Byju Raveendran Says Singapore Court Case Being Used To Build ‘False Narrative’ Amid Settlement Talks

New Delhi: Byju Raveendran, who is the founder of Indian technology firm Byju's, on Wednesday reacted to reports of a Singapore court, that sentenced him to six months in prison after the court observed that he had disobeyed orders related to his assets dating back to April 2024.

How did Byju Raveendran react?

While reacting to the court's order, Byju Raveendran denied any wrongdoing and said the case does not relate to fraud or dishonesty.

"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. As part of the settlement discussions, the parties have also acknowledged that there has been no wrongdoing on my part or on the part of the other founders. That is why it is deeply unfortunate that this matter is being used to create a contrary public narrative at this sensitive stage," Raveendran said in a statement.

"It is important to clarify that I have not been actively contesting several court proceedings in recent months precisely because the parties were working towards a comprehensive settlement. I chose resolution over confrontation. Against this backdrop, the decision by QIA to continue pressing this matter appears to be an unnecessary pressure tactic at a sensitive stage of the settlement process," he added.

What did Raveendran say about the report?

Raveendran called the story one-sided narrative, and said that his priority was to support a constructive resolution in the case.

"I have always maintained that I acted in good faith and in the best interests of BYJU'S, its employees, students and stakeholders. I have also placed on record that neither I nor any of the founders personally received any portion of the disputed funds, and that the funds were used for legitimate business purposes. Even today, my priority is to support a constructive resolution and avoid saying anything that may affect the ongoing settlement process. However, I cannot allow a false and one-sided narrative to go uncontested and I strongly reject any such incorrect portrayal," he said.

What did the Byju's founder do?

Byju Raveendran has been sentenced to six months in prison by a Singapore court for contempt. The court said that the founder has been violating several orders related to his assets that have been frozen since April 2024, following which he has been sentenced to jail.

Does Raveendran has to pay fine of $70,500?

According to a media reports, the  Singapore court has ordered Byju Raveendran to surrender to authorities, pay a fine of 90,000 Singapore dollars ($70,500), and produce documents proving his legal ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.

Think and Learn Private Limited, or Byju's, the educational technology company founded by Ravindran Byju, has elevated him to the list of billionaire businessmen. Ravindran did not immediately respond to questions about the case and the sentence. It is unclear whether he is currently in Singapore or elsewhere.