- Byju Raveendran was sentenced to six months jail by a Singapore court for contempt
- Raveendran denied wrongdoing and criticized the narrative built around the case
- He said settlement talks with lenders, including Qatar-linked entities, were ongoing
Hours after a Singapore court sentenced Byju Raveendran to six months in jail for contempt, the Byju's founder pushed back strongly against what he called a "false" and "one-sided" narrative being built around him.
Raveendran told NDTV Profit he was "deeply disappointed" that the Singapore court matter had been pursued and reported in a way that created a "misleading impression" about him and the other founders.
"There has been no wrongdoing on my part or the part of the other founders," he said in a statement issued after the ruling.
The Singapore court had earlier ordered Raveendran to serve six months in jail after finding that he had disobeyed multiple court directions linked to disclosure of his assets since April 2024. Follow Markets Live Updates
He was also instructed to surrender himself to officials, pay legal costs of 90,000 Singapore Dollars and provide documents proving his ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.
Settlement Talks With Lenders Underway: Byju
The case marks the latest escalation in the global legal battle surrounding Byju's, the once high-flying Indian edtech startup that is now struggling with lawsuits, debt disputes and investor pressure across multiple countries.
In his response, Raveendran claimed that he had not been "actively contesting" several court proceedings in recent months because settlement talks with lenders were already underway.
According to him, lenders including GLAS Trust and entities linked to Qatar Investment Authority (QIA) had been in discussions with the founders for some time.
"Settlement has been agreed in principle with only a few residual issues left," he said, adding that he had "no role" in those remaining matters.
'Unnecessary Legal Pressure'
Byju also accused QIA-linked entities of unnecessarily continuing legal pressure despite ongoing settlement efforts. "The decision by QIA to continue pressing seems to be an unnecessary pressure tactic," he said.
Raveendran further denied allegations surrounding disputed funds. He said he had never personally received any such money and insisted that all funds were used for legitimate business purposes.
"I have always acted in good faith and in the best interests of BYJU'S employees, students and stakeholders," he said. The founder added that he could not allow what he described as a "false, one-sided narrative" to go unchallenged.
Byju's Tangled Legal Saga
The latest court setback adds to the mounting troubles for Byju's and its founder.
Once celebrated as one of India's biggest startup success stories, the company had attracted billions of dollars from global investors and briefly became the country's most valuable startup.
But over the past two years, the company has been hit by delayed financial filings, layoffs, governance concerns and lawsuits from lenders seeking to recover losses tied to a troubled $1.2 billion loan.
Raveendran is now facing legal scrutiny in multiple jurisdictions, including Singapore and the United States, as creditors intensify efforts to recover funds.
The Singapore proceedings were initiated by a subsidiary linked to Qatar Investment Authority, which had invested in Byju's during a turbulent phase for the company.
Qatar Holdings was represented by Drew & Napier in the matter, while Byju's Investments was represented by Fervent Chambers.
