File pic: Byju Raveendran
| Photo Credit:
cueapi
Founders of embattled edtech major BYJU’S on Tuesday said discussions on a settlement with GLAS Trust, the Qatar Investment Authority (QIA), and other stakeholders are progressing, with an agreement having been reached in principle.“A settlement has been agreed in principle, with only a few residual issues left to be finalised, in which I have no role,” said Byju Raveendran in response to reports that a Singapore court had sentenced him to six months in jail.Raveendran clarified that he had not been actively contesting several court proceedings in recent months because the parties were working towards a comprehensive settlement.Also read: Byju’s Raveendran sentenced to six months for Contempt of Court in Singapore“Against this backdrop, the decision by QIA to continue pressing this matter appears to be an unnecessary pressure tactic at a sensitive stage of the settlement process.”“I am disappointed that the recent Singapore court matter has been pursued and reported in a manner that creates a misleading impression about me, especially at a time when all key parties have almost concluded the settlement discussions,” he said.According to Raveendran, the parties involved in the settlement discussions have acknowledged that there was no wrongdoing on the part of the founders.He added, “I have always maintained that I acted in good faith and in the best interests of BYJU’S, its employees, students and stakeholders. I have also placed on record that neither I nor any of the founders personally received any portion of the disputed funds, and that the funds were used for legitimate business purposes.”The statement comes amid ongoing legal disputes linked to BYJU’S financial troubles and allegations surrounding the use of proceeds from its $1.2-billion loan. Reports earlier indicated that a Singapore court had imposed a six-month jail sentence on Raveendran in connection with contempt proceedings, even as negotiations between the company, lenders and investors continue over a broader settlement frameworPublished on May 27, 2026
