Byju Raveendran, the beleaguered founder of Indian ed-tech startup Byju's, has been sentenced to six months in prison by a Singaporean court in connection with a dispute related to the default on a loan received from the Qatar Investment Authority (QIA).
Raveendran's lawyer, Michael McNutt, said that the default was caused by the initiation of bankruptcy proceedings against the edtech founder in India.
Raveendran has issued a statement in this regard, saying, "Today's Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings - 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 also said that lenders like QIA and GLAS Trust, along with other stakeholders, have been in discussions with the founders of the company and other stakeholders, and a settlement has been agreed to in principle, with only a few minor issues pending.
"I have 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," Raveendran said.
Here we take a look at the timeline of legal troubles involving Raveendran and his company:
2021-22: Expansion and debt buildup
Byju's saw a meteoric rise when it managed to raise massive funding and took a loan worth $1.2 billion back in 2021 to fund its rising number of global acquisitions.
When the company was at its financial peak, it was valued at a staggering $22 billion.
However, behind the rosy picture of the company's success, there were growing concerns regarding delayed financial filings, the company's governance practices, as well as the heavy cash burn that it was going through.
2023: Lender disputes begin
Audit firm Deloitte, along with a number of board members, resigned from the company as concerns regarding its financial reporting as well as internal controls grew. While stepping down from its role in the company, Deloitte claimed "long delayed" financial statements were behind its decision.
The company was also criticised for its aggressive sales practices as well as delays in payments to employees.
The Board of Control for Cricket in India (BCCI), which had chosen Byju's as the shirt sponsor for the Indian cricket team, filed insolvency proceedings against the company for not paying the board sponsorship dues worth ₹158 crore.
July 2024: Insolvency proceedings commence
The National Company Law Tribunal (NCLT), on 16 July 2024, admitted Think & Learn Pvt Ltd, the parent company of Byju's, to insolvency proceedings.
An Interim Resolutions Professional (IRP) took over control of the company from its management.
Creditors began alleging that the company was trying to block the formation of the Committee of Creditors (CoC).
July-August 2024: Settlement with BCCI
A settlement was reached between Byju's and BCCI in July-August 2024, which was funded by Riju Raveendran, the edtech founder's brother.
On 2 August 2024, the NCLT allowed the withdrawal of insolvency proceedings against the company, but the Supreme Court stayed the relief.
Late 2024: International litigations
Cases were pursued by Byju's US lenders in Delaware courts where the company was accused of allegedly misusing around $533 million in loan funds.
Aakash Educational Services, one of the major acquisitions of Byju's, proposed a rights issue to raise new capital after insolvency proceedings intensified.
The issue reached the Supreme Court, which allowed the rights issue to continue. If Byju's holding fell below a particular threshold, it would then lose control over Aakash altogether.
2025: SC rejects arguments against insolvency process
In 2025, the Supreme Court rejected arguments made by Byju's that the insolvency process against the company could be bypassed once they had made their settlements.
They also kept facing obstacles while attempting to take over the operational controls of the company.
May 2026: Singapore court sentences Raveendran to jail
Raveendran was sentenced to jail in May 2026 by a Singapore court for a term of six months. He is planning to appeal against the ruling.
