Byju Raveendran, the founder of Indian technology firm Byju’s, has been sentenced to six months in jail by a Singapore court for contempt, Bloomberg reported on Wednesday, May 27.
Raveendran has not just been asked to serve six months in jail, but also instructed to pay $70,500 or ₹67,45,940. Giving the verdict, the court also said that Raveendran had disobeyed multiple orders related to his assets dating back to April 2024.
He has been instructed to surrender himself to officials, and provide documents proving his legal ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.
Raveendran claimed key parties were close to a settlement.
Following reports of a Singapore court sentencing Byju’s founder Byju Raveendran to six months in jail in a contempt-related matter, Raveendran released a statement claiming that lenders including GLAS Trust and QIA, along with other stakeholders, had already agreed “in principle” to a settlement, with only a few minor issues left to be finalised between certain parties.
Raveendran said he was disappointed that the Singapore court matter had been pursued and reported in a way that created a “misleading impression” about him, especially when key parties were close to concluding settlement discussions.
He added that parties involved in the settlement discussions had acknowledged there was no wrongdoing on his part or on the part of the other founders. According to him, it was “deeply unfortunate” that the matter was being used to create a contrary public narrative at a sensitive stage.
The BYJU’S founder also said he had not been actively contesting several court proceedings in recent months because parties were working toward a comprehensive settlement, adding that he chose “resolution over confrontation.”
Raveendran further alleged that QIA’s decision to continue pressing the matter appeared to be an unnecessary pressure tactic during a sensitive phase of the settlement process.
Clarifying the nature of the Singapore proceedings, he said the matter was a “procedural contempt of court order” arising from disputes over document disclosure in ongoing proceedings, and “not a finding of fraud, dishonesty, or any wrongdoing on the merits.” He added that he had been directed to appear on June 15 and that appeal options remained available.
Raveendran maintained that he acted in good faith and in the best interests of BYJU’S, its employees, students and stakeholders. He also said neither he nor the founders personally received any portion of the disputed funds and claimed the money was used for legitimate business purposes.
He concluded by saying his priority remains supporting a constructive resolution without affecting ongoing settlement discussions, but added that he strongly rejected what he described as a “false and one-sided narrative.”
