Synopsis
Byju Raveendran announced a settlement in principle with lenders like GLAS Trust and Qatar Investment Authority, following a Singapore court's contempt ruling. He stated the court proceedings created a misleading impression, as parties were nearing a comprehensive settlement and no wrongdoing was found on his part or other founders'.Listen to this article in summarized format
The development was first reported by Bloomberg on Wednesday. The report said Raveendran was ordered to serve jail time after the court found that he had disobeyed multiple orders related to his assets, dating back to April 2024. He has also been asked to surrender, pay costs of S$90,000 and provide documents proving his legal ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.
In a statement, Raveendran said the Singapore court matter was a “procedural contempt of court order” arising only from disputes over document disclosure in ongoing proceedings. “It is not a finding of fraud, dishonesty, or any wrongdoing on the merits. I have been directed to appear on 15 June and appeal options are available,” he added.
‘Tentative settlement reached’
Raveendran also said discussions with lenders, including GLAS Trust and Qatar Investment Authority, as well as other stakeholders, have resulted in a settlement being agreed in principle. He said only “a few residual minor issues” remained to be finalised between some parties and that he had no role in those remaining issues.
“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.
A person aware of the discussions said the proposed settlement is multi-party in nature and involves GLAS Trust, QIA and other stakeholders. The person said Raveendran’s part of the settlement had largely been concluded and that the remaining issues were between other parties over distribution of money, shares or other assets.
The person added that Raveendran’s side had not been aggressively contesting some proceedings in recent months because settlement discussions were at an advanced stage.
Raveendran said in his statement that the parties had acknowledged as part of the settlement discussions that there was no wrongdoing on his part or on the part of the other founders. He also called QIA’s decision to continue pressing the matter an “unnecessary pressure tactic” at a sensitive stage of the settlement process.
Mounting legal woes
The Singapore order adds to a year of widening legal pressure on Raveendran and Think & Learn, the parent of Byju’s. In July last year, the Delaware Bankruptcy Court in the US held him in civil contempt and imposed sanctions of $10,000 per day for non-compliance with court orders. US lenders have been pursuing recoveries linked to Byju’s $1.2 billion term loan, including the disputed $533 million that has been central to litigation in the US.
Separately, QIA has been pursuing recovery proceedings against Raveendran and related entities. Last year, the Qatar sovereign fund moved to enforce a $235 million arbitral award against him in India. Byju’s parent also remains under insolvency proceedings in India, while disputes around Aakash Educational Services continue to be litigated.
Raveendran said he had acted in good faith and in the interests of Byju’s employees, students and stakeholders. He reiterated that neither he nor the other founders personally received any portion of the disputed funds and that the money was used for legitimate business purposes.
