'Singapore Court Matter Is A Procedural Contempt Of Court Order': Byju Raveendran

After being sentenced to a six-month jail-term by a Singapore Court, Byju Raveendran stated that Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings.

In an X post, he stated that," Today's Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings - not a finding of fraud, dishonesty, or any wrongdoing on the merits. I have been directed to appear on 15 June and appeal."

The threat of jail time is the latest blow to the Byju's Founder, who is reportedly facing claims from foreign investors around the world, including in the US where lenders are fighting to claim losses from a $1.2 billion loan that went sour.

This comes after the lenders (including GLAS Trust and QIA), other stakeholders and founders at Byju's were engaged in settlement discussions for several months.

"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," Raveendran said.

He noted that, "the lenders and the founders had in principle agreed not to actively pursue cases against each other and have effectively been at a standstill for the last three months while working towards a comprehensive resolution."

"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 said. 

Signalling his response to the latest round of legal trouble, Raveendran said, "I have always acted in good faith - for BYJU'S, its employees, its students, and everyone who built this with us. After and giving everything back, I remain committed to seeing this through to a constructive resolution. The truth doesn't change with a headline."

Raveendran’s rise to fame and fortune is credited to Byju's also known as Think & Learn Pvt, which made him a billionaire while his firm gained a valuation of $22 billion back in 2022. However, it all came crashing post insolvency proceeding were triggered in 2024, trimming valuation down to $2 billion.