Byju Raveendran, founder of Byju’s, is set to appear in a Singapore court on 15 June after receiving a six-month jail term for contempt of court for allegedly failing to comply with disclosure orders.
Raveendran described the decision as “procedural”, dismissed any misconduct, and stated that he would challenge the ruling through an appeal.
“Today’s court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings – not a finding of fraud, dishonesty, or any wrongdoing on the merits. I have been directed to appear on 15 June and appeal options are available,” the entrepreneur said on X.
, in a detailed post after the ruling, said talks to settle disputes with lenders and investors, including GLAS Trust and Qatar Investment Authority, were close to being finalised, and called the latest legal move an unnecessary escalation.
The entrepreneur said he had opted for “resolution over confrontation” and planned to contest what he termed a “false and one-sided narrative”.
“The lenders, including GLAS Trust and QIA, as well as other stakeholders, have been in discussions with the founders and other parties. A settlement has been agreed in principle, with only a few residual minor issues left to be finalised between certain parties. I have no role in those remaining issues,” Raveendran said, adding that he was dismayed that the recent Singapore court proceedings were pursued and portrayed in a way that, according to him, created a misleading perception about him.
He stated that it was particularly unfortunate as all major parties were close to finalising settlement discussions.
“As part of the settlement discussions, the parties have also acknowledged that there has been no wrongdoing on my part or on the part of the other founders. That is why it is deeply unfortunate that this matter is being used to create a contrary public narrative at this sensitive stage,” he mentioned.
Raveendran said he had always acted in “good faith and in the best interests” of Byju’s, its employees, students and stakeholders. He also maintained that neither he nor any of the company’s founders personally benefited from the disputed funds, which he said were used for legitimate business purposes.
“Even today, my priority is to support a constructive resolution and avoid saying anything that may affect the ongoing settlement process. However, I cannot allow a false and one-sided narrative to go uncontested and I strongly reject any such incorrect portrayal,” he stated.
Singapore court ruling a legal setback for Byju Raveendran
The ruling reportedly represents the most significant legal blow so far for Byju Raveendran, whose once high-flying edtech startup has been grappling with investor disputes, debt-related litigation and operational challenges after a steep slowdown following the pandemic.
The court directed Raveendran to surrender to authorities, pay legal costs amounting to Singapore dollar 90,000 (USD 70,500), and submit documents related to his ownership of Beeaar Investco Pte, a Singapore-based entity holding shares in an affiliated company, according to PTI.
It was not immediately known whether Raveendran was in Singapore when the order was issued. His legal team mentioned they were considering filing an appeal and seeking a stay on the order, the report noted.
The case was filed by a subsidiary of Qatar Investment Authority, which invested in Byju’s during a funding round when the company was dealing with layoffs and increasing financial strain.
The contempt proceedings further deepen the legal troubles facing Byju’s, which is also embroiled in ongoing litigation in the United States, where lenders are attempting to recover losses linked to a USD 1.2 billion term loan.
Founded as Think & Learn Pvt Ltd, Byju’s emerged as one of India’s most prominent technology startups during the pandemic-driven online education surge, attracting investments from global backers and, at one point, reaching a valuation of USD 22 billion before growth and financial stability declined sharply.
(With inputs from PTI)