Byju Raveendran’s legal team had alleged that GLAS Trust and lenders withheld or misrepresented key information during proceedings. File photo
| Photo Credit: Reuters
Edtech firm Byju’s founder Byju Raveendran has been sentenced to six months in jail by a Singapore court for contempt after allegedly failing to comply with multiple court orders related to his assets, a report has said.Bloomberg reported that the Singapore court directed Raveendran to surrender to authorities, pay legal costs of S$90,000 ($70,500) and furnish documents proving his ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.The development marks the latest setback for the embattled founder, who is facing legal and financial scrutiny from investors and lenders across multiple jurisdictions, including the U.S., where creditors are seeking to recover losses tied to a soured $1.2 billion loan.The legal action in Singapore has been initiated by a subsidiary of Qatar Investment Authority, which had invested in the company during a period when Byju’s was cutting jobs and restructuring operations, according to the report.Moreover, Qatar Holdings was represented by law firm Drew & Napier, while Byju’s Investments was represented by Fervent Chambers in the matter.How India’s Byju’s went from startup star to facing insolvencyThe development comes months after the Delaware Court in December 2025 reversed its earlier $1 billion judgment against Raveendran after reviewing fresh submissions filed through a motion seeking correction of a November 20 ruling.The Delaware Court had then observed that damages had not been properly determined and ordered a fresh phase of proceedings to decide whether any damages were owed.Raveendran’s legal team had alleged that GLAS Trust and lenders withheld or misrepresented key information during proceedings, which they claimed contributed to the collapse of the edtech business and erosion of enterprise value.Raveendran says priority to support constructive resolution; claims reports ‘misleading’Reacting to the order Raveendran claimed that the reports had created a misleading impression. He said that a settlement had been agreed in principle, with only a few residual minor issues left to be finalised between certain parties and he has no role in those remaining issues.“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. 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,” Raveendran said in a statement.Byju’s Learning app delisted from Google Play Store“It is important to clarify that I have not been actively contesting several court proceedings in recent months precisely because the parties were working towards a comprehensive settlement. I chose resolution over confrontation. 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,” he added.Calling the report emerging from Singapore a one-sided narrative, Raveendran said that his priority was to support a constructive resolution to the case.“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. 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 said.With inputs from IANS, ANI Published - May 27, 2026 01:07 pm IST
