By Admin 
A Singapore court sentenced Byju’s founder Byju Raveendran to six months in jail in a contempt case for not providing the sought information. Raveendran said that this decision is only related to the legal process and he has not done anything wrong. He said that he will appeal against this decision. This decision is being considered as the biggest legal setback so far for the founder of Byju’s, once considered India’s largest startup.
Byju’s is battling disputes with investors, debt-related lawsuits and continuing operations due to the sharp decline in business following the Covid pandemic. The court ordered Raveendran to surrender before authorities, deposit 90,000 Singapore dollars (about US$70,500) in legal expenses and produce documents related to his stake in a Singapore-based company called Bear Investco Pte. Bear Investco Pte had a stake in a company linked to Byju’s. It was not immediately clear whether Raveendran was present in Singapore when the order was given.
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Preparation of appeal against the decision
Raveendran’s lawyers said he was considering appealing the decision and requesting a temporary stay on the court order. The suit was filed by a subsidiary of Qatar Investment Authority. This company had invested in Byju’s at a time when the company was struggling with layoff of employees and increasing financial pressure. This case of contempt of court is another new case in the big legal controversies related to Byju’s.
Claim of agreement on US debt dispute
Also included is the ongoing litigation in the US, where the lending parties are demanding compensation for the losses incurred on the ‘term loan’ of US $ 1.2 billion. In a statement issued after the decision, Raveendran said that the settlement negotiations with lenders and investors, including GLAS Trust and Qatar Investment Authority, had almost reached the final stage. He described this new legal step as “needlessly escalating the matter”. He said, “All parties have also agreed that I or the other founders have done no wrong.”
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