Byju Founder Sentenced to 6 Months Jail in Singapore

New Delhi (IANS): A Singapore court has handed edtech firm Byju’s founder Raveendran a six-month jail sentence for contempt after he allegedly failed to comply with multiple court orders concerning the disclosure of his assets.

Responding to the court order, Raveendran said he is in the advanced stages of settlement discussions with lenders, including GLAS Trust and Qatar Investment Authority (QIA), and other stakeholders, with only a few residual minor issues left to resolve.

“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 acknowledged that neither he nor the other founders committed any wrongdoing. “That is why it is deeply unfortunate that someone is using this matter to create a contrary public narrative at this sensitive stage,” he added.

Raveendran claimed that he did not actively contest several court proceedings in recent months because the 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 directed Raveendran to surrender to authorities, pay legal costs of S$90,000 ($70,500), and submit documents establishing his ownership of Beeaar Investco Pte. A Bloomberg report noted that this corporate entity held shares in a related company.

The development marks the latest setback for the embattled founder, who faces 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.

A subsidiary of the Qatar Investment Authority initiated the legal action in Singapore. According to the report, QIA had invested in the company during a period when Byju’s was cutting jobs and restructuring operations.