Byju Raveendran to appear in Singapore court on 15 June after jail sentence over contempt: ‘Appeal options available’
Byju Raveendran, founder of Byju’s, will appear in a Singapore court on June 15 after being sentenced to six months in prison for contempt of court for allegedly failing to comply with disclosure orders.
Raveendran described the decision as “procedural”, denied any abuse and stated that he would challenge the decision through an appeal.
“Today’s Singapore court matter is a procedural contempt of the court order arising solely from disputes over the disclosure of documents in ongoing proceedings – not a finding of fraud, dishonesty or any substantive wrongdoing. I have been directed to appear in court on June 15 and appeal options are available,” the entrepreneur said on X.
In a detailed post following the ruling, Raveendran said talks to resolve disputes with lenders and investors, including GLAS Trust and Qatar Investment Authority, were nearing completion and described the latest legal move as unnecessary tension.
The entrepreneur said he prefers “resolution over confrontation” and plans to challenge what he called “the false and one-sided narrative.”
“Lenders and other stakeholders, including GLAS Trust and QIA, are in talks with the founders and other parties. An agreement in principle has been reached and only a few minor matters remain to be finalized between certain parties. I have no role in the remaining matters,” Raveendran said, adding that he was dismayed that the recent Singapore court proceedings had been followed and portrayed in a way that, in his opinion, created a misleading perception of himself.
He noted that this was particularly unfortunate as all major parties were close to completing settlement talks.
“As part of the settlement talks, the parties also acknowledged that neither I nor the other founders had done anything wrong. Therefore, it is extremely unfortunate that this issue is being used to create contradictory public discourse at this sensitive stage.” he said.
Raveendran said he had always acted in “good faith and in the best interest” of Byju, 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 solution and refrain from saying anything that could affect the ongoing resolution process. But I cannot allow a false and one-sided narrative to go unchallenged and I strongly reject such false portrayals,” he said.
Singapore court orders legal restraining of Byju Raveendran
The ruling reportedly represents the most significant legal blow yet for Byju Raveendran, whose once high-flying edtech startup Byju’s has been plagued by investor disputes, debt-related lawsuits and operational difficulties following a sharp slowdown in the wake of the pandemic.
The court ordered Raveendran to surrender to authorities, pay legal fees of 90,000 Singapore dollars (US$70,500) and produce documents regarding his ownership of Beeaar Investco Pte, a Singapore-based entity that holds shares in an affiliated company. PTI.
It was not yet known whether Raveendran was in Singapore when the order was issued. The report stated that the legal team stated that they were considering filing an appeal and requesting a postponement of the decision.
The lawsuit was filed by a subsidiary of the Qatar Investment Authority, which invested in Byju’s during a financing round when it was dealing with layoffs and mounting financial troubles.
The appeal proceedings further deepen the legal problems facing Byju, which is also embroiled in ongoing litigation in the United States where lenders are seeking to recoup losses linked to a US$1.2 billion term loan.
Founded as Think & Learn Pvt Ltd, Byju emerged as one of India’s most prominent tech startups during the pandemic-induced online education boom, attracting investments from global backers and at one point reaching a valuation of US$22 billion before growth and financial stability fell sharply.
