Singapore court has sentenced Byju Raveendran to six months in jail in a contempt matter linked to ongoing proceedings, marking the latest escalation in the legal troubles surrounding the founder of bankrupt edtech firm Byju’s.
The development was first reported by Bloomberg on Wednesday.
According to the report, Raveendran was ordered to serve jail time after the court found 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 said.
‘Tentative settlement reached’
Raveendran also said discussions with lenders, including GLAS Trust, and Qatar Investment Authority, and 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 since the 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.
