New Delhi, May 27 (IANS). Raveendran, founder of edtech company Byju’s, has been sentenced to six months in jail by a Singapore court on contempt charges. He is accused of not following several court orders related to disclosure of his assets.
Responding to the court order, Raveendran said negotiations with lenders and other stakeholders, including Glass Trust and Qatar Investment Authority (QIA), are at an advanced stage, with only a few minor issues remaining to be resolved.
“I am disappointed that the recent case in the Singapore court has been raised and published in a way that gives a false impression of me, especially at a time when all the major parties have almost completed settlement negotiations,” he said in a statement.
According to Raveendran, the parties involved in the settlement have accepted that there was no wrongdoing on the part of him or the other founders.
He further added, “It is therefore extremely unfortunate that this case is being used at this sensitive stage to create an adverse public image.”
Raveendran further claimed that he did not actively oppose several court proceedings in recent months, as the parties were working towards a comprehensive settlement.
“I chose resolution rather than confrontation,” he said.
He alleged that the decision by QIA to pursue the case appears to be an unnecessary pressure tactic.
Additionally, the Singapore court directed Raveendran to surrender to authorities, pay legal costs of 90,000 Singapore dollars ($70,500) and produce documents proving his ownership in BR Investco Pte Ltd. According to a Bloomberg report, this corporate entity held shares in a related company.
The development is another blow to the embattled founder, who is facing legal and financial scrutiny from investors and lenders in several countries, including the US, where creditors are seeking to recover losses linked to $1.2 billion of bad loans.
According to the report, the legal action in Singapore has been initiated by a subsidiary of Qatar Investment Authority, which had invested in the company during a period when Byju’s was laying off employees and restructuring operations.
–IANS
OP/AS