Byju’s founder Byju Raveendran on May 27 said settlement discussions with lenders and investors pursuing legal action against the embattled edtech firm were nearing closure, hours after a Singapore court sentenced him to six months in jail in a contempt case linked to alleged non-compliance with court orders.
The Singapore case was pursued by stakeholders including GLAS Trust and Qatar Investment Authority (QIA), which have been involved in multiple legal proceedings tied to Byju’s and its founders across jurisdictions over disputes related to assets, fund transfers and disclosure obligations.
In a statement, Raveendran said the parties had agreed “in principle” to a broader settlement and that only “a few residual minor issues” remained between certain stakeholders.
“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.
Raveendran added that he had not been “actively contesting several court proceedings” in recent months because parties were working towards a “comprehensive settlement” and that he had “chosen resolution over confrontation”.
The statement came after reports emerged that a Singapore court had ordered Raveendran to serve six months in jail after finding that he had disobeyed multiple court orders related to disclosure of his assets dating back to April 2024.
The court also directed him to surrender himself to authorities, pay legal costs of S$90,000 and furnish documents linked to Beeaar Investco Pte, a corporate entity tied to shareholdings in a related company.
The Singapore proceedings mark the latest escalation in the widening legal troubles surrounding Byju’s, once India’s most valuable startup, which has been battling investors, lenders and insolvency proceedings across multiple jurisdictions.
Moneycontrol had earlier reported that a Delaware court had reversed a more than $1 billion damages ruling against Raveendran and former executive Divya Gokulnath, while continuing proceedings linked to disputed fund transfers involving Byju’s Alpha.
In his statement, Raveendran reiterated that neither he nor other founders had personally received any portion of the disputed funds and maintained that the money had been used for “legitimate business purposes”.
He also claimed that parties involved in the settlement discussions had acknowledged there was “no wrongdoing” on his or the other founders’ part and described QIA’s decision to continue pursuing the Singapore matter as “an unnecessary pressure tactic at a sensitive stage of the settlement process”.
