due. We are extending the contract and payment terms for the same will be as per the new contract,” Cricbuzz quoted a Byju’s spokesperson saying.

On the contrary, Paytm is reported to have requested BCCI to assign the title rights to Mastercard.

The BCCI note as reported by Cricbuzz states, “Given the COVID situation, during the last two years, Paytm’s many businesses have needed to make dynamic changes in their plans and marketing spends. On 1.7.2022, Paytm sent an official request to BCCI for assigning their Indian home cricket title sponsorship rights to a global leader in its category, Mastercard.

“As per the current agreement with Paytm (period 1st Sep 2019 till 31st Mar 2023), there is a provision for assignment of rights to a third party, however the timeline for such a request was to be made on or before 1st July 2021 for the assignment w.e.f. 1st Sep 2021 with a 5% assignment fee at the same deliverable terms.

“The timeline for the request to assign is post the due date, however, we can make an exception looking at the long-standing relationship with Paytm and consider their request favourably.”

The issue was discussed by the BCCI Apex Council on Thursday.

“As of today, Byju’s owes dues of ₹ 86.21 crore to the Board,” a BCCI source told.

(With inputs from PTI)

Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

For all the latest Sports News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsUpdate is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.