A court in Singapore on Wednesday sentenced Byju Raveendran, founder of the edtech company BYJU'S, to six months in prison for contempt of court, according to Bloomberg. The report said the court concluded that Raveendran had violated several court orders related to his assets dating back to April 2024.
The court directed him to surrender to authorities, pay a penalty of SGD 90,000 (around USD 70,500), and produce documents establishing his legal ownership of Beeaar Investco Pte, a corporate entity holding shares in a related company, Indian Express reported.
Clarence Lun, a lawyer representing Raveendran, stated that they were considering an appeal against the ruling and also planned to seek a stay on the committal order.
Bloomberg reported that the case in the Singapore court was being brought by a subsidiary of the Qatar Investment Authority, which had earlier participated in a funding round for BYJU’S during a period when the company was reducing jobs and laying off employees.
Responding to the order, Raveendran claimed that the developments created a misleading impression about him at a time when the parties involved were close to finalising settlement discussions. In a post on X, he said, “For months, the lenders (including GLAS Trust and QIA), other stakeholders and us (the founders) have been in advanced settlement discussions. A settlement has been agreed in principle, with only minor residual issues left between certain parties – none involving me. As part of those discussions, the parties have acknowledged there is no wrongdoing on my part or by the other founders.”
He said he had refrained from actively contesting or commenting on the legal proceedings in recent months because all sides had been working towards a comprehensive settlement and had effectively paused active litigation against one another over the previous three months.
“I chose resolution over confrontation. Against that backdrop, QIA’s decision to press this matter now appears to be an unnecessary pressure tactic at a sensitive stage,” he shared over X.
Describing the case as a procedural contempt matter, Raveendran argued that it stemmed from disputes over document disclosure in ongoing proceedings rather than any finding of fraud, dishonesty or wrongdoing on the merits of the case. He has reportedly been directed to appear before the court again on June 15.
In another statement, Raveendran said he had always acted in good faith for BYJU’S, its employees, students and everyone associated with the company. He maintained that despite the setbacks, he remained committed to achieving a constructive resolution and insisted that “the truth doesn’t change with a headline.”
The order marks another setback for BYJU’S, once regarded as one of India’s most valuable startup companies. According to PTI, a United States bankruptcy court had earlier directed Raveendran to pay more than USD 1 billion after he allegedly failed to cooperate with efforts to trace nearly half the proceeds from a USD 1.2 billion US term loan obtained in 2021.
However, Raveendran disputed the basis of that case as well, arguing that the court had not granted the 30 days he had requested to arrange legal representation in the United States.