- Raveendran explains his absence from court due to ongoing negotiations.
Byju’s founder, Byju Raveendran, has reacted strongly to a Singapore court order sentencing him to six months in prison for contempt. The edtech entrepreneur has denied any wrongdoing and accused lenders of applying unnecessary legal pressure even as settlement talks were underway.
‘No Wrongdoing on My Part’
Raveendran told NDTV Profit that he was “deeply disappointed” that the court matter had been pursued and reported in a way that created what he called 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.
The founder added that he could not allow a “false, one-sided narrative” to go unchallenged.
Why He Did Not Contest The Proceedings
Raveendran explained his absence from several court proceedings in recent months. He said he had not been “actively contesting” them because settlement discussions with lenders were already in progress.
According to him, lenders, including GLAS Trust and entities linked to the Qatar Investment Authority, had been in talks 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.
‘A Pressure Tactic’
The founder took direct aim at QIA-linked entities, saying their decision to continue pressing legal action was “an unnecessary pressure tactic at a sensitive stage of the settlement process.”
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On the Disputed Funds
Raveendran also addressed allegations surrounding disputed funds, denying that he had personally received any such money. He maintained 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 Singapore ruling is the latest in a series of setbacks for Byju’s, which over the past two years has been hit by delayed financial filings, layoffs, governance concerns and lawsuits from lenders 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 step up efforts to recover funds.
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