New Delhi, May 27: Baiju Ravindran, the founder of the edtech company Byju’s, has been sentenced to six months in jail by a Singapore court for contempt of court. He was accused of failing to comply with multiple court orders related to the disclosure of his assets.
In response to the court’s ruling, Ravindran stated that negotiations with creditors and other stakeholders, including Glass Trust and the Qatar Investment Authority (QIA), are in advanced stages, with only minor issues remaining to be resolved.
He expressed disappointment that the recent case in Singapore was presented and reported in a manner that creates a misleading impression about him, especially at a time when all major parties were close to finalizing a settlement.
According to Ravindran, the parties involved in the negotiations have acknowledged that neither he nor the other founders committed any wrongdoing. He added, “It is extremely unfortunate that this matter is being used to create a negative public image at such a sensitive stage.”
Ravindran further claimed that he has not actively contested several court proceedings in recent months as the parties were working towards a comprehensive agreement. He stated, “I chose resolution over confrontation.”
He alleged that the decision by QIA to pursue the case appears to be a strategy to create unnecessary pressure.
Additionally, the Singapore court has ordered Ravindran to surrender to authorities, pay legal costs of SGD 90,000 (approximately USD 70,500), and submit documents proving his ownership in BR Investco Private Limited, which reportedly holds shares in a related company, according to a Bloomberg report.
This development marks another setback for the troubled founder, who is facing legal and financial scrutiny from investors and creditors in several countries, including the United States, where lenders are seeking recovery related to USD 1.2 billion in bad loans.
Reports indicate that the legal action in Singapore was initiated by a subsidiary of the Qatar Investment Authority, which invested in the company during a period when Byju’s was laying off employees and restructuring operations.
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