New Delhi, May 27 (SocialNews.XYZ) Edtech firm Byju’s founder Raveendran has been handed a six-month jail sentence by a Singapore court for contempt after allegedly failing to comply with multiple court orders concerning disclosure of his assets.
In response to the court order, Raveendran said settlement discussions with lenders, including GLAS Trust and Qatar Investment Authority (QIA), and other stakeholders were already at an advanced stage, with only a few residual minor issues left to be resolved.
“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 in a statement.
According to Raveendran, parties involved in the settlement discussions had acknowledged that there was no wrongdoing on his part or on the part of 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,” he added.
Raveendran further claimed that he had not actively contested several court proceedings in recent months as parties were working towards a comprehensive settlement.
“I chose resolution over confrontation,” he said.
He alleged that QIA’s decision to continue pursuing the matter appeared to be an unnecessary pressure tactic.
Moreover, the Singapore court also directed Raveendran to surrender before authorities, pay legal costs of S$90,000 ($70,500), and submit documents establishing his ownership of Beeaar Investco Pte. This corporate entity held shares in a related company, according to a Bloomberg report.
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 US, 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.
Source: IANS
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