Top News

New Delhi: Byju’s founder Byju Raveendran has reacted to the Singapore court’s decision. He said that the way the recent legal proceedings were carried out and presented, a wrong impression has been created about him. Raveendran has described this entire matter as a strategy to create pressure at the sensitive stage of the negotiation process.

According to Bloomberg report, the Singapore court has sentenced Byju Raveendran to six months in jail in the contempt case. The court says that Raveendran did not follow several instructions to his properties from April 2024. Apart from this, the court has directed him to surrender before the authorities, deposit 90,000 Singapore dollars as legal expenses and produce documents to the ownership of Beer Investco Private Limited.

What did Ravindran say on the settlement process?

In his statement, Byju Raveendran said, "Lenders including GLAS Trust and QIA as well as other stakeholders have held talks with the founders and other parties. An agreement has been agreed in principle, with only a few remaining minor issues remaining to be resolved between the parties. I have no role in these remaining issues."

he adds, "I am disappointed that the recent case in the Singapore court was handled and reported in a way that gave a false impression of me, especially at a time when all the major parties have almost completed settlement negotiations."

‘There is no fault of the founders’

Raveendran claimed in his statement that during the settlement talks, both the parties have accepted that there was no mistake on the part of him or the other founders. He said, "During the settlement negotiations, both parties acknowledged that there was no wrongdoing on my part or on the part of the other founders. That is why it is extremely unfortunate that this case is being used at this sensitive stage to create an adverse public perception."

‘I chose solution, not conflict’

Byju Raveendran said he did not take active participation in many court cases in the last few months as all parties were working towards a comprehensive settlement. He said, "It is important to clarify that I did not actively participate in many of the court cases in recent months as the parties worked toward a comprehensive settlement. I chose solution instead of confrontation."

Accused of putting pressure on QIA

Raveendran also targeted the subsidiary company of Qatar Investment Authority. He said, "In this background, the decision by QIA to pursue this case appears to be a strategy to create unnecessary pressure at a sensitive stage of the disposal process."

‘I reject the inaccurate portrayal’

At the end of his statement Raveendran said, "I have always maintained that I have acted in good faith and in the best interests of BYJU’s, its employees, students and stakeholders. I also clarify that neither I nor any of the founders have personally received any part of the disputed funds, and that the funds were used for legitimate business purposes."

he adds, "Even today my priority is to support a constructive solution and to avoid saying anything that could impact the ongoing negotiation process. However, I cannot allow a false and one-sided statement to proceed unchallenged and I strongly reject any such misrepresentation."

Qatar Investment Authority’s subsidiary company had started action

According to reports, Byju Raveendran is facing legal proceedings initiated by a subsidiary of Qatar Investment Authority in Singapore. This company was an investor in Byju’s at a time when the edtech firm was laying off employees and cutting down on business.